The sixth annual loyalty research study for love or money 2018 reveals Australian Millennial’s are the most interested in earning cryptocurrency rewards instead of loyalty points.
Commissioned by The Point of Loyalty, for love or money 2018 – the Australian research study on customer loyalty and loyalty programs, highlights that 36 per cent of members of loyalty programs express an interest in being rewarded with cryptocurrency instead of points. This interest increases to 55 per cent for Millennials.
Report author and CEO of The Point of Loyalty, Adam Posner said that the loyalty program landscape is at a pivotal point of change due to blockchain technology and cryptocurrency.
“With cryptocurency being a topic of intense conversation these days, I was keen to understand consumers’ and specifically loyalty program members’ attitude towards being rewarded in these digital currencies” Posner said.
“While knowledge is low, with only 14 per cent indicating a good to excellent knowledge of cryptocurrencies, there is still an appetite to be rewarded with these new digital assets” he added.
The research also identifies members’ view on the collection of their loyalty program data and whether it is used to enhance their shopping experience or invade their privacy.
“Data collection, protection and use, is on the radar of all loyalty program members,” Posner said.
The research highlights that 50 per cnet of members are okay with sharing their information with a loyalty program, knowing that it is used to enhance their shopping experience.
However, the research also reveals that 23 per cent of members feel that information collected is an invasion of their privacy even if it is used to enhance their shopping experience.
“It is clear that no matter how loyalty program information is used, the utmost respect, relevance and sensitivity must be maintained when using the information collected,” he said.
Other key findings the report reveals:
- Are loyalty programs improving and where? 59 per cent of members agree that loyalty programs have improved in recent years (up from 51 per cent in 2017). The three key areas of improvement have been
1) Earn rate: rewards are more achievable
2) Simplicity: programs are simpler and easier to interact with and
3) Technology: use of enhanced technology such as mobile apps and mobile payments
- Woolworths Rewards make a remarkable improvement since 2017: Coles flybuys retained first place in the ranking of programs mentioned the most as ‘doing a very good job’ (35 per cent). However, Woolworths Rewards in second place has improved significantly, up from 13.4 per cent in 2017, to 20.2 per cent in 2018.
2018 Australia’s top most mentioned programs (unprompted) as ‘doing a very good job’:
- Coles flybuys
- Woolworths Rewards
- Qantas Frequent Flyer
- Virgin Velocity
- Priceline Sister Club
- MYER one
- CommBank Awards
- Boost Vibe Club
Optus has announced world-champion tennis player Ash Barty as its chief of inspiration, Barty’s first new partnership since her retirement from professional tennis in March. The partnership will see Barty feature in a mix of content initiatives, employee engagement programs and community-focused campaigns to connect Australians and inspire them to say “yes” to their dreams, […]
Lisa Ronson has announced she’s is leaving her role at Coles as the chief marketing officer. Ronson is out of the trolley and into the fire, as they say! Ronson announced the news via Linkedin: “It’s with sadness today that I announce I’ve decided to move on from Coles Group to pursue a number of […]
Tourism New Zealand has unveiled its first global campaign in two years, IF YOU SEEK – the country’s invitation to international visitors. Launched today in core visitor markets such as Australia and the United States, IF YOU SEEK explores perspectives unfamiliar to the travel category; enticing audiences to explore Aotearoa New Zealand via glimpses of […]
Following a competitive pitch, retail group Godfreys has announced the appointment of independent creative agency Hardhat. Following two years of growth, with the business now sitting at more than 150 stores and 3 million customers, Godfreys has set about transforming its retail stores to more accurately reflect the business’ category leadership and expertise. At the […]
Rural and regional women who have excelled in making their communities better places to live and work are set to be celebrated with the launch of the Shine Awards, a six-year partnership between rural and regional newspaper, The Weekly Times, and Harvey Norman. Readers are being asked to share their stories and nominate the unsung […]
The Outdoor Media Association (OMA) has this month welcomed Blue Tongue Outdoor, SureVision and Veridooh as the latest companies to join the Association. Speaking about the three new members, Charmaine Moldrich, OMA CEO said: “We’re pleased to announce our continued expansion includes media owners, suppliers and adtech. Blue Tongue Outdoor is our first South Australia […]
Data-driven, CX agency Cheil has teamed up with Samsung Australia for the unveiling of Samsung’s latest Galaxy Z Series, the Galaxy Z Fold4 and Galaxy Z Flip4, at one of Australia’s busiest shopping centres, The GPT Group’s Melbourne Central. The ‘Unfold your world’ takeover, which consists of a 64sqm pop-up store in the center of […]
Nespresso is today calling for entries to the Australian StartCup Challenge, a new competition which supports and rewards innovative, circular business ideas. The challenge is open to pioneering start-ups and SMEs from any sector or industry to pitch their circular solutions for review by an expert jury and then via public vote for the chance […]
Australian new car website, CarExpert.com.au has today completed the strategic acquisition of PriceMyCar.com.au, accelerating the company from online publisher to new car marketplace. The acquisition is for 100 per cent of the business at a purchase price of $4 million. This is a mixture of an upfront payment with a two-year earn-out period which will […]
Crowe LLP, a public accounting, consulting and technology firm in the U.S. with offices around the world, has debuted a new integrated brand platform entitled “Embrace Volatility.” The campaign, which seeks to flip the perception that volatility is something to fear to something that creates opportunity, was developed by StrawberryFrog in its first project for […]
Digital experience platform (DXP) provider Optimizely has announced it was named a Strong Performer in The Forrester WaveTM: Marketing Resource Management, Q3 2022. The report states that, “Welcome’s legacy in content marketing and editorial shines through in its ample content and people management offerings. And its superior innovation roadmap plans, to employ AI for content […]
Having racked up over 1 million paying subscribers since the release of Snapchat+, a paid subscription service complementing the communication app, Snapchat has announced a number of new features to further reward its user base. The newly added services include priority story replies, which highlights a users responses to Snap Stars; an option to show […]