Loyalty Programs Increase Customer Acquisition by 10% According To Update From Merchant Warehouse
Customer acquisition and retention stand out as key benefits for small business loyalty programs according to latest update from Merchant Warehouse.
BOSTON, Feb. 26, 2014 /PRNewswire/ — Merchant Warehouse just released their latest update to the Merchant Warehouse Resource Center, focused on the benefits of loyalty programs for business owners. Current data suggests that 40 percent of small and mid-sized businesses have a loyalty program, with 21 percent planning to start one in the next year. Despite these numbers, retailers are often left confused as to the options available to them as well as the return on investment they can expect to realize.
“Finding Benefits in a Small Business Loyalty Program” investigates and provides background into how merchants can leverage their loyalty programs to increase customer acquisition and most importantly retention. As detailed in the piece, 69 percent of consumers say that their choice of retailer is influenced by where they can earn customer loyalty/rewards program points, and 70 percent feel that these programs are part of their relationship with the company.
The update also covers the importance of these relationships, as not only do returning customers spend on average 67 percent more than first-time customers, but the data collected by a well run loyalty program can provide invaluable feedback and insight for merchants. For retailers that have started loyalty programs but have not yet considered moving to mobile or integrating their programs with their websites, the piece notes that 75 percent of consumers would switch brands if the promotions were delivered to their smartphone.
Business owners who are considering starting, or looking to expand their current loyalty offerings, should visit Merchant Warehouse at http://merchantwarehouse.com/finding-benefits-in-a-small-business-loyalty-program to learn more about the various programs available in the market today as well as how to develop their programs to best increase participation among their customers.
About Merchant Warehouse
Merchant Warehouse is a leading provider of payment technologies and merchant services. The company’s solutions enable merchants to more effectively connect and engage with their customers regardless of how, where or when they choose to shop. Merchant Warehouse’s flagship technology solution, the Genius(TM) Customer Engagement Platform(TM), supports both traditional and new payment types, including mobile commerce, from a single countertop acceptance device.
SOURCE Merchant Warehouse