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Retailing Lessons from Loyalty Programs Around the Globe - Research Paper Example

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Retailing Lessons from Loyalty Programs Around the Globe

There are three target market audiences that CVs has created from their retail information system (RIS). The systems are Caroline, Vanessa and Sophie. Each audience identifies and refers to typical CVS customers, and shopper’s insights (Eder2005). The customers are categorized according to age and products that they buy most. Beauty plays a crucial role in CVS’ concept, with the aim of making an enduring connection with the customer at every stage in her life. Caroline in her 20s is new to career, newly married or single and has an active social life. Her main concern is beauty products. Having identified this customer profile, CVS will market beauty products and offer coupons to all customers who join the loyalty program, to attract them back to the store. Caroline will grow into Vanessa who is not consumed into fashion but is after preserving her youthful appearance. Vanessa grows into Sophie, who is, CVS’ most profitable customer. She is a regular pharmacy customer who shops for key OTC items. Maintaining a relationship with clients at every stage of life is crucial to CVS’ long- term profitability (Eder 2005). Accessing data retrieved from the loyalty pro gram enables CVS to create more particular decisions and improve on their services. CVS partnership with the HSBC bank has allowed customers to earn discount savings. In this partnership, CVS’ gain is even more valuable than what the clients get. CVS now have gained insights to pre and post levels of spending. CVS have also leveraged

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this program by offering customers a way to track prescription purchases in order to submit for reimbursement from their insurance companies. All these tactics are ways of helping CVS gain loyal customers who will frequently buy from their stores. Recommend how Kroger can tailor its retailing strategy to put into account the seven main segmentation groups it has identified: The Kroger Company is an American chain of supermarket which was founded by Bernard Kroger in 1883. It is the largest grocery chain store in the country. Kroger has leapt ahead in the retail sector, becoming the second general retailer by volume. As of 2010, it had 3.619 stores. It spans many states with stores which include supermarkets, convenient stores, hypermarkets, departmental stores and mall jewelry stores. Kroger plus cards should be used in promotion of products, by providing bonus like points for purchasing a particular product like the Seven- Eleven Nanaco. A Kroger membership would enable them retain customers bearing in mind it caters for existing customers the most. It can also offer ad matching and coupons from other retailers. This can help gain customers trust, hence attracting and retaining customers. Explain Seven-Eleven Japan's Nanaco program: Seven-Eleven was established in 1973 and in 1974; it set up its first Koto-Ku, Tokyo. Seven- Eleven Japan in terms of operating income, represented japans largest retailer and number of stores. Eleven- Seven Nanaco e- money was introduced to push up convenience store sales. Nanaco electronic money service utilizes the group synergy of seven and i Holdings. Web shopping services were introduced by combining existing store services and internet shopping with infrastructure. With Nanaco services, customers receive bonus-type points. This increases sales for the Seven- Eleven Company. For example, a customer buying a certain product will earn points which can be used in subsequent shopping. Each point is

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Retailing lessons from Loyalty programs around the Globe Grade course 9 December, 2011 Discuss the CVS Extra Care Loyalty program and if the program is a source of shopper insights, which, can be leveraged in multiple ways in order to succeed…
Author : ukulas
Retailing Lessons from Loyalty Programs Around the Globe essay example
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