This is the first in a series of articles we will be publishing relaying thoughts and ideas from the Internet Retailer Conference in Chicago, which occurred June 5th through June 7th. Mark Goldstein, CEO of Loyalty Lab (a company that implements loyalty programs for merchants), and Gary Korotzer, CMO of Red Envelope (a company that specializes in selling gift items), delivered a presentation about loyalty programs. Red Envelope currently has a loyalty program managed by Loyalty Lab.
Loyalty programs are taking off. If you have a retail web site and you don’t have some kind of loyalty program…chances are that by the end of next year you will. Jupiter Research expects that by the end of 2007, 78% of retailers doing business online will have a loyalty program, compared to 24% now. So what’s the big deal?
It costs a lot more to generate a new customer than to sell to a repeat customer. Loyalty programs allow you to build a customer base that is loyal to your products, and will continue to purchase from you, rather than your competitors. A loyalty program is some kind of program that allows your customers to build up credit to apply to further...
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