DEERFIELD BEACH, FL, UNITED STATES, December 14, 2023 /EINPresswire.com/ -- Wise Marketer Group™ (WMG) has issued a new research study covering consumer perspectives about using loyalty currency for redemption online and in physical stores to realize immediate value.
Titled “Paying with Points – “Tomorrow” Is Too Late,” the robust quantitative survey canvassed the insights of 1,000 U.S. consumers — each an active user of a rewards credit or debit card within the last year. Fielded from October 17-20, 2023, the research captures a snapshot of current perceptions of Pay with Points (PwP), meticulously balanced across geographic, demographic, and socio-economic lines.
Len Covello, CTO, Engage People Inc. commented “This Wise Marketer study created in conjunction with Engage People stands as a testament to the evolving landscape of payment options, providing a critical lens into the burgeoning influence of Pay with Points systems in this landscape.”
The research found that users are drawn to PwP primarily for cost saving and flexibility, an important insight given the current inflationary conditions. Convenience was cited by both users AND non-users as a reason for their interest in Pay with Points. Among the key highlights from the research:
- 84% of respondents indicate they are highly or somewhat likely to use PwP in the future.
- The top three categories where PwP is used include grocery stores, online stores, gas/convenience stores.
- 37% of people surveyed have used PwP at least once, with men under 35 most likely to have done so.
- Younger demographics, including Gen Z, cites availability of PwP as a reason to switch payment cards.
Jonathan Silver, CEO Engage People, added that retailers are benefiting from PwP adoption through incremental customer spending, citing “Engage data shows a 15% average lift in transaction size when points are redeemed via PwP. The average value of redeemed points varies by vertical market, with convenience and fuel retail and online retail showing the greatest lift.”
The research was led by Mike Capizzi, Dean of The Loyalty Academy™, a Wise Marketer Group business unit. Mike described the importance of the study findings for all practitioners in the customer loyalty business, saying "Pay with Points (PwP) is a format that over the past few years has marked a significant shift in the way customers interact with loyalty programs and payment options. PwP represents a convergence of reward systems and transactional processes of maximum benefit to retailers while offering customers a novel and potentially appealing way to utilize their accumulated loyalty points directly at the point of sale, especially during challenging economic times.”
The full study is available for download at www.TheWiseMarketer.com.
About the Wise Marketer Group
The Wise Marketer Group (WMG) is a customer loyalty marketing media, education, and advisory services company. WMG publishes TheWiseMarketer.com (TWM) as the global source for unbiased customer loyalty news, research, and insights and is known as the Global Voice of Customer Loyalty having served this industry over 15+ years. Loyalty Academy™ is owned and operated by WMG, providing a proprietary, practitioner-based curriculum for global loyalty education through digital and in-person learning formats. The Loyalty Academy™ is the only source for earning the Certified Loyalty Marketing Professional™ (CLMP™) designation.
About Engage People
Engage People is the only loyalty network that enables program members to pay with points directly at checkout. The global technology provider connects loyalty programs with global payment systems and online retailers and covers 100% of the top purchase categories in North America. Leading banks and retailers around the world rely on Engage People for its first-of-its-kind loyalty network and pay-with-points capabilities, which has enabled the redemption of more than 43 billion points and growing. The Company is headquartered in Toronto, Ontario, Canada, and has offices in the U.S., Canada, and Italy. For more information visit: www.engagepeople.com.