The average consumer is spending $59 more than the original value of their gift card, up $21 from 2017, according to the 2018 Prepaid Consumer Insights Study released by First Data. The report shows lift is being generated from gift card spend and continues to highlight a year-over-year branded currency growth trend.
Read MoreLoyalty programs have come a long way since their first iterations. all the way back in the 18th century when retailers would issue customers with copper tokens that were redeemable against future purchases. Companies quickly realized that metal tokens were expensive to manufacture, and so the practice evolved into issuing stamps and coupons.
Read MoreIt is well-understood that acquiring a new customer can be significantly more expensive than keeping an existing one. For instance, recent research by Monetate found that an e-commerce customer who has had one previous shopping experience with a company is over three times more likely to convert again versus a brand new visitor, and customers who have […]
Read MoreAirlines need to satisfy their frequent flyer program members or else those members may jump ship to another airline or start using a banks proprietary credit card. That means offering rewards customers want, at a price thats attainable, and thats available when members want to redeem.
Read MoreCredit card users are becoming savvy reward point shoppers, and it is tripping up some banks and issuers. For example, in the second quarter of 2018, the JPMorgan Chase said that it had to record a 330 million charge because credit-card customers were redeeming points faster than anticipated.
Read MoreMobile has reduced the payment process to a single tap of the phone, with NFC-enabled POS terminals allowing retailers to participate in a faster payment experience. It is understandable traditional banks and credit unions want to capitalize on this trend by creating their own mobile solutions – but there are challenges. The U.S.
Read MoreWithout a new approach, airline loyalty programs risk alienating many customers. Since American Airlines created the industrys first successful customer-loyalty program, in 1981, almost every carrier has followed suit.
Read MoreWe all love to save our points and travel for less, but have you ever stopped to think about why airlines are so keen to run loyalty schemes? What’s in it for them? Back in the early days of air miles, it was all about genuine customer loyalty.
Read MoreModern retail customers have infinite choices at their fingertips. They can easily find any product at any time at the best price. There’s no pain in switching brands. That’s why gaining repeat customers is necessary for long-term retention and brand loyalty.
Read MoreKPMG International announced its Singapore office worked with Singapore Airlines (SIA) and Microsoft to develop the carrier’s KrisPay digital wallet, the first airline loyalty programbased on blockchain technology. SIA began the new digital wallet following a successful proof-of-concept development in Feb-2018.
Read MoreAs airlines seek income beyond fares, carriers are turning to credit card offers to broaden their revenue streams. In the second quarter, major carriers in the U.S. earned more from loyalty and credit card programs than they did in the same period the prior year, The Wall Street Journal reported.
Read MoreTravelers who use J.P. Morgan Chase credit cards are about to get a free upgrade. Credit-card customers who redeem rewards through the bank’s web portals will have access to more than double the travel inventory starting Sunday, according to a person with knowledge of the change.
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