Loyalty Programs: What's New in 2024
At the beginning of the year, we looked at our predictions for loyalty in 2024, and it looks like we weren’t the only ones - there are already several new loyalty programs launching (or upgrading!) in 2024.
Excited to see what’s new in loyalty? Let’s dive into the new loyalty programs for 2024 and into what customers are expecting from the future of loyalty.
And if you want to plan ahead for success in 2024, check out our free 2024 Promotion Calendar - a month-by-month calendar with promotional opportunities, links to resources, and exclusive tips for loyalty campaigns.
Delta
Delta Air Lines’ already established SkyMiles loyalty program offers points (or "miles") to passengers travelling on most fare types, which can then be exchanged for rewards such as airline tickets, business and first-class upgrades, and luxury products.
At the start of 2024, Delta announced some changes to its loyalty program, making its tiers more accessible, enhancing some benefits and overall improving its recognition and rewards for long-term loyalty.
The travel industry is a competitive sector by nature, and this has increased the importance of loyalty programs as a way to connect and engage with customers.
Low frequency and complicated reward structure can cause low redemption rates - so a loyalty program for an airline could be the key to success. Consider offering instant cashback, to really win your customers over.
Ulta Beauty
Ulta Beauty recently updated its loyalty program for 2024, changing its name from Ultamate Rewards to Ulta Beauty Rewards.
The new 2024 loyalty program will still offer complimentary memberships, the opportunity to redeem points on all beauty products and salon services, and points on every purchase.
The company’s most recent analysis highlighted that improving member retention and new member acquisition contributed to driving member growth.
It’s not a surprise that with 42.2 million active members, Ulta decided to put more focus on its loyalty program for 2024.
We’ve mentioned how important it is to stand out from other loyalty programs, and choosing the right name for your program is a crucial step to achieving this.
You want your loyalty program to truly engage your customers, and that means being able to understand your audience and design the loyalty program around who they are and what they want.
Kuwait International Bank (KIB)
Kuwait International Bank (KIB) has recently announced an expansion of its digital loyalty program (KIB Rewards) for 2024.
The updated loyalty program will reward members for every banking transaction, and KIB has added even more offers within the program, allowing customers to redeem their points for a wider scope of digital rewards, such as gifts and e-vouchers.
Having just one point of integration that can connect you with different vendors sounds like a dream? We've got 1,000s of pre-integrated rewards waiting for you at the click of a button.
In the announcement, Laila Naserallah, Products Manager of the Digital Transformation and Innovation Department at KIB, said that its loyalty program had been a “game-changer in the country’s banking scene”.
Loyalty programs are a key instrument in the financial sector: they give your customers a reason to choose your services instead of your competitors.
Learn how UK financial services company Wesleyan achieved 96% satisfaction rate with their rewards scheme aimed at increasing customer retention.
CVS Pharmacy
US company CVS Pharmacy announced a new simplified loyalty program for 2024, adding two more membership tiers to include benefits previously found within the ExtraCare Pharmacy & Health Rewards program.
The company decided to also include free same-day delivery of nearly all products in the store in as little as three hours, among other benefits.
CVS Pharmacy proves once again that tiered loyalty programs are and will still be incredibly popular in 2024.
We’ve recently examined hundreds of brands across several countries and gathered the 101 best loyalty programs worldwide… and there are more than 30 tiered-loyalty programs listed there!
Bilt
We’ve listed Bilt Rewards among our choices for best loyalty programs in the world, and the changes that the consumer brand for renters made to its reward scheme for 2024 will only consolidate its position.
Bilt already offered three elite status tiers, but now members have two ways to achieve their tier status: through the collection of qualifying points or based on qualifying spend.
Bilt stated, “Tier adjustments were necessary because of all the ways to earn Bilt Points that didn't exist 2.5 years ago.”
What’s new in loyalty for 2024?
It is still important for consumers to focus on financial benefits, but they are increasingly seeking out experiences that give them a sense of belonging and reflect their growing relationship with a company.
A recent survey by Deloitte highlighted a rise in demand for specialised treatment and improved customer service in return for consumer loyalty.
By providing targeted offers and benefits, brands can increase engagement, satisfaction, and spending from consumers.
If you're not already offering a rewards program, or if your current program isn't working for you, now is the right time to think about loyalty.
Get in touch with us to scope out your loyalty strategy.
FAQ
What are the main trends in loyalty programs for 2024?
Loyalty programs in 2024 are increasingly focused on offering personalized rewards, flexible tiering options, and digital integration to enhance customer engagement. Brands are recognizing the need for convenience and value, such as Delta’s more accessible tiers and CVS Pharmacy’s same-day delivery.
How do loyalty programs benefit customers and businesses?
For customers, loyalty programs provide valuable rewards, discounts, and perks for their continued patronage. Businesses benefit by fostering stronger customer relationships, increasing customer retention, and driving sales through targeted rewards that encourage repeat purchases.
Why are loyalty programs important in industries like travel and retail?
Industries like travel and retail face fierce competition, making loyalty programs essential for differentiation. Programs like Delta SkyMiles and Ulta Beauty Rewards encourage repeat business and deepen customer relationships, helping these brands stand out.
What makes a successful loyalty program?
A successful loyalty program is easy to understand, provides tangible rewards that align with customer interests, and offers unique benefits that competitors don’t. Programs that adjust based on customer behavior, like Bilt’s dual pathway for tier status, are more likely to keep users engaged.
How can businesses create a loyalty program in 2024?
To create a loyalty program, businesses should understand their customers' needs, offer flexible and attainable rewards, and use a digital platform for seamless integration. Consulting loyalty experts can also help in designing a program that meets the latest industry standards and trends.
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Sara Rabolini
Content Marketing Executive
Sara is our Content Marketing Executive. She shares engaging and informative content, helping businesses stay up-to-date with the latest trends and best practices in loyalty...