Millennials more keen for crypto than loyalty points, loyalty survey finds
The sixth annual ‘For Love or Money’ study revealed that Millennial consumers are more interested in cryptocurrency than loyalty points.
Commissioned by The Point of Loyalty, this year’s instalment of the report found that 36% of loyalty program members would rather be rewarded in cryptocurrency over traditional points systems. This sentiment was represented even stronger among Millennial consumers, with over half (55%) expressing their enthusiasm for blockchain technology to replace conventional reward systems.
“With cryptocurency being a topic of intense conversation these days, I was keen to understand consumers’ and specifically loyalty program members’ attitude towards being rewarded in these digital currencies,” says CEO of The Point of Loyalty, Adam Posner.
Posner adds that the enthusiasm for cryptocurrencies appears in spite of low understanding – only 14% of respondents indicated a ‘good to excellent’ knowledge of cryptocurrency and blockchain technology.
“There is still an appetite to be rewarded with these new digital assets,” continues Posner.
According to the study, only half of loyalty members “are OK with sharing their information,” so long as it is used to “enhance their shopping experience.” However, almost a quarter (23%) of respondents feel that, despite the information’s effect on their customer experience, its collection is an invasion or privacy.
“It is clear that no matter how loyalty program information is used, the utmost respect, relevance and sensitivity must be maintained when using the information collected,” says Posner.
Coles’ flybuys retained its top spot in loyalty programs this year. Woolworth’s, however, through a flurry of marketing efforts has taken its program’s ranking to second place – improving from 13.4% (2017) to 20.2% (2018).
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