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Mobile Loyalty
Cards to Reach 3bn
by 2020, Doubling
over Five Years
Cards Linked to Mobile Apps
Experience Rise in Activity Rates
»»A NEW STUDY FROM
Juniper Research has found
that more than 3 billion
loyalty cards will operate as
mobile-only or be integrated
into mobile apps by 2020, up
from 1.4 billion last year.
The new research found
that brands and retailers
are increasingly responding
to consumer demand for
mobile integration, with many
now offering customers
the opportunity to store
their loyalty cards within a
dedicated digital wallet.
Crucially, the research
argued that the improved
targeting and personalisation
made possible by digital
coupons was leading to
greater activity rates, thereby
resolving a key failing of
traditional schemes where
the lack of relevant offers
had resulted in a downturn in
usage.
RETAILERS SEE WIDE
VARIETY IN LOYALTY
APP UPTAKE
However, the new
research found wide
variations amongst retailers
and other reward card
providers with regard to
the extent of digital loyalty
integration. In the UK, it
observed that around 40%
of Nectar Card holders had
acquired the loyalty app by
late-2015, but less than 4%
of Tesco Clubcard holders.
It found a similar disparity
between US retailers
Walgreens, where 61% of
card holders had linked
their card to an app, and
Target which had only 27% of
cardholders linked.
According to research
author Dr Windsor Holden,
“These disparities are likely
to result from a number of
factors. While in part they
may reflect the level of
satisfaction with the app and,
or the features it offers, they
may also be attributable to
a greater degree, or greater
success, of retailer marketing
of their digital loyalty
options.”
The research warned that
retailers that did not offer
mobile integration were likely
to have far lower levels of
visibility on consumer activity.
As a result, it cautioned
that they would be at a
disadvantage when seeking
to tailor offers and thereby
increase the lifetime value of
the consumer.
10 TIPS TO IMPROVE
CASHFLOW
»»CASH FLOW IS THE LIFE
blood of any business. If you
run short, you are risking
everything. Keeping on track of
all the money going in and out
of your business is vital. Follow
the tips below to help maintain
a healthy cash flow:
• Invoice promptly
Paperwork really does keep
things in working order. Get your
invoices out as soon as possible
to ensure you will receive
payment as quickly as you can.
• Chase up late payments
Follow up unpaid invoices
immediately. Often people will
have just forgotten and need a
quick reminder.
• Only pay by the due date
Keep money in your account
as long as possible by only
paying bills when they are due.
Be careful though, you don’t
want to risk late payment and
additional charges.
• Incentives for early
payment
Offering an incentive for
an early payment can be very
effective at getting cash in to
your accounts fast.
• Consider partial
payments
Not all costs have to be
invoiced after the work has
taken place, or goods delivered.
You can ask for a percentage
up-front.
• Accurate projections
Keep a close eye on your
cash flow projections so that
you can time outlays of money
to the best of your ability.
Preparation is key; it can
help prevent you spending
what you don’t have, or give
you time to deal with any
upcoming shortfalls.
• Good record keeping
You can only be in control if
you know what’s happening.
Good record keeping from the
start is essential so you know
what is happening and when.
There is some great accounting
software out there that.
• Get organised
Set aside a time each week
to see where you are at and
ensure everything is in order.
• Get help if you need it
If you don’t have time to
regularly update the records, or
if you’re having an especially
busy time, get someone in to
keep your books in order. You
can use a freelancer for a few
hours a week if you don’t want
to employ someone.
• Late payers
If you have had difficulties
getting payments from
someone in the past, consider
whether you really want to have
further dealings with them.
Source: FundingBusiness
LOCKSMITHJOURNAL.CO.UK | MAR/APR 2016
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