When it comes to boosting customer loyalty within the B2B sales channel, investing in a customer loyalty program is one of the best ways to get to know your customers. Here at Extu, we are dedicated to growth, which means constantly revisiting customer retention strategy to see where we can improve. This is also true for our channel strategy, which is continually evolving to keep up with channel partner preferences. The key to continued improvement? Measuring the data.
Below are the top ten redemption categories for the first quarter of 2020. These items are chosen by channel partners in an online rewards catalog, one of our popular customer loyalty program options. By tracking the reward preferences of our client’s customer loyalty participants, we can spot trends and continue to provide the most inspiring rewards. Let’s take a look into the most popular categories of the past few months!
|Ranking||Category||# of items||% redeemed|
|2||Home & Garden||5642||17.09%|
|6||Tools & Hardware||2293||6.94%|
|Ranking||Category||Dollar Spent||% redeemed|
|2||Home & Garden||$1,088,759.20||16.00%|
|7||Tools & Hardware||$396,478.68||5.83%|
And the Top 3 Customer Loyalty Categories are…
1. Apple/Electronics: 6,122 items redeemed for a total $1,981,960.05! The number one spot in both item total and total dollars spent goes to the electronics category. Technology products continue to make their way as a staple in the lives of the modern consumer, and retail prices aren’t cheap! Offering a variety of apple product and electronic options in your reward catalog is a powerful customer loyalty tool.
2. Home & Garden: 5,642 items redeemed for a total of $1,088,759.20! Items of the home & garden variety came in second for item total and dollars spent. Like electronics, this category is likely to remain popular no matter the season as home improvement needs are never finished! With thousands of item options ranging from kitchen appliances to furniture and organizational tools, this category appeals to a wide variety of channel partners.
3. Gift Cards & Debit Cards: 5,151 redemptions at a total of $887,447.82. While the gift card and reloadable debit card option is used mostly in our card-focused loyalty programs, merchandise programs can offer gift card options as well. These are yet another way to personalize the reward experience as part of your customer retention strategy. Whether your participants are motivated by an item delivered to their door step, or would like to save these cards for a rainy day, everyone can find something they love!
How to Continue Customer Loyalty in 2020
While travel options and entertainment battled for the fourth-place spot, sporting goods took a strong stance as the fifth most popular category in both items and dollars spent. Apparel and jewelry, personal care, tools & hardware, and toys also made the list. The total number of dollars spent on redemptions across our client’s loyalty programs totaled $5, 882, 974. From what we can see, our client’s channel partners like to shop, and the convenience of an online catalog coupled with a variety of category items means a high level of engagement.
As shown by our data, a successful customer loyalty strategy is enticing, personalized, and accessible. Rewarding your customers and channel partners with items they want will keep them coming back for more. Ready to see what an online rewards catalog can do for your customer loyalty? Take advantage of our free consultations to see what Extu can do for you.