Businesses have long been taking advantage of technology to streamline processes and improve efficiency. It is a natural progression for this to influence how rewards and loyalty schemes are run.
Statistics show 80% of U.S. consumers are more likely to shop with a brand more frequently if they join a loyalty program and the market for customer loyalty management is currently valued at around $5.5b. This is projected to grow to more than $24bn as we enter 2029, which makes it essential for businesses to get it right.
Technological advances have allowed businesses to minimize the time and administrative restraints that previously hampered gifting systems and reward schemes. Automation and the advent of digital wallets and apps also mean customers and employees can manage their rewards.
Research has shown that 80% of consumers are more likely to use loyalty programs that are personalized. Technology is used to track user behavior to offer the rewards that best suit their needs. Apps also allow the user to save and choose how they wish to “spend” loyalty points.
Rewarding customers and employees in such a way increases brand loyalty. It also acts as a motivating factor to encourage new customers and retain staff.
While store loyalty cards are used to offer the user potential savings on future purchases, the move to online loyalty points has opened up a wider potential for how rewards can be redeemed in eCommerce stores and with their partners.
Sweepstakes are a way for businesses to offer a range of benefits and rewards to loyalty scheme users. They often involve the user being able to redeem loyalty points for entry into a competition where they have an opportunity to win a prize.
The development of smartphones and apps has allowed the use of sweepstakes to spread around the globe in many ways. One way that users can benefit from online sweepstakes is by using sweepstakes casinos.
Sweepstakes casinos are not subject to the same U.S. gambling laws as regular casinos as real money is not used. Instead, players are rewarded with sweepstake coins for carrying out certain actions. For example, a user might be rewarded with coins for signing up for a newsletter or sharing an advertisement on their social media pages. Rewards can differ based on the required actions.
Users can then take the sweepstake coins they earn to gamble on a variety of games as they would in a regular casino. Winnings are then exchanged for goods or can be used to enter sweepstakes to win prizes.
It isn’t just online casinos that make use of sweepstakes. They are used in a variety of industries to increase engagement among customers.
The development of blockchain technology has allowed a free flow of information that is easily updated across an entire network. It has improved the accuracy of the transfer of patient records in the medical field. It has also been instrumental in the rise of cryptocurrency. Implementation of rewards and sweepstake programmes could see a further increase in popularity.
Whatever the future holds for sweepstakes and rewards programmes, they are sure to benefit users and create exciting opportunities for the companies that use them.
