Loyalty Program


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Loyalty Program

A program that encourages customers to shop consistently at the same place. Generally, a loyalty program issues a card (much like a credit card) to a customer, who swipes the card before she pays for her goods. The card identifies the customer and makes the purchase eligible for a discount or some other benefit. Loyalty programs are most common at the retail level.
References in periodicals archive ?
However, other research has found that roughly one-third of each retailers loyalty members cross-shop at another key competitor within the same channel1, and nearly half (44 percent) of consumers believe that it would be easy to replace a retailers loyalty program with a competitors program2.
The need for more personal and customized rewards is especially evident in the retail banking sector, where Collinson Group recently found that two-thirds of American consumers expect greater rewards, such as more personalized communications and offerings tailored to their specific needs, in return for their loyalty program memberships.
The report emphasizes that mobile technology is transforming loyalty programs just as it is transforming retail.
This loyalty offering in partnership with Infinia goes beyond the loyalty program stereotypes and is designed to heighten the loyalty redemption experiences of the retail consumers.
Table 1: Loyalty Program Strategies Through Emerging Channels
While we've offered a loyalty program for more than two years, I consider this a new program for us.
This has resulted in an enhanced focus on innovation and loyalty programs specific to a niche group of consumers.
Among those respondents, 28% are activated participants in their primary grocery store's loyalty program.
TechAccess Partner Loyalty Program is a key differentiator in the market," said Ahsan Ali, Vice President -- Marketing, TechAccess.
Loylogic's success stories in the region include the 'Etihad Guest' loyalty program - the award winning frequent flyer program by Etihad Airways, the national airline of the UAE, which recently won laurels at the 21st Freddie Awards 2009 in Fort Lauderdale, Florida, replicating its success of the previous years.
Customers make purchases in each of these markets, while firms that serve multiple markets have the option of linking the markets together in a single loyalty program.
In addition to highlighting the best practices for using a customer loyalty program in a post Durbin amendment world, the presenters will look at ways that FIs might use these reward programs to offset losses from interchange caps.