Research from Vantiv and Socratic Technologies shows that a third of millennials say they dont like rewards programs because they leave them with too many cards to carry. And yet, 20% said theyd gladly provide their membership information via a mobile wallet.
An even broader survey by TSG shows 37% of millennials report being extremely willing to be tracked by trusted merchants. Thats 24% more millennials indicating this willingness than the number of older Baby Boomers who said they would allow this kind of tracking.
Reams of research and surveys have proven that convenience is critically important to consumers these days. For digital natives, convenience looks and feels like a smartphone. Thats why loyalty programs that are mobile-based and targeted to consumers preferences are good bets for this demographic.
Some restaurant operators are having success with loyalty programs that deliver digital coupons to consumers phones when they enter the restaurant, or even the restaurants vicinity. Consumers who pass a coffee shop and simultaneously get a discount offer on something they often buy are much more likely to end up visiting the store and buying the item.
Then, its also pays to close the loop on that by offering convenient payment that involves nothing more than the diner handing his or her phone to the cashier to scan or tap to a near-field communication terminal. Operators who institute this sort of program are capturing millennial consumers and affirming payment trends in ways that the whole population will soon adopt.
So the bottom line is that restaurants can build loyalty among this largest population segment by seeking mobile rewards programs that can work with NFC-capable terminals. This single, relatively simple practice is a great way to stay relevant in this rapidly evolving commerce space.
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