Multi Merchant Loyalty Program
Multi Merchant Loyalty is nothing but the tieing up of multiple isolated merchants across multiple stores in a mall to bring them under a single roof of LOYALTY 3.0 for the benefit of customers. Multi Merchant Loyalty Program is an “All for 1 and 1 for All” approach where customers can hop on from one merchant to another to earn Loyalty Points in a Gamified Mode. Points accumulated from each purchase at the mall can help them win Rewards which enhances the Customer Experience.
Today, Shopping Malls face the following major obstacles:
- Declining Customer Footfall: With an ever-increasing tech versatile population, e-commerce has become a popular and convenient option to shop from resulting in lower footfalls for the mall.
- A Multi Brand / Multi Merchant environment: Merchants function in silos and often forget the ultimate need of the customer is to save time, effort, and money.
- Expensive and complex PoS integration: Technology investment at different stores in a mall at an individual level is much more costly and complicated.
- Wastage of Resources: Manual Vouchers / Coupons / Packages / Gift Cards that expire and are not utilized by customers, become a cost overhead instead of a profitable tool.
- Replacement of Fixed rental models: With an evolving retail landscape, readiness for adopting Revenue Share Tenancy models might still be a challenge.
- Scattered Information Management: No comprehensive insights available on consumer behavior from engagement at different mall stores.
How does Multi Merchant Loyalty help overcome these challenges??
By tracking and rewarding loyal customers through Reciproci’s Multi Merchant Loyalty Program – An Experience Commerce Solution for Malls, the program offers value to the 3 stakeholders in the following ways:
- For Customers: A bunch of Experiential rewards, personalized offers and discounts from multiple merchants, special access passes and a lot more exciting gamified engagement tools will excite customers to visit malls.
- For Merchants: Through the efforts of an integrated and collaborative loyalty, Merchants will be able to receive a higher footfall with an increase in wallet share & repeat visits.
- For Mall: A solution which helps in ring fencing multiple isolated merchants so that malls can achieve stable revenues and a promising additional Return on Investment from the multi-merchant loyalty program.
Apart from the above mentioned, the most important benefit is the self-sufficiency of the program. The Business Model is developed such that the program can pay for itself along with accommodating additional benefits for every stakeholder.
Through Increased collaborations among merchants and enabling Cross Promotions & repeat visits from customers, the Multi Merchant loyalty program guarantees revenue uplift for both mall and merchants.
- App based contactless commerce
- Gamification to retain our diverse customers
- Rewarding customers to offer a sense of achievement
- Collaborate with merchants to avail various offers on a single platform
- Creating a sense of urgency to make purchase and redeem points before expiry
Multi Merchant Loyalty is short for “An amalgamation of benefits for each stakeholder”. It reinforces the concepts of contactless commerce and ensures a better way to retain customers in a gamified mode.
A sure way to emerge successful and have an edge over competition, Multi Merchant loyalty is the way forward in the Shopping mall Landscape!