MyLoyalWallet is a data-driven loyalty and engagement platform.

We power a powerful data-driven loyalty and engagement platform for local stores. We help you drive more revenue from your existing customers, increasing their lifetime value and driving more cost-effective acquisition through advocacy. Our platform supports sustainable growth by helping stores to build better relationships.

When deciding if a loyalty app is right for your store, look at your product offering. In general, customer loyalty programs work best for stores that sell products with a high purchase rate – such as food and drinks, clothes or cosmetics.

Be sure to think about whether you’re competing with stores very similar to you every time a customer makes a purchase. Could your customers buy their desired product from your store one day, and your competitor’s the next? If you’re finding that this is the case, a loyalty program offers the perfect opportunity to differentiate yourself from the competition.

We believe that there’s no point in delaying the launch of a loyalty program or waiting around for your orders to increase – whether you’re a small growing business or a large global enterprise. You could be losing out on valuable customers who want to join. The sooner you implement your loyalty program, the sooner you’ll get your customers on board and sharing out rewards.

When is the right time to launch a loyalty program?

There are many tell-tale signs that it’s the right time to launch a loyalty program. Here are just a few indicators that it’s time to pull together a loyalty program implementation plan:

1. If your repeat purchase rates are declining and revenue from your existing customers is not covering the cost of acquiring new customers.
2. If you’re finding that a majority of your customers are “at-risk”. In other words, if they haven’t returned to your store to make a second purchase in a specific timeframe.
3. If you’re struggling to keep your prices in line with your competitors or if you’re getting stuck in a race to the bottom.
4. Finally, if you’re finding that you have more customers browsing than buying, meaning you’re missing out on high-quality traffic.

A customer loyalty program is a long-term marketing tool used by many businesses. Loyalty programs motivate repeat purchases and customer retention by offering rewards to shoppers who demonstrate loyal buying behaviors. They also help increase the lifetime value of a customer by driving up average order value and increasing purchase frequency.

Today’s turbulent marketplace demonstrates the importance of customer loyalty. More and more stores are launching every day, making it hard for stores to stand out from the competition. A loyalty program gives you a key differentiator that sets you apart from other big brand stores.

A loyalty program acts as a cost-effective customer retention strategy. Loyalty programs improve a customer’s lifetime value as the often points-based system motivates them to return to your store more frequently. They also increase the average order value as loyal customers tend to spend more. Additionally, if you reward points for reviews and referrals, customers will act as advocates on your behalf and your customer base will expand.

Finding new ways to engage and retain customers is a huge part of success. Across the board, customers are becoming harder and more expensive to reach. In fact, data shows that only 9% of digital ads are viewed for more than a second. Advantages of loyalty programs include attracting shoppers back to your store without spending lots of time and money acquiring new customers.

Loyalty programs help you identify your most loyal customers, focus your marketing efforts on them and increase their lifetime value. And, with the market growing by 13% every year, a loyalty program can help you differentiate yourself from the competition. Most importantly, a loyalty program shows your customers that you value them as individuals, rather than just another number.

In our experience, they do. If you offer points for spending, customers are more likely to increase their basket size to make the point threshold. Then, if they continue to engage with your loyalty program, they’ll accumulate points that they will use on purchases further down the line. This increases their lifetime value and the amount they’ll spend with you long-term.

The numbers speak for themselves. Our customer, saw their loyalty program members spend 72% more than non-members.

There are many different types of loyalty programs. A tiered loyalty program is a sure way to boost program engagement and gives members the motivation to keep interacting with your program. Each tier should offer exclusive rewards that are not accessible at other levels. You could even use loyalty program gamification to create “hidden tiers” that will surprise and delight your customers when they unlock them.

Criteria for progressing to the next tier could include things like hitting a points threshold or carrying out certain on-site activities. If customers know there is more to your loyalty program that’s attainable, they’re more likely to take the actions to move up through the stages and, therefore, engage with your loyalty program.

The first key indicator of successful loyalty programs is how many of your customers are joining your program. By understanding your conversion rate you can understand whether or not your loyalty program is attractive to your new and existing customers. It’s also important to observe if your customers are engaging with your loyalty program, so be sure to measure the percentage of customers who use or redeem rewards.

You need to also take note of your repeat purchase rate and average order value. This clarifies if your customers are coming back to shop with you and if they’re spending more. Most importantly, measuring your customer lifetime value is a sure way to map out the long-term success of your loyalty strategy. It helps you calculate how much a customer is worth to your business and it’s a great indicator of your most valuable shoppers, allowing you to prioritize where to make an investment.