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Study IDs favorite reward is for fuel
Everyone has favorite brands in groceries, clothing, or even books, but when it comes to a favorite reward it turns out fuel savings top the list. That's the word from new Excentus data which found more than one-third of shoppers prefer fuel rewards to credit card or store 'points', instant discounts, or even coupons.
"For merchants and retailers, the findings are clear: loyalty programs that skimp on delivering everyday value are missing critical opportunities to attract new customers and retain existing ones, increase foot traffic, and turn loyal shoppers into higher-value customers," said Brandon Logsdon, President & CEO, Excentus. "Mobile technology has and will continue to make it much easier, faster and cheaper to leverage loyalty programs, particularly for the growing segment of consumers who rely on their mobile devices for life's daily activities."
Some interesting findings from the Road to Rewards Revisited study include:
• 39% say they like earning rewards for 'everyday' purchases
• 23% say they like earning rewards from a variety of retailers
• 26% say they shop more frequently from stores that offer rewards
About 14% of shoppers say they 'only shop' with brands that offer rewards, and 17% report they plan ahead so they can use rewards more effectively.
As to how shoppers stay abreast of their reward programs, 40% of Millennials report using mobile devices to track rewards points/balances and to redeem rewards. While many grocery store and credit cards offer fuel rewards, shoppers say they'd like the ability to earn fuel rewards from a wider variety of stores/brands.
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