When we were kids, we love to earn stars, points for better performance in school right and we used to perform well with the intention to earn some more. That’s what a Restaurant Loyalty program does for restaurateurs.
It encourages customers to keep coming and purchase more. You wanna know how?
80% of the business of a successful company comes from 20% of its loyal customers.
Loyalty program influence customers to come back and do more purchase in order to earn more rewards.
Influence customer’s purchasing decision & Spending
Loyalty Programs increases customer visitation frequency to a restaurant on an average of 35% and likely to spend 46% more with companies that have customer loyalty programs.
This is why restaurant loyalty programs have a high potential for encouraging repeat sales. In fact, famous fast food chains like Starbucks and Dunkin’ Donuts are making millions by implementing their own loyalty programs.
What’s unique in Bingage Loyalty Wallet Gateway
Offering a loyalty program with unique Cashback feature, we are replacing the traditional point system that is usually confusing and complex. Bingage cashback reward program providing E-wallet features where a Restaurant can create every customer’s separate wallet and can give cash back on each transaction.
Reward programs generate extensive customer traffic and bring growth in business revenue. Restaurant owners are using loyalty programs for customer retention and to make them a regular/ loyal customer.
Benefits of having customer reward program –
Before proceeding, let’s see important stats related to showing the importance of customer loyalty.
1. Improving guest retention rates by 5% through a loyalty program can increase profits by 25-95%
2. Word of Mouth: 55% of loyal customers recommend their friends and family about your business
3. Easy upselling: The probability of selling to an existing customer is 60-70%, and for the new one, it’s just 5 to 20%
4. Your existing customers are 5 times likely to try your new menu offering.
1. Increase Average order value
Bingage Cashback rewards program will help to boost AOV by encouraging additional spending with cashback.
For example – Suppose, you are giving 20% cashback on order value above 500 Rs then this would give a reason for the customer to spend more than 500 in order to get cash back.
Let’s take an example of an e-commerce company – Flipkart offers free delivery on orders above 500 right, it is a technique to increase order value of a customer by providing them with free delivery.
This provides a great return for you because it carries a high value for your customers.
2. Customer Retention
The loyalty program gives your customer “A reason to return”, For example, if I have Rs. 200 cash back on a particular cafe, before thinking for another restaurant, would go to that place where I can use the remaining cashback. Bingage wallet is a closed wallet, means the customer can only redeem wallet cash to that restaurant only.
This way loyalty programs help in customer retention in restaurant and keep the customer coming back 🙂
3. Bring new customers
A good rewards program can attract new customers in different ways. Loyal customers recommend your business to their families and close friends. They provide you with new business. Customer loyalty programs make loyal customers and these loyal customers are work as your brand ambassadors.
74% of loyalty programs participants agree that they are likely to do business with a brand that offers a customer loyalty program. if you want to scale your restaurant business and get ahead of competitiors, loyalty program for restaurant is the best marketing strategies you can go for.