As the demand for long-term loyalty intensifies, brands are looking for more innovative and engaging ways to provide lasting value to their customers.
Reward programs are widely accepted as one of the most effective ways to win the hearts and minds of customers, driving engagement and reducing churn. However, challenges remain – not least difficulty around redemption options for customers, which can impact customer satisfaction, engagement levels, and even revenue opportunities.
Valuedynamx Pay with Points is a seamless pay with rewards proposition gaining significant traction, enabling programs to increase customer lifetime value by providing their customer base with relevant rewards for everyday and aspirational spending needs. Programs achieve greater customer engagement metrics throughout various stages of customer lifecycle and customer lifetime value.
What is Valuedynamx Pay With Points, and what are its key benefits?
Put simply, Pay With Points offers a more convenient way for customers to use their points or miles and redeem rewards. It works in real time and seamlessly integrates into a consumer’s “normal” shopping behaviors and preferences.
Program operators deliver a customer experience with minimal processing times and laser-accurate redemption inventory insights, while customers can immediately exchange points for currency, spending converted currency when and where they want.
With Valuedynamx Pay With Points, customers can seamlessly exchange their reward currency for a digital gift card with a specific retailer, to be used in-store or during the online checkout process with said retailer, in real time. Choosing from hundreds of different merchant and hospitality brands means customers can spend to suit their shifting needs, whether that’s online at home, in-store at their favorite mall, or while on vacation.
In travel and financial services, currency such as points, miles, or other rewards are proven to be more cost effective than cashback, meaning customers receive a higher perceived value. Valuedynamx Pay represents one of the most effective ways for customers to spend those points early and frequently throughout their customer lifetime with a loyalty program.
Valuedynamx Pay With Points enables brands to:
- - Create more opportunities to engage with customers.
- - Deliver higher flexibility and value for members.
- - Encourage greater interaction – frequent redemption drives customer commitment and affinity to a program, boosting incremental earning.
- - Keep a brand’s program top of mind through frequent redemption.
- - Diversify and differentiate a loyalty program.
- - Complement a fully digital, seamless customer experience with dynamic, real-time functionality.
3 key features of Valuedynamx Pay With Points
- 1. Diversified redemption options
With Valuedynamx Pay With Points, customers are treated to a wealth of redemptions options. They can use their rewards on any brand available through the network of merchants – extending a customer’s breadth of choice and elevating their spending power exponentially.
For example, customers can use their reward currency on their monthly grocery shop, at local restaurants, on gifts for their loved ones, as well as more traditional redemption options such as flight tickets, hotel stays, or other services provided by the program organization.
- 2. Strategic churn reduction
Valuedynamx Pay With Points solution act as a powerful tool in reducing dormancy and churn. By providing customers with enticing options and enabling memorable rewards, businesses create stronger connections, foster affinity and loyalty, and diminish the likelihood of customers seeking alternative programs.
- 3. Enhanced engagement
The enhanced choice and diversified redemption options from Valuedynamx Pay With Points also result in increased engagement levels, and overall higher levels of customer satisfaction. People value flexibility and choice in their rewards, and appreciate being able to use their rewards the way they want.
What’s more, because the exchange and redemption process is quick and simple, customers can make use of lower redemption thresholds, unlocking more opportunities to earn and spend.
For example, consumers often take months or even years to collect enough points through an airline loyalty program for a free flight or upgrade options. This poses a huge churn challenge for program operators. However, Valuedynamx Pay provides frequent options to redeem airline loyalty points for lower-cost alternatives, enhancing customer satisfaction and engagement.
Future trends
With Valuedynamx Pay With Points, customer and reward program operators have a significant opportunity to make their programs more rewarding and relevant across customers’ everyday and aspirational purchase needs.
The solution is a leading pay with rewards solution that creates even more opportunities to increase customer engagement and retention through an existing rewards program.
Leveraging a global network of leading partners and over 2,000 merchants brands across multiple markets, participating programs benefit from an extensive network of retail partners in key sectors, with global, national, and local offers.
With tried and tested operational processes, Valuedynamx will take care of the heavy lifting, enabling loyalty programs to realize the full potential of their rewards programs, without having to scale their resources.
Enhance your loyalty program member engagement with diversified rewards. Contact us to find out more or
