New data from Valuedynamx, a leading global provider of curated, data-driven omnichannel purchase rewards, reveals there has been nearly a 20% year-over-year increase in the number of consumers globally using customer engagement programs over Black Friday weekend. At a time when millions are faced with a cost-of-living crisis and trying to get more value for their holiday shopping budgets, data from Valuedynamx has also shown that, while fewer purchases were made this Black Friday, the overall average spend per purchase through customer engagement programs was 7% higher this year compared to last year. Furthermore, the data showed a dramatic increase for travel, as YOY overall spend skyrocketed by 97%.
“Customer engagement programs are a strategic way for banks to show they not only understand their customers, but also want to help them get the most for their money”
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Data insights from Valuedynamx between Black Friday and Cyber Monday should come as a signal for brands, retailers, and financial institutions to maximize the impact of their customer engagement programs in preparation for peak holiday shopping season and in time for January sales. With the data showing sizeable year-over-year increases in the number of consumers using customer engagement programs to buy from Food & Drink, Travel, and Luxury categories, it is clear shopper behavior is changing rapidly; people are now eager to eat out again, are booking travel further in advance, and are looking to treat themselves. Using customer engagement programs to splurge through Black Friday deals ensures they optimize their spending at this typically expensive time of year.
Card-linked offers—which allow consumers to register debit or credit cards for offers and rewards that are automatically received once the customer has made a purchase—were especially prevalent this year, with more programs making them available for customers. Valuedynamx saw an increase in offer activation and redemption in categories including Food & Drink, Clothing, Subscriptions and Travel.
“As the cost-of-living crisis hit homes nationwide, we expected to see people taking full advantage of Black Friday deals for their holiday purchases, and this trend is sure to continue throughout the rest of the holiday period and well into January. That’s why we’re urging brands to act now and get their own customer engagement programs in check to attract more customers during this and other peak seasonal times. People are clearly shopping via rewards programs–and it makes sense for them to use their cards or choose specific programs that will earn them cashback, points and other rewards while doing so,” said James Berry, Managing Director, Commercial at Valuedynamx.
SOURCE: Businesswire