What should the modern-day loyalty scheme look like for retailers? In a recent analysis, RetailWeek's Susie Mesure looks to other industries, including hospitality and travel, for the answer.

Mesure posits that today's sophisticated shoppers are seeking more than everyday low prices. On the topic of creating high value experiences, DynamicAction co-founder Michael Ross offers insight into the creativity inherent in the digital world.

Here is an excerpt from the article:

Michael Ross, an analytics whizz who co-founded DynamicAction to help retailers understand customer data, thinks the move online will help companies to make a “land grab” for their highest-spending customers, who can represent between 50 and 70% of their profits.

“Many people are getting fatigued with traditional loyalty schemes. In the digital world you can be much more creative,” he says.

“You can give members sales previews, guarantee priority response to any customer service enquiry, provide free delivery, special phone lines, access to events” – which, Ross adds – “are all things that money can’t buy and services with a high perceived value and low marginal cost."

“If you are a VIP customer, and know your email will be answered within 10 minutes, that is a hugely satisfying experience."

The full article can be accessed here.