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Loyalty NewswireJanuary 8, 2024

This Week’s News

The weekly Loyalty Newswire from The Wise Marketer delivers a curated list of the latest news and announcements from around the globe on all topics related to customer loyalty. We share news on a spectrum of topics, all with the intention of giving you an “info boost” to start your week.

The Loyalty Newswire makes it simple for busy professionals (that means YOU) to quickly digest important industry news and to *maybe even* enable you to star in your next big meeting.

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CVS Pharmacy® announces new simplified loyalty experience

CVS Pharmacy®, the retail division of CVS Health® (NYSE: CVS) announced the evolution of its loyalty program to include two membership tiers: ExtraCare® and ExtraCare Plus™. ExtraCare will now include benefits previously found within the ExtraCare Pharmacy & Health Rewards® program. Members can now opt in to earn up to $50 for filling prescriptions and getting flu shots and other vaccines. ExtraCare members will now earn twice as fast, with $2 ExtraBucks Rewards earned for every 4 prescriptions filled.

The CarePass® loyalty and membership program is now known as ExtraCare Plus. As the small-fee, big-savings tier of our loyalty program, ExtraCare Plus unlocks all the benefits of ExtraCare, plus the new convenience of free same-day delivery of nearly all products in the store in as little as three hours, and so much more. And members also receive a $10 monthly bonus reward. According to the press release, all enhancements were a direct result of customer feedback to simplify the loyalty experience and stay ahead of consumer trends.

Visa launches web3 loyalty engagement offering in battle for wallets

According to language in its new product launch, Visa says that “Web3 is the future of loyalty”. Building on the assertion that consumers are demanding more in return for their loyalty, the Visa Web3 product trades on and engagement platform where people can earn fun rewards upgrades and more through social shares, viewing content, and interactive, gamified journeys.

Visa’s announcement works with a digital wallet at its core. The “Web3 wallets” offer a secure way to store digital collectibles while simplifying authentication and enabling connected consent. No cookies are part of this model. The idea is to provide new capabilities to consumers that can potentially enhance loyalty programs and create more engaged customers. Want to earn a day pass to an airport lounge by scanning a QR code in the airport, get a service upgrade by viewing content? Just about anything is possible in this new world. Here’s the information you need from Visa.

India’s Third Loyalty Academy CLMP™ Certification Workshop planned for February 21-23, 2024

The Loyalty Academy™ and Strategic Caravan are presenting the third public Certified Loyalty Marketing Professional™ Workshop to be held in Mumbai February 21-23, 2024. The workshop will be led by Brian Almeida, Managing Partner, and Founder, Strategic Caravan International Pvt Ltd and Smita Khot, CEO, Strategic Caravan International Pvt Ltd. For those who wish to achieve the distinction of Certified Loyalty Marketing Professional™ (CLMP), this workshop is for you! More information can be found here and you may register here.

Ulta upgrades its loyalty program to become Ulta Beauty Rewards

Ulta Beauty has updated its Ultamate Rewards loyalty program, renaming it Ulta Beauty Rewards. Ulta reported that it has 42.2 million active members as of Q3 2023, 8% higher than last year. Member growth was driven by improving member retention and new member acquisition, according to the retailer’s most recent earnings call.  

The new Ulta Beauty Rewards will continue to offer complimentary memberships, points on every purchase and perks for Platinum and Diamond members, as well as accelerated earnings with the Ulta Beauty Rewards Credit Card, and the opportunity to redeem points on all beauty products and salon services, sister brand Drug Store News reports.

Insomnia Cookies bakes up loyalty in partnership with PAR Technology Punchh

Insomnia Cookies serves warm cookies all day and late into the night from 240 stores in the US and via its delivery channel. The brand started in 2003 in a University of Pennsylvania dorm room when then student Seth Berkowitz founded it. The company offers a diverse menu featuring more than 20 types of cookies, vegan options, cakes, brownies, milk, ice cream, so there is plenty of scope to up- and cross-sell its range to existing customers and new targets as it seeks to expand internationally into Canada and the UK.

Insomnia has selected ParTech’s PAR Punchh loyalty and offers solution to evaluate and strengthen customer connections, increase frequency, and maximize spend. The restaurant loyalty platform is designed to enhance the customer experience (CX) of Insomnia Cookie’s customer base for bakery treats, as well as fortify their connection to the brand in what is an extremely competitive industry.

NBO Reward Program offers Array of Rewards and Redemption Points

NBO Rewards Program is a 360-degree banking reward initiative that provides its valued customers points for their everyday banking activities. Points can be earned and redeemed across a wide range of products and services. The loyalty program, launched in 2014 exclusively for cardholders, has been revamped into a comprehensive 360-degree rewards plan. This program recognizes and rewards customers for utilizing services of the bank including card transactions, deposit increments, salary transfers to NBO, NBO app transactions, and the acquisition of additional products from NBO.

Loyalty Global Connect announces massive industry event in Dubai, 23-24 April

Loyalty Global Connect has announced Loyalty Connect Global which they describe as the loyalty equivalent of “Gitex” (tech industry), to deliver a ‘flagship’ loyalty event designed specifically for the business needs of all global loyalty stakeholders.

Loyalty Connect Global is poised to deliver a highly focused conference with globally respected industry speakers, 40+ exhibitors showcasing the latest technology and innovations, culminating in an industry recognition celebration of the top 10 global trailblazer brands in loyalty across the world. This awards ceremony is the 2023 version of what was previously known as the International Loyalty Awards.

The event is scheduled for 23-24 April in Dubai. Contact Marian Kelly (marian@loyaltyconnectglobal.com) for more information.

Mobile reached a milestone during the 2023 holidays

Adobe released online shopping data for the 2023 holiday season, covering the period from Nov. 1 through Dec. 31, 2023. Based on Adobe Analytics data, the report provides the most comprehensive view into U.S. e-commerce by analyzing commerce transactions online, covering over one trillion visits to U.S. retail sites, 100 million SKUs and 18 product categories. Adobe Analytics is part of Adobe Experience Cloud.

Here are a few highlights from the report:

  • Consumers spent $222.1 billion online from Nov. 1 to Dec. 31, up 4.9% year-over-year (YoY) and setting a new record for e-commerce
  • Buy Now, Pay Later (BNPL) usage hit an all-time high, contributing $16.6 billion in online spend, up a significant 14% YoY and representing $2.1 billion more than the last holiday season
  • Mobile hit a new milestone with 51.1% of online sales coming through smartphones, up from 47% in 2022

Deloitte Shares Loyalty Trends and Best Practices for 2024

Deloitte has released its 2023 consumer loyalty trends survey which covers evolving brand loyalty trends, consumer behavior, and updated loyalty program preferences. The study led with a topline thought that the current macroeconomic environment, marked by higher interest rates and slowed consumer spending, could make consumer loyalty programs more crucial than ever for brands.

While the survey indicates there’s been a rise in participation in paid loyalty programs, it found that consumer willingness to spend is not markedly different between paid programs and free programs. This suggests that there could be an opportunity for brands to gain more share of wallet by designing paid programs to incentivize additional spend and engagement. Additionally, the survey revealed a rise in demand for specialized treatment and improved customer service in return for consumer loyalty. In other words, brands that provide more premium or white-glove services through targeted offers and benefits may see higher consumer engagement, satisfaction, and spending.

3 Gen Z Trends Marketers Should Watch in 2024

Gen Z has an estimated spending power of $360 billion and a constantly expanding circle of influence. The fact that at least 41 million Gen Zers will be eligible to vote in the 2024 U.S. elections is a strong point of evidence for their importance in the world today. This article has a quick and useful summary of three key trends that will define how marketers engage with Gen Z in 2024.

Scared of your Mobile Wallet? Some people are.

Mobile wallets have gained significant popularity, providing consumers with a convenient and fast way to make purchases without the need for cash or physical cards. Around 60% of U.S. consumers used mobile wallets to pay bills in the last 12 months, according to research from PYMNTS Intelligence. At the same time, as this article explains, consumers who shy away from using mobile wallets cited security as their main concern.

Zillion (India) announces launch of rewards-as-a-service platform for brands

Multi-brand loyalty platform Zillion (India) on Thursday announced the launch of Rewards-as-a-Service (RaaS) aimed at serving brands with a redemption platform for rewards. The company said it is aiming to onboard banks and large enterprises with an extensive distribution network with the launch of the RaaS portal.

New data available for B2B customer retention rates

Retaining customers is vital for B2B companies as acquiring new accounts requires substantial effort and investment. In fact, almost 2/3 of SMBs retain 80% or more of their B2B clients year over year. This report from UpCity surveyed small business marketers to better understand customer retention challenges and practices and reported these highlights:

  • 30% of SMBs with 100+ clients report churn rates of 40% or higher.
  • 1 in 4 SMBs report that it costs them between $25k-$50k to identify, convert, and onboard a new client.
  • 60% of SMBs use feedback requests and client surveys in an effort to increase client retention.

2024: Digital transformation & financial services trends

FinTech Magazine shares the outlooks from industry experts on the future of financial services and what form digital transformation will take as we enter 2024. The interviews include the views of business leaders from Intellias and Confluent.

Peter Pugh-Jones, Director of Financial Services at Confluent commented “Financial institutions are, fundamentally, data companies; really, data is their ‘product,’ rather than the agreements they enter with customers. If they don’t recognize that reality, they’re not going to survive, because their competitors will be increasingly capable of delivering more accurate results than them, more quickly.”

Pavlo Khropatyy, VP of Delivery, Head of Financial Services & Insurance, Intellias expects a heightened focus on cybersecurity in 2024, increased adoption of mobile payments, and the use of gamification to drive customer engagement.

How Crumbl is leveraging its mobile app to build customer loyalty

Since opening its doors five years ago, Crumbl has expanded to over 800+ bakeries in 50 states, making it the fastest-growing cookie company in the U.S. Crumbl is a family-owned business and is proud to contribute to the livelihoods of its thousands of local franchise partners, managers and bakers. Crumbl’s mobile app ranks among the top 25 in the food and drink category according to this ranking.

In another listing, it is #6 in the top 10 most downloaded food and drink apps, winning a spot over Domino’s, Taco Bell, and Chipotle. Crumbl offers Loyalty Crumbs via the app which can be collected and converted to Crumbl Cash, which can be spent on pickup, local delivery, and national shipping.  Crumbl also promotes the concept of “cookies without leaving your couch,” heralding the benefit of eating carbs in pajamas (which, many of us do)!

Career Opportunities and Jobs in Loyalty Marketing

We’ve gathered some interesting career opportunities across the Loyalty Marketing industry. We share here a partial list of all that is on our desk and there are excellent brands represented. To learn more and express your interest, please click through the individual links below.

We also have a curated concise list of executive-level resources and other professionals who are available to support your team. If you are interested in connecting with anyone on the list, please email Bill Hanifin. All inquiries are managed in a confidential manner.

Stay. Loyal. Always.