To enhance loyalty, the company is implementing targeted strategies to re-engage shoppers. CEO Martin Waters highlighted the shift from a credit card-based loyalty program to a multi-tender system, which now accounts for 80% of sales and includes 30 million customers. This shift provides a significant platform for learning and personalization.
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GLOVictoria’s Secret is adopting a more personalized approach to customer loyalty to encourage budget-conscious shoppers to continue spending on luxury lingerie. In its first-quarter fiscal 2024 earnings report, the retailer revealed a 3% decline in net sales and a 5% drop in total comparable sales, with digital channels performing better than physical stores.
To enhance loyalty, the company is implementing targeted strategies to re-engage shoppers. CEO Martin Waters highlighted the shift from a credit card-based loyalty program to a multi-tender system, which now accounts for 80% of sales and includes 30 million customers. This shift provides a significant platform for learning and personalization.
A study by PYMNTS Intelligence shows that consumers prefer personalized offers, with 83% interested in tailored discounts, although only 44% find current offers relevant. Waters emphasized the importance of understanding customer preferences to provide a curated and individual experience.
Other retailers like Nordstrom, Albertsons, and eBay are also focusing on personalized shopping experiences. The rise of AI is accelerating these efforts, enabling more precise customer interactions. Engage People’s CTO Len Covello, noted that AI and machine learning advancements will enhance the ability to deliver better personalised offers.
Despite these efforts, some initiatives face challenges. Starbucks’ AI-driven rewards program, for example, has struggled according to its disappointing second-quarter fiscal 2024 results.
These personalization efforts come as consumers remain cautious about spending, often cutting back on non-essential items due to inflation. A PYMNTS Intelligence survey found that 60% of shoppers have reduced nonessential purchases, with half opting for cheaper retailers.
By delivering the right personalized messages, merchants aim to maintain consumer engagement despite the trend of more conservative spending.
Source: PYMNTS
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