Omnichannel loyalty platforms are reshaping the Indian customer loyalty space

Print

Email

With the drastic change in the Indian payments landscape forced by the pandemic, the pattern of work, consumption and engagement also started evolving. Access to the internet has further paved the way for the digital world. This quick, easy and economical access to the internet has shifted the socio-economic behaviour of the consumers.

In the meantime, this shift has also reshaped the customer loyalty space in India. With the evolution of customer expectations, brands and organizations are also leveraging loyalty to promote specific customer behaviour. Therefore, innovative omnichannel loyalty platforms are gaining popularity in the country. For instance,

• Slingloft Technologies Pvt. Ltd (Slingloft) is an Indian innovative omnichannel SAAS platform for customer loyalty, engagement, referral program and co-branding. Their clients are the retailers and brands of different sizes and categories for which the platform designs customer engagement and reward programs.

Founded in 2017, the Bengaluru-based company operates an application that helps retail companies to manage their loyalty and engagement network. Slingloft raised an undisclosed amount in its seed funding round from a group of investors.

The firm, through its platform, narrows the gap between brands and customers, thereby enhancing the experience at both online and offline stores. Thus, the retailers can retain and acquire new customers through their loyalty management system and reward schemes.

Slingloft, helps the brands to boost growth in retail business through Cloud-based Retail CRM and Omnichannel Loyalty Platform. In addition, the platform increases the chance of customer retention and brand value through its Cashback-based Loyalty Program, Referral Campaign and Multi-channel Engagement. Slingloft provides tailor-made loyalty management solutions on the basis of customers' buying patterns, activity and business requirements. Some of Slingloft's clients include Durian, Hymart, White Mart and many more.

For the customers, the platform has a web and mobile app for accessing the reward and redemption schemes. Therefore, the customers can engage, refer and explore the benefits of their favorite brands.

Since customer acquisition and retention cost is significantly high for retail players, there is substantial potential for growth of these platforms. Therefore, this innovative platform is expected to attract significant players in the Indian market over the long run.

• With a shift in the consumers' preferences, the Indian government, through the National Payment Corporation of India (NPCI), also brought its omnichannel multi-branded loyalty platform, 'nth Rewards,' into the market. The loyalty rewards platform enables the users to earn 'nth' points through various bank transactions and help them redeem them through several products, e-vouchers, donations, hotel and many more.

The loyalty platform allows the consumer to earn points from the transactions across all the digital transactions of the bank. This helps the banks or the merchants to reward the customers, thereby driving customer loyalty. The platform, particularly, leverages Analytics & Business Intelligence to provide this real-time access to product offerings and campaign performance. Therefore, the personalized dashboard, which offers actionable insights, guides the banks in identifying the right audience to maximize returns on their marketing spend. Apart from this, the platform provides the banks with a user-friendly omnichannel campaign module that can be easily created, designed and implemented. It helps to communicate with the consumers through SMS and email, through the campaign manager, helping in retaining a customer.

Therefore, this loyalty platform will help the banks to target the right customer at the right time, increasing increase the stickiness and inducing transactions. Since nth Rewards are uniquely designed, it will help elevate customer satisfaction and value-added services, building customer loyalty towards the bank.

To know more and gain a deeper understanding of the loyalty programs market in India, click here.