The Loyalty Academy just completed its first CLMP™ workshop in South Africa during November 2022. The event was sold out and 46 persons attending earned their designation as a Certified Loyalty Marketing Professional. Loyalty Plus was one of the event sponsors. During the event, Len Lubbe, CEO at LoyaltyPlus Accolades shared his views on the role of Quantum Computing in Customer Loyalty. The talk was so well received that we wanted to share it with you. Here is a synopsis of his message.
Even though it might sound like the stuff of science fiction, quantum computing will have the potential to greatly assist organisations in enhancing their loyalty programmes. Thanks to how this technology can outperform even the existing most powerful supercomputers when it comes to data analysis. This is according to leading independent customer relationship management company, LoyaltyPlus.
According to the First Annual Report on Enterprise Quantum Computing Adoption, nearly 70% of global executives have already factored in – or are thinking hard about the adoption of quantum computing as and when it becomes available. They strongly feel that those who fail to adopt quantum computing solutions, will fall behind. Considering that machine learning and data analytics are expected to be the top use cases for the technology, it makes sense to harness it for loyalty programmes – a market segment that is driven by vast amounts of data at companies’ disposal.
Earlier this year, a senior executive of Mastercard said in a media interview that quantum computing has the power to transform the fundamentals of consumer-facing commerce especially when it comes to the likes of loyalty and rewards programmes, cross-border settlements, and fraud management.
Some analysts anticipate that cloud-based quantum computing services may most likely be the area where companies can derive significant value in the near future. This provides a cost-effective way to experience the technology and identify the best use cases especially when it comes to loyalty programmes.
“For retailers, having access to quantum computing services mean gaining the ability to predict the impact of different scenarios on operations virtually in real-time. This will empower them to dynamically create tailored customer experience initiatives on an individual level, measure the impact, and iterate based on the analysis all within seconds. Being able to ‘throw’ ideas at a quantum computing service and see which ones yield the best returns, even if only by a small margin, can position a retailer for significant growth,” says Frik van der Westhuizen, Marketing Director at LoyaltyPlus.
Any improvements to customer service can be worth their weight in gold given the competitive nature of today’s market. Using quantum computing services to analyse data at scale can reinvent how retailers approach customer loyalty.
“Thanks to this advanced technology, we are looking forward to being able to usher in a new golden age of retail that will build on the lessons of the past. People expect more tailored, personalised, and immediate service offerings. Quantum computing will most definitely be the way to achieve that more affordably and effectively than ever,” adds van der Westhuizen.