Why Does Your E-Commerce Loyalty Program Need to Be Redesigned Based on Data?

It is no secret that consumers are feeling the effects of price rises on their basics as the US inflation rate reaches a 40-year high. The truth is that American households are operating on very tight budgets, from groceries to gas pumps. Despite a notable slowdown in the growth of the consumer price index (CPI) during the summer, experts anticipate persistent inflationary pressures in the near future. For what duration? Though time will tell, retail and consumer packaged goods (CPG) have a smaller margin of error than in the past. Brand loyalty has been particularly damaged by the rate of inflation and supply chain bottlenecks. Nearly 70% of American consumers, as reported by the Wall Street Journal, stated Prior to the pandemic, they purchased a new or different brand, and the number of people who bought low-stock brands fell from 72% to 85%. average wallet share. As they continue to navigate the volatility of the market, retailers and CPG firms need to make sure that no opportunities are missed. The enormous amount of data produced by e-commerce loyalty programs presents a chance to take use of digital transformation as a potent instrument to open up new revenue streams. Now is the ideal moment to review brand loyalty tactics because of the uncertainty that lies ahead. They can take proactive measures to optimize the impact of their eCommerce consumer data for long-term success and growth if they have the appropriate program in place.