Convert refund to electronic stored value

Description

Conversion of refund to electronic stored value increases your loyalty program’s functionality and flexibility. This ultimately leads to long-term benefits of customer engagement and revenue growth.

Examples of strategic benefits:

• Drive sales: Replacing cash refunds to electronic stored value creates more spending opportunities as customers will spend on the brand’s products and services.
• Effective customer engagement: Electronic stored value allows for a more streamline experience and enhances customer satisfaction through its convenience.

This approach will ensure that you retain your revenue from refunds.

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Concept

Convert cash refunds or manual store credits into loyalty electronic stored value or cash e-vouchers to make your loyalty program an integral part of the refund process and drive further member engagement and transactions.

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Execution

1. Review and understand the refund policy and how it can be linked
2. Decide on electronic refund mechanism
3. Setup refund mechanism
4. Track refund and subsequent spending purchases

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KPI

• Refund ratio: spent refund / total refund available
• Refund overspending: purchases with cash top up

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Detailed Execution in Memberson Loyalty CRM Platform

Please contact Memberson for further discussions

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