Add this to the list of challenges involved in retail personalization: speed.
According to a February 2018 survey from Oracle, consumers aren't just looking for individualized service—they also want fast or even immediate reward service. In essence, many are looking for instant gratification from their loyalty programs.
Close to nine in 10 of the internet users surveyed worldwide said they would welcome an individualized experience where a retailer would automatically suggest, or even order, products for its loyalty program members, based on a personal profile.
In fact, 72% of those polled would be interested in a loyalty program that involved no effort. Instead of managing rewards, promotions or discounts would be automatically applied to a purchase without consumer action.
Nearly three-quarters of respondents said an immediate loyalty program without points is appealing to them. Perhaps because waiting to hit a set number of points or dollars spent before a discount can be redeemed is bothersome.
A common frustration with loyalty programs is consumers often forget to redeem discounts before they expire.
A February 2018 CodeBroker survey found more than five in 10 US loyalty program members said that their rewards often go unused or expired because they aren’t notified when they’ve accrued.