Every business knows that customer loyalty is one of the most important factors of any successful business. No matter the product or service you offer, keeping your clients happy is the best way to ensure that they will remain loyal to you for years to come.
When it comes to finding new customers and keeping loyal clients happy, a new study1 has revealed that loyalty programmes are an important factor when it comes to making purchasing decisions. In fact, an astonishing 86% of respondents said that loyalty programmes play a big role in their buying decisions.
This study also highlighted that there is a continued want for instant payment methods as well as a growing preference for loyalty programmes. Here are some of the top findings from the report.
Top findings and trends
One of the most interesting findings of this study is that contactless payments are becoming increasingly popular. The study also found that payment apps and mobile wallets have been rising in popularity. Here are some of the key statistics:
Over 50% of consumers in the UK say that at least 75% of their payments are made through contactless.
The use of virtual and digital cards continues to rise in popularity, with more than 50% of participants saying that they have used this sort of technology in the last 6 months.
The study also highlighted how, nowadays, more people care about rewards and instant payments.
52% of respondents favour receiving a virtual card to a physical one delivered to their home.
40% of participants favour receiving instant payments.
56% would opt for a virtual pre-paid card over a physical card.
Finally, the study has highlighted that there are huge benefits to giving customers prepaid cards that offer incentives and rewards (such as loyalty programmes).
Consumers in the study overwhelmingly preferred getting a prepaid card that can be used anywhere to convert loyalty points to payments over receiving a specific gift card for a retailer.
What does this mean for my business?
The study conducted highlights how important loyalty programmes are when it comes to enticing customers to make purchases and continue as loyal customers for your business.
Moreover, the study also shows that customers are starting to use contactless and virtual payments more frequently (and are preferring to pay like this).
Data like this, demonstrates how important it is that your business moves with the times and, if you want new customers and want to keep your current customers loyal, one of the best ways to do this is to offer loyalty programs using prepaid cards.
How do I get this technology?
One of the best ways to simplify your business payments and offer incentives to employees and regular customers is to use B4B payments. Go cashless! Manage your business expenses and loyalty programmes on your company’s prepaid cards. Contact them directly today to learn more about how they can help you grow your business.
1Study conducted by Syncapay