How retails rewards have affected the market?
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » Research » Guides » Travel with Credit Cards » How retails rewards have affected the market?

How retails rewards have affected the market?


Updated: December 26, 2012

By
Add to Favorites:
Businesses get established on a strong platform created by customer loyalty. If a customer is satisfied and pleased with the services of a business then he is bound to return for more purchases. To gain the loyalty of its customers, every business needs to analyze the buying trends followed by its customers. Here, the data obtained should be properly used to build a strong customer base for a strong retail market. Retail reward program is one such financial tool that is used by the different business houses to gain loyalty of its customers. These programs offer incentives of various kinds to please the customers and gain their loyalty. With the competition increasing in the market, it becomes very important that a customer feels to remain loyal to a particular business and choose to visit it among the other retail shops. Keeping this in mind, the businesses while in some cases might offer incentives in the form of free items on the purchases made of a particular amount. In other cases the incentive may be in the form of rebates on the product itself. Sometimes retail reward points are also offered in the form of food coupons and retail points. These retail points are collected against the customer’s account, created as a loyalty account by the business. Every point that gets collected accumulates and can again be redeemed for other discounts and offers. With the evolution of modern technology, the reward programs have become quite obscure but easy to access. Technology has also helped businesses to increase customer’s interests with the help of the different reward programs. This can be done not only by proper advertising of the products, but also making customers aware of the reward programs. Customers are now able to get access to retail reward coupons via internet. Emails to the customers are sent at regular basis which contains discount coupons and other rebate information and special deals offered for the season or a particular period of time. Most of the major retail stores have reward programs for its customers giving them special discounts or rebates on purchase of a variety of goods from their stores. Whether it is loyalty cards or reward programs, their purpose remains the same. The reward programs also benefit the business as it increases the number of foot falls and also the sale percentage of the store. When structuring a retail reward program, the business uses modern technologies to gather all the information that are required of their customers. This information are then compiled by an inventory management which is highly efficient. Critics call this an invasion of privacy, however most consumers are least bothered by such intrusions. Retail chains try to attract customers by offering retail rewards on certain products, which are popular with the buyers and are sure to attract more interest than others. Shops collaborate with wholesalers to come to a certain price margin that would provide a win-win situation for both the customers and the retailers.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Other Travel with Credit Cards Research:

Related Research:

How to Get Free Wi-Fi in the Air

By Herbert Moore, Posted: August 9, 2016

Sometimes in-flight Wi-Fi is the bare necessity when you travel abroad or within the country. However not all airlines offer free in-flight Wi-Fi. There is only a couple of airlines that will allow you to use Wi-Fi ... Continue reading

Amazon Credit Cards Review

By Allison Martin, Posted: May 30, 2016

When Amazon.com was launched 20 years ago, few could have envisioned how far the company would come. What was once an online specialty bookstore is now an Internet juggernaut that sells nearly anything and has made major inroads into ... Continue reading

How Much Do Shell Cards Really Save on Gas?

By Allison Martin, Posted: April 20, 2016

There is an endless amount of gas cards on the market, and practically every major gas station, including Shell, has options to choose from. In fact, Shell offers two options for gas cards for consumers. Continue reading