on April 19, 2019 Loyalty Loyalty Strategy

Here Are The Perks Of Having A Loyalty Rewards Wishlist

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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?

Easy Decision Making

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

Today loyalty programs include all kinds of rewards ranging across products, gift cards, experiences, and more. Deciding what and how to spend your points is potentially exhausting when facing an extensive rewards catalogue. You don’t want your customers to suffer from decision fatigue and abandon their points redemption plans.

Wishlists keep favorite options easily accessible, thus minimizing the redemption process.

Reduce Frustration

Wishlists also help alleviate customer frustration. Imagine you’re scrolling a catalogue and spot a reward you’d like to redeem for later. But when later finally comes, you’re forced to scroll again through the catalogue. You’re hoping you remember the right product category while wondering if finding the item took this long last time.

Being able to add items to a wishlist reduces the need to search for items later - which also reduces frustration on the customer end. They can easily double-check item information, how many points an item costs, and if the item is still available. It’s much better alternative to digging through the catalogue again and again.

Redemption Insights

Reward wishlists provide brands with insight into what rewards are highly valued by their customers. Tracking what rewards are added to wishlists helps identify which rewards are especially sought after by program members. If you combine wishlist data with actual redemption data you can further optimize your rewards catalogue for your customer base. Eliminating rewards with lackluster performance gives you more space and budget for offering rewards customers enjoy.

Surprise and Delight

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 program members a special discount code for any items on their wishlists. Another option is temporarily lowering the point cost of certain wishlist items -- 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. Reach out to us today to learn more about how loyalty platforms keep customers engaged and coming back for more.