Mintel recently published the results of a survey on the benefits of instant redemption in reward and loyalty programs. The results emphasized the convenience, ease, and customer preference of cash back programs compared with the standard miles and points programs.
This is good news for Access.
Mintel’s press release validates that the discount and loyalty programs Access offers work in the best interest of the user. Mintel research states that “…instant redemption opportunities, like cash back at the register, were an incentive cited by almost half (47%) of consumers that could potentially entice them to use a particular loyalty program more than others.”
Specifically, Access has quietly built a strong cash back rewards program with Zions Bank over the past five years. With this program, all customers have to do is shop at their favorite stores and receive automatic cash back into their bank accounts when they pay with their Zions Bank Visa.
The bottom line is people don't want to have to exert themselves to earn respect from your business. A large number of them aren't interested in keeping up with points and miles or confusing redemption processes. They simply want to shop where they like and be rewarded in the form of discounts, cash back or exclusive products.
Consumers love saving more at stores they shop at everyday. Having the opportunity to go on a trip or shop somewhere they normally wouldn’t isn’t a bad benefit either. Knowing that they can be rewarded with cash back on occasional "pricey" purchases will take the sting out if, and make them more likely to make more of those purchases. The automatic reward principle applies to any purchase, really.
We're patting ourselves on the back here a bit, but Access brings together a large merchant base to provide consumers with these coveted savings and cash back at the places they love or couldn’t afford before.