Future of Rewards [REPORT]

Virtual Incentives released original research in a paper entitled: “The Future of Rewards: How Consumers Value Rewards and Incentives.” The study was conducted by market research industry leaders Lenny Murphy, Koski Research and Ask Your Target Market (AYTM) with a goal of developing insights on what will drive consumer demand for rewards in the future. This is the first round in what will become an ongoing study to help shape ongoing efforts to understand the consumer reward space.

“Incentive design, delivery and consumer experience is at the heart of what we do as a company,” said Jonathan Price, CEO of Virtual Incentives. “This study marks another step along this path, as nationally fielded research can help us even better understand how consumer attitudes and preferences continue to shift, advising our own innovations both internally and as an industry.”

The study, which represents 1,000 respondents of the general U.S. population and was conducted last fall, focused on consumer preference surrounding:

•     Type or form of rewards they are most interested in receiving
•     Manner in which they want to receive rewards (mail, online, mobile, etc.)
•     Influence that rewards have on their purchase choices

Key findings from the study are included in “The Future of Rewards: How Consumers Value Rewards and Incentives” with insights such as:

•     Consumers prefer to receive rewards and incentives immediately through online or mobile delivery (78 percent vs. 22 percent who prefer to receive the reward later by mail);
•     Respondents viewed incentives and rewards as “bonus” money (65 percent), and didn’t consider it part of regular income (yet 62 percent spend rewards on everyday purchases);
•     Brand loyalty can be boosted through the right incentive, with 75 percent saying that they feel more favorably toward a company that offers rewards.

Overall, the findings unveiled during the study showed that consumers have very clear ideas surrounding preferences for reward delivery, the influence rewards have in choosing a brand and the forms of currency that hold the most relevance.

Martin Hood SVP of ViPartners, the company’s reseller channel, explained that Future of Rewards study will be instrumental in guiding the product road map and offerings that resellers will benefit from in meeting their clients’ demands for relevant offerings and Virtual Incentives’ charter to make the execution, such as easy to implement APIs, the standard of the industry.

To download report CLICK HERE,

 

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