As retailers get started on their journey to include innovative payment methods, each path comes with a unique set of challenges to consider.
. Each option has its advantages and drawbacks and should be weighed against the broader business goals and objectives, as well as budgets and internal resources.For example, by integrating with a loyalty technology vendor, retailers gain access to a team of individuals that are highly experienced and specialized in their craft. With a specialized team behind them, retailers don’t have to worry about building out the loyalty program infrastructure.
Drawbacks of outsourcing loyalty technology can include supplier changes that lead to disruptions as well as issues with exclusivity. But by keeping the build in-house, retailers may find themselves competing for internal resources, and potential changes in management can lead to incomplete project handovers.Another challenge to overcome when launching a new loyalty solution is figuring out how to best communicate the benefits to customers.
For example, if a retailer’s new loyalty program includes the opportunity to pay with points or to leverage mobile wallets at checkout, they need to make sure customers download their apps or know how to leverage their mobile devices to take full advantage of the program. With more options for conversion, ensuring a proper rollout can positively impact a retailer’s bottom line.
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