SVS unveils new electronic retail loyalty system
Stored Value Systems (SVS) has launched an electronic loyalty card programme which allows shoppers to convert merchant-defined value into in-store currency at the point-of-sale. The SVS Loyalty Card programme also captures data about shopping habits, in-store purchases from repeat customers, and voluntary demographics.
Using the SVS Loyalty Card programme, retailers convert cash amounts from customer purchases into points that are automatically recorded on the customer's card. Once points accumulate to a level set by each merchant, they are automatically converted back into predetermined cash amounts that can be used to make other purchases from the merchant.
The data captured from the card can then be used for highly targeted promotions for the retailer's frequent shoppers.
"In much the same way we changed the way retailers used gift certificate programmes with the magnetic-stripe electronic cash card, we have set out to redefine how retailers identify their frequent shoppers," said Bill Baustien, senior vice president of indirect sales for SVS.
Expansion Fully customised for each retailer, future applications which will be added to the solution will include the integration of discount, frequent shopper, and VIP programmes, with traditional gift card programmes on one single card platform.
Shoppers are also to be given the ability to interrogate their own card activity online, in real-time, and to receive instant loyalty progress reports on cash register receipts after each purchase is made.
Administration The programme is administered by a 'flexible rules engine' which manages specific criteria for each retailer, such as purchase amount-to-reward point conversion ratios, along with the criteria for shopper qualification for any promotions the retailer may offer.
In conjunction with the card launch, SVS has also appointed a team of loyalty programme consultants to work with its clients in developing more successful loyalty programmes, based on data collected by the retailers' previously-activated SVS Loyalty Cards.