Australian Millennials keen on cryptocurrency instead of loyalty points

The 6th annual loyalty research study for love or money 2018  is now available and reveals that Australian Millennial’s are the most interested in earning cryptocurrency rewards instead of loyalty points.

Commissioned by The Point of Loyalty, for love or money 2018 – the Australian research study on customer loyalty and loyalty programs, highlights that 36% of members of loyalty programs express an interest in being rewarded with cryptocurrency instead of points. This interest increases to 55% for Millennials.

The research digs deeper into the level of knowledge that consumers have of cryptocurrencies and ownership, and analyses differences in demographics and generational cohorts.

Is loyalty program data being used to enhance the member’s shopping experience or invade their privacy?

The research also identifies members’ view on the collection of their loyalty program data and whether it is used to enhance their shopping experience or invade their privacy.

50% of members are ok with sharing their information with a loyalty program, knowing that it is used to enhance their shopping experience. However, the research also reveals that 23% of members feel that information collected is an invasion of their privacy even if it is used to enhance their shopping experience.

Other key findings the report reveals:

Are loyalty programs improving and where?

59% of members agree that loyalty programs have improved in recent years (up from 51% in 2017). The three key areas of improvement have been

1) Earn rate: rewards are more achievable

2) Simplicity: programs are simpler and easier to interact with and

3) Technology: use of enhanced technology such as mobile apps and mobile payments

Woolworths Rewards make a remarkable improvement since 2017: Coles flybuys retained first place in the ranking of programs mentioned the most as ‘doing a very good job’ (35 per cent). However, Woolworths Rewards in second place has improved significantly, up from 13.4% in 2017, to 20.2% in 2018.

2018 Australia’s top most mentioned programs (unprompted) as ‘doing a very good job’:

1.    Coles flybuys

2.    Woolworths Rewards

3.    Qantas Frequent Flyer

4.    Virgin Velocity

5.    Priceline Sister Club

6.    MyDanMurphy’s

7.    MYER one

8.    CommBank Awards

9.    Boost Vibe Club

A complimentary Executive Summary of the full report is available at The Point of Loyalty with a full 90+page report available for purchase.