PAYBACK India eyes partnerships in high-frequency consumer segments in 2020
It has seen shopping ticket size values for members at 45pc-55pc higher
Chandigarh: PAYBACK India, the country’s largest multi-brand loyalty program, this year, plans to strengthen its partner network multi-fold and is in talks with numerous high-frequency transaction segments. As part of the overall strategy, PAYBACK will also be focusing to step up its member base, which is already at over 100 million and create deep engagement with members, leading to business growth and customer loyalty.
Talking about the expansion plans for PAYBACK in 2020, Gautam Kaushik, MD & CEO, PAYBACK India, says, “With a focus on increasing the engagement frequency of our members and see new enrolments on the loyalty platform, we are looking at high-frequency transaction segments and are in active discussions with brands in Neighbourhood grocery, Food-delivery, Cab hailing, OTT & streaming media, Quick-Service-Restaurants, online travel tech and Wallets, among others. This will increase the partner network and deepen customer engagement.”
He further added, “We are going to make a slew of announcements on this front in the coming quarters. PAYBACK generally brings on board the top two to three merchants across categories.”
As part of measurable metrics to track effectiveness of a loyalty program, PAYBACK has seen shopping ticket size values for members at 45%-55% higher compared to non-members. Moreover, the buying frequency of members have grown multi-fold and loyalty points redemptions increased in 2019 as consumers beat slowdown by encashing deals to make shopping pocket-friendly.
Mr. Gautam Kaushik MD & CEO, commented, “An integrated loyalty program that focusses on providing a delightful experience and leverages consumer insights could account for 50-60% of the overall sales of the retail brand, which has been amply demonstrated in many of the PAYBACK brand partnerships.”