New this week, we explore Royal Bank and Canadian Tire Corporation's recently announced long-term strategic partnership between their loyalty brands, Avion Rewards and Triangle Rewards.
Canadians continue to love rewards programs and many have adjusted their spending to optimize rewards.
Just over one-in-three Canadians said they had adjusted their purchases to optimize their loyalty points, up about 40 per cent over 2021.
Canadians have joined a growing number of loyalty programs; however, ownership is not use.
Successful loyalty programs are easy to join and easy to use.
Benefits should not be static. Research firms recommend refreshing loyalty programs to reflect changing preferences and emerging trends.
Gamification is on the rise and provides an opportunity to differentiate. Industry experts argue that gamification enhances customer loyalty by making interactions more engaging, personalized, and rewarding.
Consumers expect digital and mobile access to their loyalty program as well as relevant and meaningful rewards.
Partnerships, subscription services, and sustainable options are explored.
For more, please read this week’s issue of Competitive Intelligence (CI) Update.
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