iVend Loyalty - Well Begun is Half Done

Well Begun Is Half Done

Key Insights

In retail, everyone has to meet daily, weekly, quarterly and annual targets. They have goals and milestones in order to get the best out of their work, but competitive targets produce the highest results when allotted well in advance. An early start gives employees time to understand their goals, plan their strategy and create a game plan on how to execute it.

iVend Loyalty provides the retailer with the freedom to execute Loyalty plans well in advance, scheduling them for maximum efficiency. They can be scheduled for early hours, first days of the week or even the first few days of the month.

Business Challenge

Retailers have no choice but to compromise on their profit margins when the last few days are left to achieve a given target or milestone. Invariably, the reasons for this are:

· We are not just price competitive

· I cannot differentiate from the competitor’s product or service

· It is the economy – people just are not buying at the moment

· I do not have time to complete sales reports or update the CRM system

Proven Solution

An early start is the key to a runner’s proficiency in the hundred-meter race. They plan their course and speed, so they have a greater chance of winning the race.

Pattern Analysis

iVend Loyalty provides dashboards with graphs displaying sales by weekday, sales by hour and daily sales, which provide insights about the customers purchase patterns.

Sales by Weekdays

Sales by Time

Daily Sales: Promotions required to be offered during mid and at the end of the month.

Solution Implementation

Once retailers have completed analysing their customers purchase patterns that is based on the historical data, they can decide and plan the promotions that they wish to offer to their customers.

iVend Loyalty provides an option to the retailer to configure plans based on day of week, time of day or for particular days in a month.

Example: Plan for increasing sales in the early morning hours of trading

From the Loyalty Plan screen, retailers can define the plan and state how many points they wish to award to their early-morning customers.

Provided below, is an example of how to configure a Loyalty Plan, which awards five points on every hundred units of currency spent to the retailer’s early morning customers.

After defining the main rules for the plan, the user can further define the Loyalty plan applicability rules on the Loyalty Plan Applicability screen. The user can define the start times and end times for the plan for each weekday. The timing set can differ for each day if desired. Also shown in the screen image below, we see how the retailer can choose the store for which this plan will be applicable.

Promoting ‘Early Hours Sales’ can lead to lesser pressure during the end of day. This also prevents retailers from offering ruinous discounts during the end of the day or month, as now they have fewer chances of falling short.

iVend Loyalty also provide dashboards to view the performance of the Loyalty plans, which enables retailers to adjust the Special Loyalty Plans well in advance, if they do not find them effective.

The Dashboard Graph, Plan Summary shows the performance of all the active plans in the Loyalty system.

Conclusion

Well begun is half the battle won and iVend Loyalty provides clients with the insight and the right solution they need to make smarter business decisions that strengthen the rewarding and long-term relationship with their customers.