Over the past three years, the industry has experienced significant changes in consumer behavior, driven by pandemics and war, which have profoundly impacted the loyalty industry.
In an era where loyalty has become a critical factor in building strong relationships with customers, consumers, partners, and society amidst complex conditions, and with the industry itself being disrupted by innovation, technology, and the practices of leading players, the question arises: where should one look to build a strong business model for the future?
There are several trends happening in the loyalty industry to pay attention to:
- Loyalty programs will be a winning means of data collection with privacy and consent in mind.
- Loyalty programs will shift their focus from traditional rewards like birthday and anniversary bonuses to addressing social issues.
- Brands will continue to use FOMO (fear of missing out) tactics to drive engagement.
- We can expect to see more coalition and partnership programs as brands seek to expand their reach cost-effectively.
- Emotional loyalty will be critical for long-term growth.
- The norm will be to link loyalty cards with different currencies. Other technologies that don’t rely on physical cards are also being launched.
- Personalization and customer experience will remain key focus for brands.
- “I am Loyalty” is on the horizon to replace points accumulation…
These are just a few examples of what’s happening in the loyalty industry.
Strategic® experts launched the “Shaping Vision 2030 and Sustainability 2023” project for the FISHKA team with a primary focus on creating a breakthrough in response to the various trends currently occurring in the loyalty industry.
The following are the steps involved in the project:
- Current condition: Assessing the current capabilities and potential of the company.
- World context: Identifying weak signals, insights, “white spots,” and possibilities in the global environment.
- Visioning: Developing a strong idea of the future through strategic planning and foresight.
- Platform architecture: Residents — Interaction — Value Proposition.
- “What’s tomorrow?”: Creating initiatives for sustainable and profitable growth in 2023 and beyond.
Project participants from Strategic®: