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Get the latest on industry trends, resources and events from Augeo
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Intrigued by the impact of digital-first experiences on loyalty programs? We delve into this engaging topic in our webinar, Reshaping Consumer Rewards & Experiences Through Digital Asset Innovation. Catch up on the conversation!
In this session, Augeo CMO & President, Workplace Engagement, Juli Gilbert, and Kigo CEO, Peter Schultze, explore how shareable rewards and digital assets are transforming engagement experiences to meet the rapidly evolving expectations of diverse consumers worldwide.
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Juli: The digital experience revolution is fueled by rapidly changing consumer preferences and the growth of digital-first experiences. How do businesses more effectively navigate the evolving digital landscape to accelerate customer loyalty, employee engagement and technology?
Peter: That's a great question, Juli, and I'd love to start by framing up a few overarching themes that we see driving the future of loyalty. First, as you mentioned, organizations are faced with rapidly evolving expectations from consumers. If you look across the industry, the average consumer is active in less than half of the rewards programs they're a part of.
At the same time, there are tens of billions of dollars in loyalty points that are being issued here in the U.S. alone. With about a third of those points going unredeemed today. What that means is there's a lot of untapped potential here. Yet, research from Harvard shows that companies with loyalty and engagement programs grow revenue two-and-a-half times faster than other companies in their industries.
Achieving just a 5% increase in retention can drive up to a 95% increase in the bottom line, which is incredible. When done right, loyalty and engagement programs are proven without a doubt to be super-powerful tools that drive business outcomes.
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Peter: To look at it from the flip side, the reality is that consumer preferences are changing quickly. Individuals today have more power and influence over your brand than ever before, which underscores the need for innovation in the world of loyalty.
That leads me to my second point, which is the accelerated, global shift to digital-first experiences. This transition has been in motion for a while now—and many, if not most, physical experiences today are even initiated digitally. But that's not the new news.
What is new and what's different today is the acceleration that we're seeing. You've got Zoom culture, mobile ordering, Apple Wallet and QR codes. These are all concepts that have quickly become mainstream over the past 36 months—and the overall pace of change and adoption of these new technologies is only accelerating.
There's now this heightened expectation for convenience, for digital-first, for personalized experiences—and from entertainment to finance, people are spending more of their time and their dollars digitally.
Watch our session on demand now. In 25 minutes, you’ll gain actionable insights with real-world applications for reshaping consumer rewards and experiences through digital asset innovation.
*This transcript has been abridged and edited for clarity.
