This report offers a detailed view of the engagement and financial impact of your loyalty program.
The loyalty report is a powerful tool available through the Merchant Portal, designed to give you insightful metrics into your customer loyalty program's performance. Accessing the report is straightforward: simply navigate to the Reports section within the Merchant Portal and select the loyalty report.
Here's what each column represents:
Revenue
- Definition: This column shows the gross sales generated through your platform, including both web and app purchases. It reflects the total revenue before any deductions.
- Importance: Understanding your total revenue helps in gauging the overall success of your sales and marketing strategies, including the effectiveness of your loyalty program.
Loyalty Points Earned
- Definition: Represents the total points customers have earned from their purchases. For example, under the Good Earth Coffeehouse (GEC) model, customers earn 10 points for every $1 spent.
- Importance: Tracking points earned is crucial for evaluating the engagement level of your loyalty program and its ability to incentivize customer spending.
Loyalty Points Redeemed
- Definition: This column indicates the total points customers have used (burned) to redeem rewards.
- Importance: Points redemption rates can provide insights into the loyalty program's attractiveness and value perception among your customers.
Loyalty Funds Redeemed
- Definition: Shows the dollar value of rewards redeemed with points and their percentage of the platform's gross sales. It includes only items that required points for redemption.
- Importance: This metric helps you understand the financial impact of loyalty point redemptions on your revenue.
Offer Funds Redeemed
- Definition: Reflects the dollar value of items redeemed through offers that did not require loyalty points, like a Buy-One-Get-One (BOGO) deal, and their percentage of gross sales.
- Importance: Analyzing this data helps assess the effectiveness of non-points-based promotions in driving sales and customer engagement.
Coupon Funds Redeemed
- Definition: The dollar value associated with redeemed coupons and their percentage of gross sales.
- Importance: Coupons can significantly influence customer buying behavior. This metric allows you to measure the direct impact of coupons on your sales.
Head Office Funds Redeemed
- Definition: Represents the dollar value of global credits redeemed and their percentage of total sales.
- Importance: For franchises or chains, this helps in understanding the utilization and impact of global credits on sales at a store or national level.
Total Loyalty Program Expense
- Definition: The sum of all 'funds redeemed' values reported (including loyalty points, offers, coupons, and global credits).
- Importance: This total expense figure is critical for assessing the overall cost of your loyalty program against its benefits, helping you to evaluate its return on investment (ROI).
This loyalty report is an essential instrument for monitoring and refining your loyalty program. By understanding each component, you can make informed decisions to enhance customer engagement, increase sales, and ultimately drive greater loyalty.
For more detailed insights or assistance, please do not hesitate to contact our Support Team at support@smooth.tech.