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Top 5 trends in reward experiences for 2020

Fergus Koochew
Fergus Koochew is the CEO of Edge. With a strong background in consulting and strategy, Fergus has led the digital transformation of the business and is dedicated to helping brands and agencies bring their promotional ideas to life.

The new year is an opportune time to review your promotional calendar with a refreshed perspective. By cross-checking plans against the latest trends, you can effectively assess whether it will help drive a seamless rewards experience for your customer in 2020.

To help with your 2020 promotions, here are 5 key market leading trends you’ll see brands use in 2020…

1. Mobile matters most

There are now 18 million smart phone users in Australia with 4 in 5 people using their mobile to tap and pay. With a seismic consumer shift to all things mobile, Mobile Pay is redefining the way brands reward.

Brands are now able to create rewards promotions with banded digital Mastercard gift cards and tap and go rewards. As these rewards easily sync to the wallet application, it delights the 4 in 5 people who choose to use their smartphone to tap and pay. It also gives brands the capacity to brand one of the most compelling incentives in market.

For marketers who want flexible, branded and app-integrated options for gift with purchase, cashback, incentives, surprise and delight, and prizing promotions; then digital rewards via Mobile Pay is the best solution available.

2. Rewards must be instant

Comparable retail experiences are now driving higher expectations and heavier emotional responses. When the consumer attitude focused on seeking ‘the now’ intersects with rewards experiences, it manifests in customers who are less motivated by point based reward structures with unobtainable targets and being reluctant to wait for distant rewards.

As a result, for brands there is a now a norm to meet real time validation and delivery solutions.

3. If it’s complex – it’s ice-cold

77% of people now rate ease of participation as one of the most important factors in entering competitions. And as the customer journey is core to any consumer interaction with bands, products or services, this will carry across rewards experiences and promotions too.

The challenge for marketers in 2020 is to manage customer journey priorities with the ease social channels typically provide; what do you do when there is a large consumer population who don’t pursue promotions via social platforms?

4. Time to get personal

Only 36% of consumers are satisfied with the level of personalisation in promotions.

In 2020 leading brands will seize opportunities to better personalise their offers, engage their audience and leverage the personalisation gap.

5. Digital handshakes across platforms and apps

API and other connectivity capabilities are now the universal way to share data and facilitate connections. And they’re everywhere. With enhanced API integration providing two-way data and instant delivery, brands can effectively reduce cost and eliminate handling times; ultimately benefiting the customer journey.

The key takeaway is that seamless and compelling reward experiences must now maximise all 5 key trends. Mobile Pay is an exciting example of how the market has evolved to meet trends towards mobile migration; the consumer desire for instant gratification, simplicity and personalization; and for brands, ensuring solutions are delivered in tandem enhanced connectivity and data.

Equally, leading brands will also embed innovative solutions that track the entire customer journey. That way insights can be used to guide future offerings and achieve strong ROI.

Edge can help your brand deliver a seamless and innovative rewards solutions.