4 Rewards Trends that will Transform your Promotions in 2017

By February 21, 2017 SnippRewards, Trends No Comments

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Technologies, behaviors, and demographics are changing rapidly, and brands can have a tough time keeping up with the evolution of the rewards landscape. In order to offer consumers the best rewards programs, we present the 4 Rewards Trends that will Transform Your Promotions in 2017, for brands wanting to incentivize and reward consumers.

1. REWARDS ARE INCREASINGLY MOBILE IN NATURE

  • 68% of US adults own smartphones, up 35% from 2011
  • In 2017, total number of smartphone users in the US will reach 223 million
  • In 2019, US mobile data consumption per consumer each month will be 12 GB, 532% increase from 2014
  • 75% of shoppers admitted to using their mobile device while in-store
  • The total number of app downloads last year exceeded 75 billion
  • How Consumers Engage With Digital Rewards:
    • Millennials watched 233 minutes of digital video per month on average, last year
    • Mobile gaming revenue was over $3 billion last year
    • E-book sales will reach nearly $9 billion by 2018
    • 750 million transactions take place on the App and iTunes Store each week

2. THE RISE OF THE SHARING ECONOMY

  • What is the “Sharing Economy”? According to Forbes, it is “an economic model in which individuals are able to borrow or rent assets owned by someone else”.
  • In 2012, the sharing economy was worth $3.5 billion. This exploded to $115 billion in 2016, a +3,000% increase
  • During the first quarter of 2016, 143 million Americans visited a leading space-sharing site
  • Four of the biggest sharing economy companies include: Uber, Airbnb, WeWork, TaskRabbit

3. ACCOUNT-SPECIFIC REWARDS DOMINATE

  • 4 reasons why retailers demand account-specic rewards
    • They drive consumers back to the store
    • They are contextually relevant
    • They are easy to integrate into programs
    • They get more data on consumers
  • Examples of account specic-awards you can use in your marketing: Media & Content, Store Gift Cards, Private Label Brand Merchandise, Retail Loyalty Points

4. DECLINE OF MAIL-IN REBATES

  • A well featured, high value rebate can increase sales during a given period by as much as 500%
  • 57% of American shoppers want to redeem rebates on their smartphones
  • The number of checks written in the US declined 10% every year from 2009 to 2012
  • It is estimated that over $500 million in rebates go unfulfilled each year
  • In 2014 fewer than 50% of consumers tended to mail in their rebates
  • 40% of mail-in rebates aren’t redeemed by customers or are filed incorrectly and denied

SnippRewards

One Platform, Millions of Connections. Incent, motivate, appreciate and reward customers with a simple yet flexible industry leading platform.

  • Cash Back
  • Coupons
  • Digital Rewards
  • Data Rewards
  • Charity
  • Movie Tickets
  • Physical Rewards
  • Experiences

To know more, visit us at www.snipp.com/rewards

References

http://www.pcworld.com/article/2999631/phones/pew-survey-shows-68-percent-of-americans-now-own-a-smartphone.html
https://www.statista.com/statistics/201182/forecast-of-smartphone-users-in-the-us/
https://www.statista.com/statistics/489169/canada-united-states-average-data-usage-user-per-month/
https://www.internetretailer.com/2015/04/09/75-store-shoppers-use-their-mobile-devices-store
http://www.businessinsider.com/developers-and-publishers-are-flocking-to-the-mhealth-app-market-2016-10?IR=T
https://www.statista.com/topics/2725/mobile-video-in-the-united-states/
https://www.statista.com/statistics/269831/mobile-gaming-revenue-in-the-united-states/
http://www.macworld.com/article/3033057/ios/eddy-cue-and-craig-federighi-discuss-the-state-of-apple-software-with-john-gruber.html
http://hotinsocialmedia.com/a-simple-but-powerful-facebook-sales-funnel-to-sell-digital-products/
http://www.forbesindia.com/printcontent/39241
http://www.adotas.com/2016/07/hitwise-finds-skyrocketing-american-participation-in-the-sharing-economy/
http://venturebeat.com/2016/02/07/sharing-economys-billion-dollar-club-is-going-strong-but-investor-risk-is-high/
http://money.usnews.com/money/personal-finance/articles/2008/01/18/why-shoppers-love-to-hate-rebates
https://www.bhengagement.com/rebate-innovations/
https://www.frbservices.org/files/communications/pdf/general/2013_fed_res_paymt_study_detailed_rpt.pdf
http://finance.youngmoney.com/shopping/shopping_tips/060401_976/www.consumeraffairs.com
http://www.snipp.com/blog/2015-12-17/whitepaper-a-new-era-for-consumer-rebates/
http://www.wsj.com/articles/SB115663801471546598

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