The future vision of Voyado – putting loyalty at the center
Felix Kruth, CPO at Voyado
Several macro trends have influenced product development and prioritization the past years. As a result, working with loyalty is no longer a nice-to-have – it is a need-to-have. The current economic situation affects consumer behavior, making customers more drawn to discounts. Generally, we buy fewer items at higher prices, indicating a shift in consumer priorities.
Consumers also have higher expectations regarding sustainability and want to make sustainable choices. For Gen Z, 70% consider it a hygiene factor for retailers to provide sustainable alternatives. However, businesses face challenges such as green washing and green shaming. A focal question for Voyado is how we, together with retailers, can approach sustainable commerce with a focus on meaningful changes.
Consumers have become accustomed to relevant and personalized shopping experiences. On the other hand, we see increasing changes in terms of privacy and that the era of cookie death truly is here. First-party data is essential to succeed in being relevant and delivering personalized experiences. And at the same time, technology has reached a turning point where AI addresses real problems – AI is here to stay. Many people talk about AI just for the sake of it, but it becomes truly exciting when it now can solve real problems.
What does all of this mean? It’s time to put our loyalty-building efforts in the center, with the help of AI – beyond the customer and member clubs. There are many reasons for retailers to focus on loyalty. Customers respond to various aspects of loyalty efforts such as rational reasons, emotional reasons, functional reasons and last but not least, joyful reasons. To respond to this development, Voyado is launching new functionality to support retailers.
Upcoming and new functionality in Voyado Engage:
- AI-based subject lines: In A/B tests for email send-outs
- Interactions: Capture your customer interactions to create engaging customer experiences based on these interactions.
- Challenges: A flexible way to gamify the experience – and challenge your customers to drive engagement, build loyalty, and increase ROI.
- Abandoned browse: Communicate and convert with reminders based on the customer’s latest expressed interest in products on your e-commerce site.
Upcoming and new functionality in Voyado Engage and Elevate:
- Current interest: Identify what the customer is currently looking for and process it with AI to create relevant communication.
- Audience promotion: Sync target groups from Engage to Elevate and create a personalized e-commerce experience.
With this new functionality, Voyado hopes to assist our customers in personalizing across all channels, ensuring that the customer always has a relevant experience and thereby creating loyal fans.