As contactless payments rise, here are the 3 main factors driving retailers to adapt the new technology and eventually help drive consumer adoption.
- Higher Speed: Contactless payments are faster and easier. They expedite check out, relieving a massive pain point for retailers and saving consumers time.
- Premium Technology Means Premium Consumers: Apple Pay, and contactless payment apps like it require an Apple device, or in other cases a smartphone, which is still considered a premium product. Attracting consumers with higher income profiles opens the retail opportunity for additional, higher priced add on purchases and increased Average Order Value.
- Personalized Consumer Experiences: More consumer data means a more personalized consumer experience. The more personalized the experience the stronger the retailer relationship becomes.
Contactless payments do represent a mutual opportunity to streamline the retail process. The slow adoption is to be expected since it means total disruption to a market and process that is decades old. However, consumers and retailers are adapting and the market on both ends needs to be ready.
Medicaid Stage 3 rules proposed by the Centers for Medicare & Medicaid Services (CMS) are meant to help drive higher quality, yet more cost effective care for Medicaid. These rules help improve the way providers are paid and bolster better information sharing. The new Medicaid Stage 3 meaningful use rule proposed by CMS seek to give providers more flexibility, simplify programs, drive interoperability among electric health records and put focus on improving patient outcomes.
CMS touts the proposed rule’s flexibility, pointing to simplified requirements for providers that keep a focus on advancing the use of electronic health records and the rule scraps box-checking requirements that are no longer relevant.
Officials say Stage 3’s scope is limited to 2017 and beyond. CMS is eyeing additional changes to existing meaningful rules in 2015 through separate rulemaking. The comment periods for Stage 3 and the 2015 Edition criteria end May 29, 2015.
Loyalty program enrollment is at an all time high in the U.S. so it seems like the right time to go through some key statistics related to loyalty programs. We’ve broken the stats down into three key areas that consumers are most focused on in the loyalty space.
- Today each American consumer belongs to over 13 loyalty programs
- In 2014 each American consumer only belonged to 10 programs
The top 3 things that satisfy consumers within a loyalty program are:
- The value of rewards (are they things consumers want)
- Ease of redemption (Are rewards accessible)
- Points per dollar spent (Are rewards attainable)
What loyalty programs do to brand loyalty
- Of 10,000 consumers, 1/3 say they would have no brand loyalty without rewards programs
- 7 out of 10 consumers said that loyalty programs influence where they choose to shop to maximize point accumulation, up 13% from 2014
- Loyalty programs contribute to brand loyalty more than product availability, preferred brand availability, value for price and any other direct or indirect marketing effort a brand or retailer exposes consumers to
Bond Brand Loyalty put together a fascinating study, chock full of numbers that all add up to one thing: retailers and brands need to figure out how to transform point loyalty into real brand loyalty. By supplying a superior consumer experience, brands can transition consumers to keep coming back again and again because they want their points to keep coming back again and again. Point loyalty is an entryway for true brand loyalty that will be there even if the points are not.