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Restaurants, Customers to Embrace Mobile Payments with Loyalty Programs

Technology now-a-days, is evolving constantly, yet one thing that it has not changed after some time is the requirement for organizations to engage, maintain and develop their customer database. While technology has given new ways for contacting more extensive audiences, the capacity to secure customers has turned out to be increasingly difficult. Customers presently care about who has the best product, as well as about who gives the best customer experience.


Restaurants, Customers to Embrace Mobile Payments with Loyalty Programs

Modern customers are savvier and more innovatively versed than before. They can compare costs and things easily and a couple of taps on their cell phones at last driving them to the best deals. Brand loyalty is declining, as most by far of purchases are made based on cost.

With this unmistakable reality, hospitality brands are pushing to distinguish innovative approaches to maintain up their base of loyal customers. An ongoing report from the Center for Retail Management at Northwestern University featured that 12 to 15% of customers are faithful to a solitary retailer, bringing about 55 to 70% of the retailer's complete sales. Since it is more costly to draw in new customers than it is to hold existing customers, more brands are avidly hoping to engage and develop loyal patrons.

Tying loyalty programs to the POS

One viable approach to encourage repeat customer visits is through loyalty programs. This strategy for customer engagement is a pillar for hospitality brands, and a key aspect in continuing business performance. With the growth of social networking, customers hold more elevated amounts of impact over a brand's reputation. To keep up customers in a saturated market, loyalty programs provide differentiating offers and discounts to returning visitors. By analyzing customer data, brands can offer timely and relevant rewards or unique promotions aimed at exciting members and insisting a feeling of restrictiveness.

Clearly, this idea of loyalty programs isn't new. They were at first used paper coupons and punch cards physically reclaimed at checkout registers. However, the rise of mobile payment apps has reproduced advanced loyalty programs.

Today, digital platforms tie with loyalty programs to utilization and are automated and coordinated into the EPOS system. Each purchase is automatically counted, and when customers meet the limit expected to recover a reward, they're notified continuously on their phones and it shows up on the POS. This guarantees more immediacy for both customers and restaurants and removes the possibility of human error. Automated programs also appeal to entrepreneurs since they are more secure and precise.

Since they are so compelling, loyalty programs are driving mobile payment app adoption. The hospitality business is an incredible example. Restaurants recognize that mobile payment apps improve the customer experience and help extend their brand. With mobile payment apps, restaurants enjoy faster transactions, tables can be turned up to 10 minutes quicker and customers tip higher, spend more and make more recurrent visits.

It's important for hospitality brands to develop their offerings in simplified way and yet the same times enliven the customer experience. Mobile payments definitely further this objective. A fresh report from Forrester determined that mobile payments will increase from $52 billion out of 2014, to $142 billion by 2019. This increased features a huge opportunity to open door for the hospitality business; integrating loyalty programs with mobile payment offerings paves the pave for customer retention in a crowded market, and represents to a marriage that will profit both the customer and the restaurant.

AUTHOR

Lauren Deol

Lauren Deol is Takeaway Genie's Content Strategist. She writes about the trends, tips and other things that enable customers serve better and be more helpful awesome overall. She also writes about the need and importance of having a website for a takeaway business to run their business successfully.