Loyalty Pays: Unlock the Full Potential of Your Most Loyal Customers
Amidst tightened budgets and evolving consumer preferences, ecommerce sites are re-establishing their vision for loyalty and retention both on and off site. Loyalty programs are the cornerstone for customer engagement, helping drive continued growth and profitability for ecommerce businesses. In an evolving market, brands can maximize customer lifetime value by ensuring loyalty programs remain effective.
Loyalty initiatives span across a wide range of programs including co-branded cards, which are issued by a financial institution in partnership with an ecommerce partner, featuring both logos and offering tailored benefits or rewards for specific purchases. Additionally, loyalty initiatives can highlight rewards programs, where customers can sign up for these programs and earn rewards towards future purchases. Furthermore loyalty initiatives can support strategic partnerships by not only highlighting brands’ partnerships with other companies but also encouraging cross-sign ups.
Strategic loyalty plays are long practiced, but a saturated post-COVID ecommerce ecosystem has made it vital for ecommerce brands to execute with precision. Loyal customers spend 31% more per transaction and are 64% more likely to repurchase (Emarsys). However, when balancing against other core business objectives, companies often deprioritize their investment in data-backed decisioning to promote these programs, resulting in the same rewards and credit card messaging across the checkout experience each time. Relevance is lacking. Through fueling loyalty efforts with decisioning and relevance, brands can set themselves apart, increase customer lifetime value (LTV), and enhance the consumer experience overall.
Tailored experiences for each customer, building loyalty along the way
Real-time decision-making and advanced machine learning can amplify internal initiatives, further enhancing the customer experience. Through a combination of first-party data, native experiences, and machine learning, Rokt’s AI crafts unique customer experiences tailored on a 1:1 level. To supplement the decisioning engine, brands can lean on Rokt to target desired custom audience segments, while also suppressing existing cohorts to fully optimize the transaction moment. As an example, offering loyalty sign-ups post-purchase to non-members or a unique offer for a first-time shopper can help brands further their message when customers are most engaged and likely to convert.
Scale LTV initiatives across the transaction moment
Rokt helps ecommerce brands activate internal efforts during the entire transaction process, from selection to post-purchase.Through an advanced AI relevance platform, Rokt can expand the diversity of offers – going beyond serving non-endemic third-party offers to promoting strategic first-party initiatives. We see up to a 30% increase in loyalty program engagement for active partners and more than a 15% increase in credit card take rate. Most ecommerce partners already run their internal initiatives on site but now leverage Rokt to intelligently determine when to show the best offer to the best customer.
This strategy enables our partners like Saks Off Fifth, JCPenney, Spirit, Office Depot, American Eagle, and more to deepen relationships with their customers, encourage brand advocacy, and generate valuable insights for future marketing efforts. Ultimately, when activating loyalty messaging in a way that lands with your customer (through capturing and acting on customer preference, behavior, and engagement), brands can create a seamless and more rewarding shopping experience, driving customer retention and increasing LTV.
Acquire your most loyal customers across a premium network of ecommerce sites
Rokt understands the significance of acquiring high LTV customers, and enables brands to run first-party initiatives across its broader network of 5B annual global transactions. Large partners such as JCPenney, Cinemark, and Boohoo are currently running loyalty acquisition campaigns across the breadth of the Rokt network, reaching prospective and existing customers with tailored messaging across premium ecommerce sites such as Ticketmaster, Best Buy, Kohl’s, Fandango, and more.
For example, a retailer can build a campaign using custom audiences to target existing customers or net new customers and tailor offer type to each customer type. In order to re-engage an existing customer, an offer may say something along the lines of “Get 15% off your next purchase,” and for a net-new customer, an offer may say something such as “Get 30% off when you sign up for our rewards program.” By differentiating offer type by user, advertisers ensure that each customer is getting the best offer.
Extending first-party offers across the entire Rokt ecosystem widens the customer reach, tapping into incremental audiences to drive additional growth. Brands can partner with Rokt to activate stronger engagement with key audience segments and/or shoppers across a diverse portfolio of premium sites, and ecommerce partners can meet customers wherever they shop by delivering the most relevant offers at the best time.
To learn more about how Rokt can support your loyalty initiatives, visit our ads page.