Integrated POS & Loyalty: The New Way to Know Your Customers
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Jurate
- July 4, 2022
Loyalty in business is a game-changer, and a well-run loyalty program pays for itself. Did you know that MyLoyal clients see their customer spending increase by 30% compared to non-loyalty customers? That figure speaks volumes! But have you ever wondered what the difference is between a standard loyalty program and a next-generation loyalty program? Let’s break down to see why point of sales (POS) and loyalty integrations are so crucial for every loyalty program….
Table of Contents
Loyalty Programs are exciting tools that retailers can use to engage and attract customers. When a POS and loyalty program is integrated, they can identify key demographics and target certain audiences. By creating an exclusive and engaging experience, you are creating the perfect environment for customer loyalty to be built. A loyalty program alone creates a number of benefits, but a program integrated into your POS system takes things to the next level.
The value of POS integration to your loyalty program
Customer convenience with Real-Time Rewards
The most important thing about integrating a POS into your loyalty program is improved customer experience. Card-linked loyalty enables you to have real-time rewards! Customers are able to link their debit/credit card once and instantly start to auto-earn every time they use their card. The biggest challenge of any loyalty program is that customers have to remember that they are part of it or carry cards to get loyalty points. Next-generation loyalty programs have payment card-based loyalty where customers receive points automatically by paying with the payment card.
One of the most powerful features is how easily customer can check how many points they have in their balance and choose to redeem them during check out. With integrated platforms they can redeem their points anywhere, online or in-store.
The ease and convenience of earning points without the customer doing much is vital for the seamless experience – which is the type of an experience your customers want. A Bond Brand Loyalty study found 84% of customers say instantly redeeming loyalty rewards improves their shopping experience – and you know what they say, the customer is always right!
Reliable and more meaningful Customer Insights
This is hands down one of the biggest advantages that a digital loyalty programme can bring to your business. POS integration allows you to collect valuable insights about your loyal customers and monitor their behaviour. Do they prefer buying in-store, online or one product over another? Data generated from an integrated programme provides accurate insights into consumer behaviour. Integrated POS to loyalty program gives a 360 customer overview of customer lifetime value or the average revenue per month (ARPU).
Insights track everything from what items customers buy, how much it costs, what items they frequently purchase together and when purchases are made. Our system will then use this information to analyse a trend and offer deeper insights about each individual customer; when they are most likely to buy an item and when certain items are on sale they might be interested in. Clients can even go one step further and auto-segment their customers based on purchasing habits, categorise rewards according to group and your branded app to send specific one-time deals. Talk about a personalised customer experience!
How to integrate
Most people associate POS systems with checkout and payment software but they are capable of so much more, including supporting your company’s marketing efforts. Online POS has the potential to be integrated with a loyalty software built into the program, which can aid your marketing efforts with each sale your company makes.
This can be done by collecting customer data, which can be dissected to find customers’ shopping behaviours. Having more accurate customer data will enable you to understand your customers like never before increasing your sales.
The important thing to remember is what do you want from your programme? Creating a programme that has numerous bells and whistles but doesn’t align with your goals will do more harm than good. Digital loyalty programmes have a wide range of interactive features that can be totally personalised to your brand, we explore them all and their benefits here.
Thankfully, MyLoyal’s solution is fully integrated with OnlinePOS making the journey to lasting loyalty much easier.
What is the outcome?
Digital integrated programmes allow for an overview of every step in the customer journey – a marketers’ dream!
Enriched long-term planning
Personalised services and products can only be delivered if you know your customer and have data to support personalisation or are able to calculate their lifetime value. Loyalty programs paired with your POS system enrich your datastream by building extensive customer profiles. The influx of reliable data reveals behavioural trends that can leverage decisions in long-term planning.
Pretty much, businesses that track customer acquisition KPIs are 23x more likely to outperform their competitors. You can’t say no to that!
Higher Spend Per Visit
Ready for our favourite statistic? Customers spend 33% more than new customers since they already know and trust your product or service. This strategy not only increases customer lifetime value but you will also need an increase in average spend overall, by incorporating tiers and perks, customers will find it hard to resist spending that little bit extra to get to the next level
Efficient lines of communication and feedback
A better understanding of your customers increases the likelihood of “right message = right time”. What coffee lover wants a discount for tea right? By creating a loyalty programme, you can tap into campaign data – by doing so you will find out everything you need to know to make your campaigns more effective. Before you know it, you will be sending the right message at the perfect time; trust us, your rates will rocket.
Increased Customer retention
Customer retention and the intimacy of the relationship between company and customer are
closely linked. Analytics help you highlight the behaviours of a customer who might be ready to leave and allow you to react accordingly. Retaining customers is about more than just transactions, it is about building relationships. Did you know there is a 60-70% chance of selling to an existing customer, compared to a mere 5-20% for new customers? Loyal customers bring better revenue and are easier to keep than attracting new customers ( plus, they are more likely to recommend your product to a friend – reliable word of mouth? Yes, please). Vital on the journey of business growth and development.
In a nutshell:
Having a POS system that has an integrated loyalty program takes your marketing and customer experience to the next level. You will know your customers better than ever before, creating the perfect platform for customer retention; retain your repeat customers with personalised communication. Keep an eye on metrics and behaviours to create the best experience for your customers.
Why not take advantage of an established relationship, contact your team at OnlinePOS or reach out to us at MyLoyal to begin your loyalty journey today! Wondering if you are a match? Find out who we integrate with here
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