Rewards playing a role in UK consumer activity
Three quarters of British consumers admit that a reward impacts final purchase, and an appealing incentive has driven 30 percent to choose a product of less quality, and 33 percent to buy a more expensive product.
The insights, from a 360Insights study of 1,000 British adults, reveals how rewards and incentives are playing a critical role in the retail purchase decision.
The report also found brand loyalty could be bought, with 83 percent agreeing with the statement that cash rewards and incentives have a positive impact on their relationship with a brand.
"This research shows cash incentives and rewards at the point of sale are essential for brands looking to reap sales and market share from the competition. Businesses that are not offering rewards or incentives risk losing customers to competitors who will," said John Bird, UK general manager, 360insights, in a press release.
"If a brand is spending budget getting a customer to point of purchase, only for that customer to switch to a competitor at the last minute because of an appealing reward or incentive, then essentially, that brand is investing in creating demand that another company benefits from."