The trend: As inflation and the sheer amount of choice weaken brand loyalty, retailers are adopting a number of strategies to keep customers engaged and spending.
Popular tactics include:
A personalized touch: Retailers can improve their standing with consumers by offering personalized deals and product recommendations based on purchase history.
Game on: While many retailers offer rewards programs to incentivize customers to return, some are taking it one step further by gamifying the experience to encourage members to spend more.
More perks, please: Still other retailers are adding new features to their subscription services to boost signups and reduce churn.
Ahead of Prime Day, Amazon is offering US Prime members a free one-year Grubhub+ membership, which allows subscribers to order food delivery without paying delivery fees.
Walmart is incorporating its InHome program—where employees deposit groceries directly into shoppers’ fridges—into its Walmart+ subscription service for an additional fee.
The big takeaway: Membership and loyalty programs are important, but retailers shouldn’t lose sight of the importance of the customer experience.