Spend to Earn

Customer loyalty is the key to any successful business. Loyalty leaders growing their revenue roughly 2.5x as fast as competitors and peers lacking loyalty. A loyal customer is someone who is willing to stick with a product or service through thick and thin. They are also more likely to recommend a product or service to their friends and family.

An essential tool for building customer loyalty is to offer a rewards program. In fact, according to Bond, the average consumer belongs to 14.8 loyalty programs and is engaged in 6.7 of them. Rewards programs engage customers and give them an incentive to keep coming back and refer new business. They also serve as an analytical tool providing businesses a way to track their customers’ behavior and preferences. 

There are many different types of rewards programs, but the best ones share some common features. They are easy to use, offer a variety of rewards, and allow businesses to customize the program to fit their needs. A bold player in the space with a distinguished vision, Numi3, provides a novel rewards platform for modern businesses that understand the importance of customer loyalty and are looking to differentiate themselves.  

Brand loyalty the Numi3 way

Numi3 is a crypto-agnostic Web3 rewards SaaS platform that offers a unique solution for small to medium businesses looking to offer exceptional customer loyalty programs. For businesses, Numi3 boasts a full suite solution that is well thought out and executed using the latest technologies to provide:

• easy onboarding and integration
• secure and reliable infrastructure, and
• the lowest fees on the market.

Businesses can create reward campaigns, referral programs, or giveaways to reward their customers. Numi also provides the ability to validate and process crypto rewards transactions in real-time. So this means you can earn crypto at the checkout of your grocery store. This technology is considered feasible for future use cases to process crypto transactions in real-time. This is where a consumer pays a business for a product in crypto and the payment is validated immediately.

On the customer-end, attractive features of the loyalty program include earning crypto rewards as determined by the offered rewards program. Numi3’s user-centric solution helps businesses cater to the 79% of Americans that say they are more likely to join a rewards program that doesn’t require them to carry a physical card.

The user-friendly and navigable interface offered by Numi3 allows the utilization of crypto rewards to be simple. Apart from providing a seamless experience, the platform adopts a high level of security with several layers of defense. There is also a dedicated team of security professionals who understand the intricacies of keeping digital assets secure. Numi3 provides a simplistic journey for users regardless of previous experience with cryptocurrencies.

With large-scale Web3 adoption, businesses need to grow together with their users and increase their engagement in a maturing market. Seamless implementation will allow businesses to launch an innovative reward program without the headache associated with creating novel solutions from scratch. 

Staked rewards

Another special feature Numi3 will offer to businesses is their state-of-the-art crypto wallet solution, allowing consumers to stake, save, or withdraw their rewards.

Staking their rewards will allow users to earn rewards for holding their tokens over a set period of time, as chosen by the business, giving them even more of an incentive to spend money to add to their compounding pool of points. Additionally, implemented QR code systems prevent connectivity or network service providers from ever being an issue when registering purchases during the point of sale.

The combination of several differentiators could be a game-changer for businesses looking to increase customer engagement and prevent frustrations associated with the previous generation reward programs.

Future of brand loyalty programs

The customer loyalty market is anticipated to increase four-fold by the year 2028, with most growth projected to be led by loyalty management companies implementing and integrating advanced technologies (Fortune Business Insights). Key players are introducing personalized features, demonstrating the opportune moment for Numi3 to build their market. 

Emerging trends in the reward program market include customer willingness to engage with brand loyalty programs. Bond says 95% of consumers prefer loyalty programs using emerging technology like chatbots, AI, VR, and smart devices. Additionally, 75% of consumers say they would engage more with loyalty programs they can easily access from a smartphone. (Source: Code Broker)

Inefficiencies and inconveniences riddle the current state of brand loyalty programs on both, the business and customer end. Considering that over 90% of companies have a loyalty program, there is a major opportunity to improve the reward landscape. (Source: Accenture)

Customers are unable to keep track of and transfer rewards across different platforms. Simultaneously, businesses are not seeing their reward programs benefiting them to the fullest extent. Numi3 offers a refreshing solution for businesses and customers in both revenue and user satisfaction.

There are still a lot of uncharted waters in how cryptocurrency can play a more major role in everyday lives. Consumers are starting to understand this economic landscape better. Incentivizing their participation is a step closer to pushing cryptocurrency to the economic forefront.

The post Web3 Brand Loyalty Programs Will Funnel Millions of New Users to Crypto appeared first on Grit Daily News.

What Causes Payment Failure?

The three biggest causes of failed payments are, in order: insufficient consumer funds, credit card limits, and credit card changes. Either a customer can no longer pay or be charged for a service, or the billing information a business has is no longer accurate. The latter issue is especially prevalent when auto-renewal is in practice. While renewals account for 62% of subscription revenue, auto-renewal increases the likelihood of failed payments by 47%. Failed payments are a problem that both cuts into forecasted revenue and increases the cost of customer service.

On the customer side of failed payments, most customers are unaware a payment has failed until a service stops. This is frustrating for the consumer. If not handled well by customer service, it will cost a business customers. After just one bad experience, 32% of people will stop doing business with a brand or company. Since 65% of a company’s business comes from existing customers, churn carries some steep costs for businesses.

How You Can Preserve Customer Loyalty

If businesses can preserve customer loyalty, the benefits are enormous. 80% of customers are willing to pay more for a better experience. Reducing churn by 5% has the potential to double profits for some companies. Customer service is vital to recovering failed payments and keeping customers. Despite that, just 15% of failed payments are recovered by traditional methods.

How can businesses do better? One step is to stop dunning. Automated emails demanding the customer take action lack the empathy of traditional customer service. Only 15% of customers respond to emails that prompt them to update payment information. Alternatives businesses can pursue instead are: direct debit, digital wallets, and payment processors that accept a wide variety of card brands. The benefit of direct debit is that bank-to-bank transactions reduce the probability of failed transactions. Digital wallets are useful in that they are more likely to be up-to-date and include backup payment methods.

More intensive solutions to failed payments worth considering include employing an automated card updater to check credit card networks and update payment information behind the scenes. Also possible is the implementation of sophisticated retry logic, which selects the optimal time to rerun transactions based on the type of error that occurred, potentially resolving payment failures autonomously. The best idea to implement, however, is personalization; authentic human interaction can recover failed payments and boost customer loyalty simultaneously.

Learn more about how to take better care of recurring customers, stop churn, and fix failed payments in the infographic below:

The post Improve Customer Retention by Fixing Failed Payments appeared first on Grit Daily News.