All the villains have only one goal: to kidnap customers from the shores of your retail stores. And in most cases, tie them up in the dungeon of your competitors, forever. There is also the supervillain, hell-bent on blocking the retailer from reaching out to the customer. We call him the devil. Remember, the devil is in the retail.
Corporate rewarding is a tricky thing. You are not so much rewarding an individual as you are a group; one that displays similar attributes, preferences, and expectations as a rewardee. A company must address three such groups if it wants to improve stakeholder engagement.
The HR guy. The only professional who is consistently burning the midnight oil, trying to make ends meet at your workplace. And we don’t blame you for it. In fact, we admire you for your work.
The point-of-sale system should have been the endgame for retail. It has access to complete data on sales, inventory, customer etc. It can even tell you ‘what’ was bought, by ‘whom’.
One of India’s retail pioneers, Future Group wanted to chalk a comprehensive program to improve footfalls and drive sales. The company chose Qwikcilver’s proven and proprietary Gift Card processing suite of products. What follows is a chronicling of our path to success.
A gift card is fundamentally different from a gift voucher. A gift voucher is a prepaid currency, one another medium of transaction. But a gift card carves a new revenue stream. It provides another reason for the shopper to buy.
For years the corporate has uttered the phrase ‘rewards and recognition,’ (or, R&R) in the same breath. But recognizing an employee for her work is, organizationally speaking, very different from delivering that recognition as a tangible benefit.
Say you sell two variants of a product, at two different price points. The variants are from two different brands, A and B. Both are similar, except for the choice of colours. The choice of colours available at Brand A is different from, but also compliments, that of Brand B. A shopper walks in. He is seen moving along the aisles that contain both the brands.
The client was already running a loyalty program. The program provided fixed rewards to sales agents, based on their sales performance of specific financial products. But the sales agents found the rewards to be underwhelming.
The client has a sprawling distributor base (over 15000, spread across the country). To incentivize and engage its network of distributors, the client ran a loyalty rewards program. The program offered a limited range of merchandise as rewards.