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Adyen releases new data to help crack the code to customer loyalty in Singapore

The value of a well-designed loyalty initiative shines especially bright in the quick-service restaurant industry, where customers aren’t as likely to ensure their loyalty points are duly recorded.

New data released by Adyen reveals that businesses are missing the mark in meeting consumers’ expectations and retaining customer loyalty in a price-sensitive and highly competitive environment.

According to the findings, Singaporeans are more likely to frequent businesses that reward them for their loyalty but there’s a caveat: the loyalty programs must be hassle-free to use. Yet, many businesses in Singapore don’t prioritize loyalty initiatives as they rarely find them contributing to revenue.

More could be done on this front, especially this peak season. A great loyalty program rewards both the customer and the business, and a strong payments partner will help your business deepen the engagement with your customers. While customers get to enjoy perks on top of their purchases, businesses also unlock insights into their customers’ behaviors and preferences. In fact, third party research found that top-performing loyalty programs can increase revenue from customers by 15% to 25% annually.

The value of a well-designed loyalty initiative shines especially bright in the quick-service restaurant industry, where customers aren’t as likely to ensure their loyalty points are duly recorded.

  • In the US, Dunkin’ Donuts simplified the process by recognizing the individual customer based on the credit card they used for past purchases – an experience made possible by tokenization technology.
  • Thanks to the connection between the payment card and loyalty program, customers get rewarded with points without sparing additional effort on their end.

In an era characterized by discount pricing, a business’ loyalty initiative can be a competitive advantage. By understanding the customers’ consumption patterns, businesses can achieve a richer engagement with them – and it can all start by partnering with the right payments provider.

The key consumer and business findings across the retail, travel & hospitality, and food & beverage sectors are (Source: Adyen’s Singapore Retail Report 2022. Sponsored by KPMG, this report surveyed 1,000 consumers and 500 businesses across different sectors in Singapore, including retail, hospitality, and F&B):The key consumer and business findings* across the retail, travel & hospitality, and food & beverage sectors are:

 

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Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

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