Restoring Loyalty to Retail
Our last article “Retail Business Intelligence” detailed the importance of retailers having an analytic system in place to make the most of the data their point of sale and retail systems capture. A key business area where a retailer can put this data to good use is within a loyalty program.
A loyalty program at its basic purpose is built to provide the retailer a competitive advantage over other retailers. The next question you ask…How do we get that advantage when nearly everyone focuses on price? The big-box retailers like Wal-Mart can leverage their highly efficient supply chain and enormous buying power to drive prices lower and lower with intention of beating their competition. Though, a loyalty program when targeted appropriately can leverage benefits that extend beyond just price. Customer retention, brand recognition, and exclusivity to a program are but a few examples where a retailer can focus with their loyalty programs. How a retailer adjusts their loyalty programs over time to adapt as customers’ needs, business focus, and competitors’ offerings change will dictate how successful their loyalty programs will be.
When choosing a point of sale system it is important to consider how these loyalty program needs will be met. Retail Pro has leveraged decades of retail experience within its POS and back-office system to create a simple and flexible loyalty application which can be married with the other analysis functionality, like Retail Analytics, Business Intelligence, and Customer Binning and Segmenting. The synergy of these powerful tools provides the perfect mix for a retailer to keep their customers returning tomorrow, next week, next year, and on.
Retail Pro International understands a successful business depends on strong, loyal relationships. Fostering these relationships, and more importantly, maintaining these relationships are key to continuing success as the economy regains its momentum.
This summer Retail Pro International will launch its new loyalty program functionality arming you with the powerful features necessary to build and maintain loyalty with your customers. We encourage you to request more information on how Retail Pro can help you with your retail management system and loyalty program needs. Please visit us at https://www.retailpro.com/ContactUs.php
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