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Unlocking loyalty spend will be the currency of the future

Updated: Jan 3, 2023

As we face into 2023, the hospitality market will be challenged with providing a next-level guest experience fuelled by personalisation, loyalty and VIP treatment.

Over the last two years, we’ve seen self-service check-in and kiosks, as well as mobile ordering and delivery, excel beyond belief, leaving us asking – what is the next thing to come?

It will soon become clear that successful businesses in the future will be those best able to embrace new platforms and partnerships, leveraging relationships and technology, both new and existing.

Subsequently, the key to sustaining profitability will be how businesses build, develop and nurture loyalty among customers. However, this can only happen when we create streamlined, seamless experiences that keep up with how consumers operate in today’s connected world of increased brand loyalty and consumer relationships.

Easier said than done given the market conditions expected in the near future. But there are many elements within each company that we can control. Unfortunately, many of us overlook these actions as being too difficult, complex or expensive.

We all aim to have a healthy balance sheet at the end of any fiscal period but how do you put a value on customer loyalty that stakeholders will look at favourably?

Critically it is through hyper-targeted loyalty programmes, pricing and leveraging technology platforms like FreedomPay that businesses can unlock data-driven consumer conversations and interactions that will drive engagement. The opportunities are immeasurable if CTOs can connect with customers and establish long-term brand relationships using behavioural insights.

Today, everything has flipped.

Value is not about revenue growth but commercial sustainability, customer retention and satisfaction. This is particularly true when it comes to data commerce. CTOs will struggle to keep their facilities relevant if they ignore what the data tells them.

Without a cohesive strategy that embraces mobile apps, digital channels, and contactless payments, businesses are behind the growth curve and may not survive the looming crisis. Loyalty and customer retention in the future will be the new currency of success.

Consumers know their inherent value, and it is time to recognise it across all channels. In addition, we must realise a customer’s ability to have multiple profiles and attributes that reflect their specific behaviour and preferences. With FreedomPay’s Multi-Merchant Network, millions of consumers can unlock previously untapped revenue streams, unlocking a loyalty spend that opens up alternative currency and value.

Successful businesses should be aware of an inextricable link between payment solutions and consumer loyalty. In hoping to dig deeper into people's digital wallets, how better to manage customers’ payments than using a digital platform?

There is an ever-increasing shift in focus on technology to get ahead in the highly competitive and rapidly evolving marketplace.

A race to digitisation now dominates the payments space, where we must address two driving factors. Firstly, today’s retail customer is obsessed, and rightly so, with their entitlement and expectation around the flexibility and options available within their purchase experience.

Secondly, how can you upsell or cross- sell unless you fully understand your loyal customers and how to communicate with them? Customers need and expect to feel valued and rewarded for their loyalty.

In the race to secure customer loyalty through better-connected user experiences, the winners will be those that can connect the data dots within their businesses and the multiple touchpoints along their channels.

FreedomPay intrinsically intertwines the payments process and the loyalty journey. We track each brand-loyal customer to interpret their purchase habits and how certain variables affect consumer behaviour. We can’t predict the future, but we can prepare you for it and help businesses take back control.


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