When it comes to creating an effective online rewards program, knowing what motivates your customers is key. Here at Incentive Solutions, we understand how important it is to create a positive reward experience for your incentive program, which is why our online rewards systems provide ease in accessibility and a variety of merchandise options in our rewards program catalog. Based on the results of our top ten redeemed reward items in the first quarter of 2020, reward program participants were pretty clear about their craving for personalization. But before we dive into the data, let’s take a closer look into the world of online rewards and how they can benefit both your business and your customers.
The Experience of Online Rewards
Whether you’re looking to increase sales, boost employee engagement, or foster a culture of customer loyalty, merchandise rewards offer a unique reward experience that emotionally connects your customers to your brand. When businesses are debating ways to incentivize the sale of their products, most default to a simple cash bonus as the easiest way. While a cash bonus may seem like a reward with endless possibility, the reality is that these bonuses are often funneled directly into bank accounts only to be used toward monthly bills and life expenses. Not only does this take away the experience of receiving the award, the funds are applied to the costs of living expenses that people actively try not to think about!
When you reward your customers for their hard work via a point program, you are opening the door to a truly gratifying experience, providing items that the responsibility of financial burdens may have discouraged otherwise. Be it books, gift cards, flat screen TVs or a plane ticket, the variety of options in a rewards program catalog caters to all personality types, guaranteeing each redemption experience to be a gratifying one.
Most Redeemed Merchandise Reward Items
Now that we’ve established the foundational benefits of online rewards, we can take a dive into the quarterly data collected around these items. By understanding which rewards fuel the incentive process, businesses can shape both their physical product offerings as well as their marketing strategy to emphasize these products in future promotions. Let’s take a look into the items that online reward program participants felt were most desirable and relevant in the first quarter of 2020.
- Prepaid Visa Cards: 1,647 redemptions. There is nothing more personalized or versatile than a visa gift card. This incentive reward option combines the endless possibilities of the “cash bonus” option while guaranteeing the moment of receipt, and the moment of use are associated with your business name and generosity. With the onset of a global pandemic toward the end of the quarter, these small gestures of cash-like rewards go a long way, and are the re-enforcement for unbreakable customer loyalty.
- Redbox: 1,220 redemptions. This is a notoriously top performing incentive reward for online reward programs, making our list consistently since 2017. With hundreds of Redbox locations, this is a low point investment for participants to both engage in and share with their loved ones.
- Fandango: 1,157 redemptions. Movie entertainment is one that will never go out of style. While ticket and concession costs continue to rise, participants are grateful to continue the movie-going experience with a little less pressure on their wallet. Even better- Fandango has digital services to utilize right from your home with tons of new releases to choose from.
- Apple Air Pods: 525 redemptions. No matter what the season, technology will always be in. Apple is notorious for its innovation and popularity across all generations. Whether this is a gift for a loved one or for a participant, these revolutionary head phones are only going to become more advanced and widespread, making them a must-have rewards program catalog option.
- Amazon eGift Card: 524 redemptions. The gift card option swings back around as number five on the list of most redeemable items in an online rewards program. Leveraging the popularity of Amazon, these gift cards are a way to really personalize the reward experience, allowing participants to spend on both necessities and treats they may not have gotten otherwise.
- Walmart eGift Card: 515 redemptions. Again, another popular gift card location as the item options are endless. From groceries to clothing to lawn furniture, a gift card to this location goes a long way.
- Titleist Golf Balls: 298 redemptions. This item shows a lot of valuable insight into the demographic of the reward participants in your program. Give the people options that are in high demand, and they will continue to meet sales goals for the reward.
- Home Depot eGift Card: 221 redemptions. Toward the end of this quarter, our homes became our main place of shelter and safety. Coupled with stay-at-home orders, home improvements were clearly a popular response to this shift in lifestyle. What a great way for businesses to be there for their customers with their online rewards program in a time of extreme change.
- Apple Watch: 197 redemptions. Having been released on the market over five years ago, this item is another luxury known to enhance every aspect of the user’s lifestyle. Timeless options like these are the best to offer in a rewards program catalog to maintain relevancy.
- Amazon Firestick: 160 redemptions. Combining technology and entertainment, this is another option that capitalizes off the offer of personalization, allowing users to download any of the hundreds of entertainment apps right to their living room television. Choice, ease, and accessibility is what the current generation of technology users tend to chant, and this item checks all the boxes.
Considering Online Rewards for Your Loyalty Program
Merchandise will never go out of style, be it electronics, home improvement, or necessities like groceries and toilet paper. When your customers are able to indulge in items that they may have never spent their income on, you become an essential part of their storyline in the daily quest for happiness and improving quality of life. When you continue to show up for your customers, they will continue to choose you as their reliable source.