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Download The 2024 Annual Loyalty Trend Report.

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Download The 2024 Annual Loyalty Trend Report.

The 2024 Paytronix Loyalty Trend Report reveals how restaurant and convenience store operators optimise engagement among their best guests and biggest fans. Discover how new technologies empower brands to:

Leverage real-time customer data for intelligent segmentation
Deploy personalised communications and automated campaigns
Implement engagement drivers like gamification, subscriptions, and multi-tier models

Compare your results against benchmarks for key loyalty metrics, including average spend per visit, visit frequency, and average customer lifetime value (CLV). Whether you’re leading marketing, operations, or technology for a national brand or a regional player, this report provides the insights needed to make loyalty your best asset in 2024 and beyond.

The New Loyalty Imperative: Driving Strategic Growth Through Innovation

Loyalty programs have evolved from merely engaging guests to becoming strategic growth drivers. With discount-focused promotions becoming unsustainable in today’s economy, forward-thinking operators are pioneering innovative approaches that transcend transactional rewards.

Engaging Guests and Eliminating Churn

Sustained loyalty success requires retaining engaged members while continuously acquiring new ones. Top-performing quick-service restaurants (QSRs) achieve an average 62% monthly retention rate, full-service restaurants (FSRs) retain 58% of their loyalty members monthly, and leading c-stores reach an impressive 85% retention rate. When it comes to acquisition, top QSRs sign up an average of 110 new members per store each month, FSRs add 70, and c-stores acquire 36.

Loyalty by the Numbers

Performance indicators across restaurants and c-stores show:

Average Spend Per Visit: £19.05 (50th percentile) to £30.16 (90th percentile) for QSRs
Average CLV: £618 to £1,009 for QSRs
Monthly Retention Rate: 44% to 62% for QSRs
Average Visits Last 30 Days: 1.7 to 2.5 for QSRs
Average Monthly Acquisitions Per Store: 35 to 110 for QSRs
Personalised Support Technologies

Given that 42% of customers desire more personalised support technologies, the focus on payments should include more tailored customer experiences.

Loyalty and Reward Schemes Innovation

With 80% of consumers being members of loyalty schemes and 87% believing they save money, restaurants can innovate these schemes to maintain engagement and prevent them from becoming too similar across the sector.Unlock the full potential of your loyalty program with the insights and benchmarks provided in the 2024 Paytronix Loyalty Trend Report.

Download the full report now to elevate your loyalty strategy in 2024 and beyond.This blog covers the key insights and trends from the Paytronix Loyalty Trend Report, with actionable strategies for restaurant and convenience store operators. For a comprehensive understanding and more detailed strategies, download the full report.

 

Chris Fletcher
Chris Fletcher Chris Fletcher Posted on: July 4, 2024
United Kingdom USA South Africa Ireland Asia
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