Titanium rewards are a variety of cards that are given in exchange for loyalty to certain brands and products. These cards usually provide incentives such as discounts, money-saving coupons, and bonus rewards on the company’s behalf. There are a number of different types of titanium rewards cards with varying sets of benefits including those that are flexible or store specific. Titanium reward cards can be divided into two different categories: private labels and branded manufacturer’s rewards cards.
Uses of this rewards card
- Increase the purchasing power of consumers
Reward programs allow consumers to increase their purchasing power. Some cards offer consumers a higher saving percentage for every purchase made in a participating store. For example, offering an additional one percent of saving for every $100 spent can help the consumer save up to 20% if they were to buy a $1000 product from that store. By rewarding their loyal customers with savings and discounts, retailers are encouraging more people to be engaged in their loyalty programs.
- Increase consumer traffic and spending at the retail or member-only location
The primary purpose of rewards cards is to induce customer loyalty which will lead to increased consumer traffic and spending within the store or location with high customer traffic. For example, if one were to receive rewards for their loyalty and made a purchase of $1000 with their reward card, they can receive a free gift card or have the cost of the purchase deducted from their bill. This in turn will encourage customers to engage in shopping more often and spend more money at that store.
- Increase productivity and employee satisfaction
Millions of people are employed as retail employees worldwide. Besides earning a salary, many employees also receive additional benefits such as work allowances and discounts on items within the store that they work in or at any affiliated stores. Retailers can also use titanium rewards cards to increase employee productivity by addressing a need for specialized tools or equipment, which would otherwise be deemed unnecessary by management. For example, in a store with many employees needing work-related items and having only one employee to facilitate all the needs, employers can dispense rewards cards to employees in an effort to increase productivity.
- Increase customer support and satisfaction
Retailers are known for taking care of their customers by servicing or ensuring that the system is running smoothly or responding to any issues customers may have with products they have purchased. Retailers can use rewards cards as a form of customer service by offering cash discounts to customers who have made purchases on the store’s behalf. Rewards can also be given in order to incentivize customers to spread favor. For example, offering rewards to customers who refer others to the store will help keep other potential customers informed about the company and its products. Also, offering rewards for referrals might encourage customers to bring in more business or business partners into the company by giving them a simple incentive for their involvement.
In conclusion, with the increase in popularity of titanium rewards cards and their ever increasing benefits, consumers, retailers and retailers look forward to having a better financial solution than a debit card. With the number of rewards cards available, there are sure to be options that fit your preference.
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