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Engage Consumers Infographics August 05, 2015

Thinking Like A Retailer: The Future of Customer (And Patient) Loyalty

Healthcare leaders might find some ideas to borrow from innovative retailers as they increasingly think of patients more as customers. A new report from Oliver Wyman’s Retail & Consumer Products team called “The Future of Customer Loyalty” builds a case for change and offers solutions for how retailers can more effectively approach customer loyalty programs. As in healthcare, market trends demanding a shift include:

  • New competitors are disrupting the market and challenging the status quo
  • Customer expectations are changing, and they want different things from their loyalty scheme
  • The right technology used in right way can help meet customer needs

The authors recommend taking a future-flexible approach to technology and adopting a start-up mindset to enable long-term investment in the loyalty proposition. One of their examples of a smart loyalty scheme is taken from healthcare: Balance Rewards by US health and beauty retailer Walgreens. “The scheme is built around unique, non-purchase rewards and creates additional value for both customer and retailer,” notes the report. In the infographic below, the team summarizes how loyalty programs like the one at Walgreens can operate:

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