The Starbucks loyalty program is incredibly popular (with 11.1 million active program members as of January 2016), and it’s frequently referenced as the mobile payments success story for brands (the mobile ordering app accounts for 6 million orders a month).
Based on the program’s success and popularity, it came as quite a surprise when the multi-billion dollar coffee chain announced sweeping changes to its widely acclaimed My Starbucks Rewards loyalty program.
As customers become increasingly indifferent to offers and traditional marketing from brands, businesses are increasingly adding features of gamification into loyalty programs and promotions to generate interest.
The companies have come together to provide proven tools to the Brazilian market, that help businesses better understand and service their customers through Gift Card and Loyalty programs.
The rate of technological change is even more daunting than ever and has even greater repercussions on the way businesses operate and interact with their customers. With each year comes a host of new services, new tools, and new disruptions to the market. With our experience helping translate technology into practical business solutions, here are our predictions for how new technology will shape 2016 for enterprise.
Right now, mobile payments account for $50 billion in sales, compared to $2.7 trillion for credit card payments - However, projections by payment processor Worldpay indicate that by 2019 the situation will have reversed.
With so many competing mobile payment options, many businesses are weighing the same decision and trying to decide where to place their bets – so we’ve taken a snapshot of what you need to know about the different mobile payment options as they evolve:
Adaption to and implementation of mobile point of sale (MPOS) systems is on the rise. MPOS sales are forecasted to be growing 380% between 2013 and 2017, with it being predicted that by 2019 mobile systems will account for 46% of the overall POS sector.
And this growth is spurred with good cause. Integration of the MPOS system with back-end merchandise, inventory and CRM systems arm sales associates with the capabilities and information they need to drive sales and improve customer service.
It’s time to re-think, re-conceptualize and re-launch your coupon program.
Coupons aren’t about paper cut-outs from flyers anymore. They’ve gone digital and social, with measurable results and important customer data attached.
In fact a recent study revealed that 73% of American women have printed out a coupon from a website and 53% of consumers have used discount deals sites like Groupon and LivingSocial. Coupons in general are still very popular one study reporting that 93% of Americans use coupons and spend on average of 2 hours a week looking for deals online.
So you’ve taken the plunge or are about to. You are about to become or already are a bar owner. You have that great location and space and are ready to serve eager patrons.
But do you really know what it takes to succeed as a bar owner and operator? There are many courses for would-be bartenders but less for bar owners.
Here we go over what you should watch out for in order to run your own bar and maybe even see it grow to multiple locations.
With omni-channel shopping, competition from online retailers and an increased emphasis on saving, attracting holiday shoppers is more complex than ever.
Here are predicted trends for 2015 holiday shopping based on how consumers behaved in past years. These are the ways in which consumers will most likely interact with your brand this holiday shopping season!
Use these insights to shape your holiday retailing strategy this year!
The only constant in marketing is that change is constant.
With new techniques, trends, tools and best practices always emerging it is important for a brand marketer to stay on top of the latest developments. Remember audience preferences are always evolving.
With 2016 on the horizon your company marketing team may be gearing up to renew and re-jig the corporate marketing strategy.
It’s important to focus on content marketing as a part of your brand marketing strategy as the creation of content has proven to be effective in driving purchases. In fact 53% of customers are more willing to a buy a product if they find it via an online article. Content marketing has also been show to have triple the return on investment versus paid search.
Hotel guests and business and leisure travelers alike are continually on the lookout for excellent service, amenities and experiences from their hotel of choice. For the modern traveler hotel loyalty programs have very much become part of this desire, with specialized offers, membership perks and VIP treatment all being sought after by potential guests.
A hotel loyalty program can benefit you the hotelier as well. In fact hotel loyalty programs can be very effective in attracting customers and encouraging them to become repeat, loyal customers.
Your brand may be thinking it is time to launch your very own native app. After-all every consumer seems to be on their apps via their smartphones and you want to get in on this popular trend.
A native mobile app is installed on the device (i.e. smartphone or tablet) itself with access to its features and functions. It is built using the device’s native programming language and only run on their designated platform. As such Android apps can’t run on iOS, iOS apps can’t run on Windows etc. Native apps are downloaded via their platform’s marketplace/app store.
Remember you have options – you can also choose to develop a mobile web app (which run in the device’s browser and operate across all platforms) or a hybrid app (a cross between native apps and mobile apps – it is a mobile web app wrapper in a platform-specific shell).
Consumer preferences and wants in regards to their restaurant dining options have gone through a significant transformation. These changing preferences have impacted food culture in such a way that the wise restaurateur has to re-assess how their brand is being presented to the world as well as re-evaluate their menu items.
Here we go over the current trends in the food world and link them to what you can do to attract customers and patrons to your establishment.
Consider these tips in your next strategy meeting.
Black Friday and by extension Cyber Monday are important opportunities to grow sales.
But with the changing retail landscape where omnichannel and online shopping have seemingly taken over you may be wondering how to approach the Black Friday/Cyber Monday shopping events.
Read on to learn about the latest trends and developments in the world of Black Friday and Cyber Monday retailing!
The Givex team would like to welcome Paymentech gift card clients to Givex. Givex has thousands of merchants in many countries using our services and it is our intention to provide you our client with the highest level of service, support and security possible as we add you to our ever expanding client base.
Millennial consumers, born between 1980 and 2000 and raised on the Internet and mobile devices, are seen to be tech-savvy and are known to be trend-setters in all industries from fashion to technology to food. Having come of age in an uncertain economic age they are also cost-conscious and usually have heavy student loans, get lower salaries than baby boomers and other previous generations. There are also high-unemployment rates among millennials.
With 80 million millennials in the United States alone, they are a sizable chunk of all consumers. They also have $200 billion in annual buying power, despite their economic and financial troubles.
Brands, big and small, are scrambling to get them to buy with them and even retain their loyalty.
Here we outline some effective ideas for getting millennials consumers to shop with your brand.
Summer is just coming to an end and the holiday season will soon be upon us.
Whether you’re a small, medium or large business now is the time to start thinking about your 2015 holiday season gift card program – both plastic and e-gift card.
Givex can now provide airlines with gift card programs via partnership with UATP.
It’s already time to think about 2016. Especially if you’re thinking of redesigning your brand’s website or just implementing a few tweaks.
Here are some key web design trends – some new and some a continuation from 2015.
Content marketing is defined as the creation and distribution of valuable, relevant, and consistent content to drive profitable customer action and to attract and retain target audiences. It is used in the context of a strategic marketing approach.
Still unclear as to what content marketing is?
Givex is always thinking of new and innovative ways to serve you, our client, better. From free software upgrades to our Vexilor POS to easy-to-understand reports on gift cards and loyalty programs, Givex provides a proven platform through which you can manage your business.
Here’s what omnichannel loyalty is and why it matters for your business:
Definition – Your customers now expect you to know who they are, what they have purchased and their preferred methods of interacting with you, while at the same time not wanting your business to compromise their security or privacy.
Omnichannel loyalty programs address this expectation as they deliver engagement via multiple channels to meet the needs of each customer via their individual preferences. Whether via print, online, broadcast, retail Point-of-Sale (POS), direct mail or social media the effective omnichannel loyalty program engages the consumer with the correct message at the correct time via the correct channel. With omnichannel loyalty your organization aims to implement ongoing campaigns that speak to each customer and engage them with your brand.
There is more competition for every sale in today’s shopping environment.
The squeeze on after-tax wages for the youth, middle class and family demographics has continued to depress consumer spending. Add to this the fact that online retailers such as Amazon provide highly competitive pricing, fully stocked inventory and convenient delivery and it is evident that making that sale is getting harder and harder.
To address this your organization probably has a deep understanding of your customers’ demographics. The impulse to know your brand’s customer, their gender, geographic location, marital status etc to understand how to target and market to them is the right one.
But there is another factor your marketing department need to consider to really understand your customers. That is psychographics.
According to Harvard Business School, increasing customer retention rates by 5% increases profits by 25% to 95%.
Remember W. Edwards Deming’s assertion that, “Profit in business comes from repeat customers, customers that boast about your project or service, and that bring friends with them”.
In fact most of a brand’s revenue comes from its loyal, repeat customers. This is as your loyal top 10% customers spend 3x more per order than the lower 90%. Also note that if you can get a customer to come back and make a second and third purchase they have a 54% chance of making subsequent purchases.
As such customer retention is important and necessary. But how should your company keep your customers?
Here we go over key points your brand should be checking off;
Many big businesses owners are now moving to cloud POS to simplify their business operations, get better data and increase efficiencies. In fact 35% of operators named it as a priority for their next POS upgrade.
Here we go over why and how cloud POS can work for you.
Ready, set, go!
You’re almost ready to enter the world of social media. Or you may be revamping your existing social media presence. You have dreams of the droves of people eagerly lining up for a table outside your locations and fantasies about the food fans you’ll amass through your social media marketing efforts.
This is a good idea as even the perfect locations, well-trained staff and carefully curated menu can let you down without the proper marketing plan. More fundamentally, think of social media as another key way to reinforce any overall marketing message you have.
Every decision matters, especially when you are a small business owner. Who to hire, what marketing strategy to deploy, what location to choose to name a few, all have an important impact on your potential for future success. You want to maximize your chances of making a profit so you can build a thriving business. But even with the perfect location, great website, trendy Facebook page etc. in place are you truly ready to maximize the chances of making sales?
If you want increased profit then you really need a gift card program. Getting a gift card program is in fact instant and easy. If you do not know this then you may be missing out on the substantial business that gift cards generate.
With mobile payments, Apple Pay and Bitcoin being hot topics of discussion both online and offline, the present and future of payments is getting ever more attention and interest. The global payments industry is one that is innovating, evolving and adapting at a rapid pace.
Here we go through the top payment industry trends for 2015 so far.
All business owners alike need to know the latest technology, business developments, and trends to make the best decisions for their businesses.
Keeping ahead of industry changes and developments is a smart move as it also keeps you ahead of your competitors.
Now the latest change to watch out for is in regards to your POS.
As you may already know your POS is at the heart of your business, where the sales are and at the point of customer contact.
But now you should see your POS as more than a piece of hardware at the till or a limited-capability app on an un-secure tablet.
Instead for maximum profitability and operational efficiency you should see your POS as a platform, one which works seamlessly to get you the information and capabilities that really matter. Think of your POS as a platform of different applications and components working together to grow your business.
The threat to credit card and other information stored on a POS is always present and always evolving.
Know that your POS is an especially attractive target for cyber thieves. Stolen credit card info has a limited shelf life as credit card companies quickly identify suspicious spending. As such, thieves are always on the lookout for new numbers and a POS is an optimal place for them to mine.
In fact a 2015 report stated that the estimated financial loss from 700 million compromised records was $400 million.
The next business hit by a POS malware could very likely be yours. Don't think you are immune — small, medium and large businesses have all been targeted in the past.
For large businesses there is a huge loss of reputation and loss of sales, while many small businesses do not recover from the cost of this type of hack and can even go out of business. Remember that it's a business owner’s responsibility to ensure that they provide their customers with a secure shopping environment.