Cash Back is king of loyalty perks

Recent research from Marigold and Econsultancy shows over half of adults globally prioritize points or reward systems over all other loyalty perks. Consumers expect value in return for their loyalty and Cash Back is a great way to deliver it.

In today’s competitive landscape, brands are constantly fighting for attention and wallets, requiring they actively stay in front of shoppers to drive repeat purchases and build loyalty. Cash Back offers a tangible and immediate reward that resonates strongly with today’s savvy consumers, encouraging them to come back for more. As shoppers increasingly value rewards and incentives, brands must adapt their strategies to align with consumer preference. Rakuten’s Cash Back program is an effective way to tap into this preference and nurture your existing customer relationships. Our program combines media opportunities, promotions, and personalized targeting strategies to reach shoppers in the right moment with a Cash Back rate that converts.

Keep reading for Insider Intelligence’s piece, “Consumers want points and rewards above all loyalty perks”.

By Arielle Feger

Source: Insider Intelligence

Key stat: Over half (55%) of adults worldwide say that offering points or reward systems are the top way to keep them coming back, according to a November 2023 survey from Marigold in conjunction with Econsultancy.

Beyond the chart:

• Three-quarters of consumers are still concerned about rising prices, according to Deloitte’s 2024 US Retail Industry Outlook cited by Chain Store Age.
• Because of this, half of retail executives expect consumers to value price over loyalty in 2024.
• Retailers may consider bolstering their loyalty programs by giving customers more opportunities to score points or offering them more personalized discounts. Retailers can also give customers access to exclusive product or service discounts, which came in at No. 2 in the Marigold survey for most wanted loyalty perks at 54%.

Use this chart:

• Illustrate what perks encourage customer loyalty.
• Evaluate loyalty program features.