The pandemic has generated new aspirations for customers today. During these tough times, everyone excepts contactless and remote delivery of goods and services. Moreover, even after the Covid situation regulates and normalizes, the digital revolution created within this era would not settle down. Customers would still be expecting the market to stay remote and mobile.
Often Enterprises fail to retain customer loyalty. One of the reasons for this could be Traditional methods for engaging customer loyalty. Whenever a brand fails to meet the overall expectation of their customers, they lose their loyalty. Especially, in these highly competitive contemporary markets.
Customer loyalty platforms require tremendous efforts to retain customer loyalty. These involve dynamic and swift adoption of the emerging loyalty technology trends for cherishing customer loyalty towards the brand. There are many trends set by the market today for loyalty platforms. These include;
Artificial Intelligence
The emergence of AI in loyalty platforms exists in the form of machine learning or deep learning. AI involves specific software algorithms which are capable to read customer behavior and demographics. AI brings ease in every sphere of loyalty platform through better management of data and analytics, overall customer engagement, and customer experiences.
The use of personalization engines assists organizations in keeping a personalized approach towards engaging customers. Personalization engines create the ultimate customer satisfaction as it gives the organizations the ability to understand individual customer behavior. It aids companies to provide a better service to their audiences and to analyze the consumers to be rewarded for their loyalty.
Amazon was one of the initial companies to implement machine learning and personalization engines for dealing with their customers, which proves the effectiveness of AI in loyalty platforms as they hold a major chunk of the e-commerce business today. Amazon can retain customer loyalty with the implementation of AI in the form of machine learning.
Mobile Wallets
The use of compatible mobile wallets has remarkably escalated, especially within the younger audiences, which include a huge chunk of the overall online customers. The significance of mobile wallets involves purging traditional banking methods towards a much faster and convenient mode of payment. Moreover, mobile wallets are capable of growing exponentially in the upcoming future.
The continuous rise of users in mobile wallets has brought a new platform for organizations to provide various offers and coupons to their customers. The consumers in turn show tenacity to avail all the offers provided to them. Thus, creating customer satisfaction, and at the same time generating customer loyalty.
Smartphone Applications
The pandemic has generated more customers online in one year as compared to the previous 5 years. Furthermore, Consumers, today prefer shopping through the tap of their fingers, rather than going to the market.
However, they only choose to occupy their phone storage with applications that turn out to be useful. The consumers show their loyalty towards the application which serves their best interests. Starbucks Coffee is one of the most successful brands to achieve customer loyalty through the use of its application. Providing free coffee with upcoming purchases.
Smartphone applications are the best way to find out customer touchpoint. A touchpoint is a particular spot where customers interact and form a relationship with the business. Organizations can capture a significant amount of customer data through the use of smartphone applications.
Blockchain
The rise of blockchain technology caters the loyalty platforms as one of the safest ways for securing their data and transactions. Organizations can achieve obscurity of their data through the use of blockchain technology.
Blockchain technology involves a system of storing data or transaction receipts in multiple blocks chained together. These blocks are protected by strongly encrypted algorithms in the form of hash codes, which are nearly impossible for a data breach.
Blockchain technology is immune to counterfeiting. Thus, catering to customer loyalty for the safety of their data.