Technology
Majority of retailers looking to invest in new customer loyalty tech
Photo: Adobe Stock
January 31, 2024
A hefty number of retailers and businesses, 89%, are planning to invest in new customer loyalty tech and strategies to improve the customer experience this year.
That's a top finding from Antavo's "Global Customer Loyalty Report 2024," which polled over 600 senior business leaders. The report was created with insight from VML, EPAM and Frog/Capgemeni, according to a press release. Antavo is a loyalty cloud provider.
Nine in 10 companies plan to revamp existing loyalty programs in the next three years and just about half, 44%, reported not being happy with the current loyalty program. Two-thirds are aiming to re-platform the loyalty tech as part of investment plans.
Additional findings include:
- 81% said their loyalty programs helped navigate rising inflation and other economic concerns in 2023.
- 60% of loyalty program owners have made significant changes to their programs in the last two years.
- 90% of businesses with a loyalty program report a positive return on investment — the average ROI is 4.8 greater than their investment.
