4 Benefits To Offering Rewards Wishlists In Loyalty Programs

It’s no coincidence that most retailers give customers the option to create product wishlists. In addition to being a proven method for increasing conversions, wishlists offer other benefits as well. Wishlists help customers track what they want to buy. They can share their lists with family and friends for gift ideas, and to plan ahead for special occasions. Wishlists essentially provide more opportunities for customer personalization and engagement. 

With so many positive attributes, why not include wishlists in loyalty rewards programs?

Loyalty Program Wishlists Allow For Easy Decision Making

Want to know one major benefit of loyalty program wishlists? They help customers keep track of their reward redemption options.

Today customer loyalty programs include all kinds of rewards ranging across products, gift cards, experiences, and more. It's almost always better to have more variety in your rewards catalog because this allows customers to personalize their program rewards. At the same time, deciding what and how to spend your points is potentially exhausting when facing an extensive rewards catalog. You don’t want your customers to suffer from decision fatigue and abandon their point redemption plans.

Wishlists keep the user's favorite options easily accessible, thus minimizing the number of steps in the redemption process.

Wishlists Help Reduce User Frustration

Wishlists also help alleviate customer frustration. Imagine you’re scrolling through your loyalty program rewards catalog and see a reward you’d like to redeem for later. But when later finally comes, you’re forced to scroll again through the rewards catalog to find that original reward item. You try to retrace your steps, hoping you remember the right product category while wondering if it took this long to find the item before.

Adding rewards to a wishlist eliminates the need to search for items later, reducing frustration on the user's end. The member can visit their wishlist to easily double-check the reward's details like how many points a reward costs and if the reward is still available. It’s a much better alternative to digging through the rewards catalog again and again.

Wishlists Can Offer User Redemption Insights

Loyalty program reward wishlists provide brands with insight into what rewards are highly valued by their customers. Tracking what rewards are added to wishlists helps brands identify which rewards are considered especially high-value and sought after by program members.

If you combine wishlist data with actual rewards redemption data you can further optimize your rewards catalog for your customer base. Eliminating rewards with lackluster performance gives you more space and budget for offering loyalty rewards customers enjoy.

Implement More 'Surprise and Delight' Opportunities

Surprise and Delight is one of the best ways you can show your customers how much you value them and appreciate their loyalty. Wishlists offer plenty of surprise and delight opportunities. For example, you can offer loyalty program members a special discount code for any items on their wishlists.

Another option is temporarily lowering the point cost of certain wishlist rewards -- for a limited time only of course. You can get super creative in your surprise and delight efforts, so don’t miss out on the possibilities a wishlist provides for you.

It’s never been more important to make sure your loyalty program stays personalized and relevant. Contact the customer loyalty and rewards experts at Brandmovers today!