Loyalty Marketplaces: A Comprehensive Guide
Loyalty is more than a point rewarding program; it’s part of the whole customer experience. One aspect of the customer experience is the satisfaction that your customers get from redeeming their points. By joining a Loyalty Marketplace can help you increase your customers’ satisfaction and offer them more options and incentives to use their points, which means a larger average basket and increased frequency of purchases.
By giving your customers more choices and flexibility, you can increase their loyalty and engagement with your brand. According to a survey 87% of consumers said they are more likely to shop at retailers that offer a wide range of rewards. Moreover, 92% of consumers said they are more likely to recommend a brand to others if they are satisfied with the rewards program.
After reading this guide, you’ll understand:
- What a Loyalty Marketplace is
- Why you should join a Loyalty Marketplace
- What the key features that a Loyalty Marketplace should have are
- What the technology behind it is
- What Pobuca Loyalty Marketplace is
If you want to offer a better customer experience through the Loyalty rewards program, it’s key to understand the Loyalty Marketplace concept. And
Understanding the Concept of Loyalty Marketplaces
Loyalty marketplaces are platforms that connect businesses and customers through rewards. Businesses can offer their customers points that can be redeemed for various products and services from different sellers. The points collected by transacting with you can be redeemed for points at a different participating brand, contest, gift catalog or even donations. Customers can benefit from more options and personalization, while businesses can benefit from more loyalty and engagement. Loyalty marketplaces create value for both parties and foster a network of partners and customers.
Why Should You Join a Loyalty Marketplace?
Joining a loyalty marketplace can bring many benefits to your business, such as:
Creating loyalty partnerships with complementary brands.
You can leverage the power of co-branding and cross-selling by partnering with other businesses that offer products or services that are relevant to your customers. For example, if you are a fashion retailer chain, you can partner with a home decorating company to offer your customers more options and incentives to stay with you.
Increase your customer engagement and loyalty by offering them rewards that suit their preferences and needs.
Incentive loyal customers to redeem points for selected gifts, contests, cash, or donations. For example, you can offer them cash back, gift cards, charity donations, or entries to sweepstakes that match their interests and values.
Monetize your excess loyalty points by selling them to other partners who need them.
Build a network of partners that turn unused loyalty points into assets and revenue sources. For example, you can sell your points to a partner who wants to reward their customers with your products or services. This way, you can generate additional income and reduce your liability.
Acquire customers/loyalty members by being a redeeming touchpoint for other loyalty programs.
You can attract new customers by allowing them to use their points from other loyalty programs to buy your products or services. For example, you can accept points from a travel booking platform or a grocery store as payment for your products or services. This way, you can expand your customer base and increase your sales.
Strengthen relationships with complementary partners.
You can build trust and rapport with your partners by exchanging values and collaborating on marketing campaigns. For example, you can co-create offers, promotions, or events that showcase your partnership and benefit your mutual customers.
Best Loyalty Marketplace Features
With the most important goals defined, it’s time to explore all the features that modern loyalty marketplace must offer to help retailers and brands increase their revenue.
Create your own branded loyalty marketplace in minutes
You can set up your own loyalty marketplace easily and quickly without any technical skills or resources. Loyalty Marketplace will provide you with a ready-made template that you can customize with your own name, logo, design, and content to reflect your brand identity and values. You will also have the freedom to decide which partners and rewards to feature on your marketplace.
Connect with hundreds of partners from various industries.
You can find and partner with hundreds of businesses from various industries that are already part of the Loyalty Marketplace platform. You don’t need to search for or negotiate with potential partners on your own. Loyalty Marketplace will connect you with the ones that match your criteria and offer you the best deals. You will have access to a partner catalog that you can browse through and select the ones that suit your needs.
Manage your partnerships and rewards easily and efficiently.
You can manage your partnerships and rewards easily and efficiently with Loyalty Marketplace. You don’t need to deal with multiple systems or processes to handle your loyalty program. Loyalty Marketplace will provide you with a single dashboard where you can view and manage all your partnerships and rewards in one place. You will also have the ability to track and measure the performance of your partnerships and rewards using analytics and reports.
Offer your customers a seamless and rewarding experience.
You can enjoy a hassle-free and smooth operation of your loyalty program with the Loyalty Marketplace . You don’t need to worry about the technical integration or customer service of your loyalty program. Loyalty Marketplace will take care of everything for you. Your customers can access your loyalty marketplace through any device or channel (web, mobile app, email, SMS) and enjoy a seamless and rewarding experience.
Offer your customers the choice to redeem from a gift catalog or donate to an NGO
With the Loyalty Marketplace, you can offer your customers more than just points. You can give them the choice to redeem their points from a wide range of gifts, vouchers, and experiences. Whether they want to treat themselves or their loved ones, they can find something that suits their preferences and needs. Or, if they want to make a difference in the world, they can donate their points to an NGO of their choice. You can support various causes and charities that align with your brand values and mission.
Technology to Capture Customer Data
The technology that keeps the wheels of the Loyalty Marketplace turning should be considered while mapping out the concept for your loyalty program. Currently, there are four options that stand out, in terms of usability:
- Store Portal: Merchants that participate in the Loyalty Marketplace have access to a Portal with the following options: assign points, redeem points or claim rewards.
- POS integration at merchants: Each merchant that participates in the Loyalty Marketplace can integrate their POS with the back office system that creates the customer profile.
- Receipt scanning: Receipts are scanned and then validated by an OCR-based receipt scanning algorithm.
- Merchant app: Use an application on a phone or tablet to scan the customer’s digital loyalty card or coupon, then choose from three actions: assign points, redeem points or claim rewards.
- Card linking: Customers connect their credit cards with their loyalty accounts, allowing their purchase totals to be tracked.
Meet Pobuca Loyalty Marketplace
Pobuca loyalty marketplace enables your customers to redeem their points to other merchants, gifts, contests, cash, or donations. You can create your own branded loyalty marketplace in minutes, connect with hundreds of partners from various industries, manage your partnerships and rewards easily and efficiently, and offer your customers a seamless and rewarding experience.
Key benefits include:
- Quick, guided installation experience
- Multiple ways for rewarding :exchange Loyalty points, Gift catalog, Contests, Cash back, Coupons, Donations
- Acquire new customers and revenue from other loyalty programs
- Create a network effect with complementary partners
- Support social causes by allowing donations with points
If you want to join the loyalty marketplace and boost your business, Pobuca Loyalty Marketplace is the perfect solution for you. Join Pobuca Loyalty Marketplace today and discover new partners and opportunities. For more details, visit our website or contact us at email@example.com.