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What Do Your Customers Expect in 2020?

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What Do Your Customers Expect in 2020? THE RISE OF PREMIUM LOYALTY What Do Your Customers Expect in 2020? CLARUS commerce TABLE OF CONTENTS 03 Introduction 06 Premium Loyalty Is on the Rise 10 Loyalty Members Expect Clear Value 15 Millennials and Premium Loyalty 19 Popular Premium Loyalty Programs 22 The Time Is Now for Premium Loyalty 24 Methodology A New Decade of Premium Loyalty A new decade signals a fresh start. to spend now to receive benefits For retail brands, 2020 presents an later, premium loyalty programs opportunity to drive major change give customers what they want, in the way they attract and retain when they want it. As a result, customers going forward. premium loyalty members have higher engagement rates and In 2020, loyalty is critical: Nearly often become valuable brand two-thirds of customers say their ambassadors that bring in even loyalty is more difficult for retailers more satisfied customers. to maintain than ever before, confirming what we already know Whether by communicating clear to be true: With unlimited choices value and specific benefits or at customers’ fingertips, earning adjusting existing loyalty programs loyalty today takes more than just to cater to the needs of emerging a plastic punch card or weekly generations, brands must be coupon. Consumers expect more cognizant of premium loyalty’s than just traditional loyalty programs power in motivating today’s easily to keep them coming back – they distracted customers to return to expect the instant benefits and their brand time and again. experiences that premium loyalty programs can offer. Based on a survey of 2,500 consumers, the following report Premium loyalty programs give digs into and analyzes what retailers’ most dedicated customers today’s customers expect from a instant, 24/7 transactional benefits premium loyalty program and how like discounts and free shipping retailers can adapt accordingly to as well as top-tier experiences in keep long-term customers close exchange for an annual or monthly as loyalty becomes even harder membership fee. Rather than to come by. requiring your customers Clarus Commerce — Premium Loyalty Data Study 2020 3 Comparing Premium and Traditional Loyalty Programs Premium Traditional Recurring membership fee in exchange What it takes Accumulate points with each transaction to earn for instant transactional benefits plus to earn benefits benefits over time exclusive experiences Intended audience The top 20% of your customer base Casual shoppers Increased engagement, AOV and frequency A high volume of signups across a broad segment Results among your best customers, while paving the way of consumers, but limited engagement for greater brand advocacy Clarus Commerce — Premium Loyalty Data Study 2020 4 Key Findings 69% 94% of premium loyalty members of premium loyalty members shop plan to join additional premium at that program’s retailer at least programs in 2020 once a month 70% 88% of those not in a premium program of respondents are likely to choose would join if their favorite retailer a retailer whose premium loyalty offered one and the benefits program they belong to over a were valuable competitor that is offering a lower price 74% of millennials plan to join additional premium loyalty programs in 2020 Clarus Commerce — Premium Loyalty Data Study 2020 5 SECTION 01 Premium Loyalty Is on the Rise The steady growth of premium loyalty Premium loyalty is on the rise — which is good news for retailers hoping to enter the premium loyalty arena and secure long-term loyalty from their customers this year. The survey found that 66% of respondents currently belong to a premium loyalty program. This is a promising increase when compared to the 58% reported in 2019. Frequency of consumers who shop with retailers while participating in their premium loyalty program 11% 25% 22% 25% 11% 6% Every day Every few days Once a week Once every Once a month Less than once few weeks a month Percentage of consumers who plan to join premium loyalty programs in the future 30% 40% 26% 4% Definitely yes Probably yes Probably not Definitely not Clarus Commerce — Premium Loyalty Data Study 2020 7 Here’s even better news: Once Beyond this spike in membership, For which of the following categories consumers become premium loyalty consumers also expect premium would you be willing to join a premium members, they use the programs to loyalty programs to exist in more their fullest. In fact, respondents use shopping categories. While loyalty program? their current programs frequently, staples like groceries and gas with the majority making a purchase remain obvious frontrunners, at least once a month, and many new categories like clothing, 60% Grocery shopping weekly. entertainment, and health and beauty are seeing a boost in And as an added bonus, interest compared to 2019 data. an overwhelming majority of For brands that offer products in respondents (69%) plan to join these categories, this is the year to 54% Clothes and accessories more premium loyalty programs consider how premium loyalty in 2020. could elevate the experience for your customers. 41% Gas 38% Entertainment 35% Health and beauty 34% Travel and hospitality 23% Furniture Clarus Commerce — Premium Loyalty Data Study 2020 8 Traditional and premium programs work together Traditional loyalty programs can In fact, 67% of respondents are boost the growth of a premium likely to join a premium loyalty program by acting as excellent program if they already belong to recruitment sources. A free that retailer’s free loyalty program. program gathers a ready-to-use pool of customers that already Currently, over half (52%) of survey enjoy your brand enough to join respondents who don’t belong to a a loyalty program once. With the premium program already belong to right mix of added value and clearly a free program. That’s a significant communicated benefits, customers group of consumers from which to will jump at the chance to level recruit for premium programs in up and join the premium program the future. so they can experience it for themselves. Likelihood consumers will join a premium loyalty program if they already belong to a free loyalty program 28% 39% 18% 14% Very likely Somewhat likely Somewhat unlikely Very unlikely Clarus Commerce — Premium Loyalty Data Study 2020 9 SECTION 02 Loyalty Members Expect Clear Value Premium members are brand evangelists “Brands can’t wait for customers to So, what drives consumers to join a premium loyalty program? It comes down to consumers clearly seeing the value that the program offers its members: stumble on the program themselves — 70% of all respondents who are not yet in a premium program said they they need to be proactive about showing would join one if it was offered to them and the benefits were valuable. The the clear, personalized value of upgrading key word here is “offered.” Brands can’t wait for customers to stumble on the to a premium program.” program themselves — they need to be proactive about showing the clear, personalized value of upgrading to a premium program. Reasons why consumers do not participate in any premium loyalty programs 35% 42% 31% 5% They’re too expensive I don’t see the value I’m open to them, but Other the retailers I shop with don’t offer them Clarus Commerce — Premium Loyalty Data Study 2020 11 When customers do see the value family or friends if the retailer’s and join, however, these members premium loyalty program become key ambassadors of the offers valuable benefits. program — and the brand as a whole. Consumers overwhelmingly To ensure the sustainability of Likelihood consumers will recommend choose brands they are loyal your program and the long-term to over price tags: 88% of success of your brand, it’s critical a retailer to friends/family if they find respondents are likely to choose to communicate the value your the benefits from that retailer’s premium a retailer whose premium loyalty program offers clearly, early, loyalty program valuable program they belong to over a and often. Your premium loyalty competitor that is offering a lower members are key evangelists of price. Plus 89% of respondents your brand, but they need to be would recommend a retailer to guided to fulfill that role. 53% Very likely 36% Somewhat likely 6% Somewhat unlikely 2% Very unlikely 3% No influence Clarus Commerce — Premium Loyalty Data Study 2020 12 Where do today’s customers find value? Communicating value is critical, First and foremost, 40% of so the important question is: What respondents expect to receive do consumers value in a premium their premium loyalty benefits loyalty program? immediately, not after 10 purchases and not after a month of consistent The answer is different for each buying. And when it comes to retailer and brand. It depends benefits, free shipping, instant on the industry, the competitive discounts and free giveaways top climate and the demographics of the list of incentives that would the consumer base. However, the encourage consumers to join a survey reveals some insights on premium loyalty program. While the “must-haves” that any good experiential benefits are critical, premium loyalty program especially when it comes to brand should include. differentiation, transactional benefits are often what get members in the door. What was the main reason you joined Amazon Prime? “Although I joined Prime for shipping, I ended up using many of the other 81% Faster/free shipping features... I would consider all those extras in the Prime membership as 11% Video streaming benefits 3% Customer events perks that motivate.” 2% Music streaming benefits 2% Food delivery Clarus Commerce — Premium Loyalty Data Study 2020 13 Perks that motivate consumers to join a premium loyalty program 66% Free shipping 38% Holiday discounts 60% Instant discounts that can be used whenever you shop 35% Exclusive deals (i.e.
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