The fashion industry is an attractive one when you look at the numbers. With menswear estimated to be a $423 Billion industry and women’s fashion eclipsing that at $621 billion, the market is huge. Loyalty programs are becoming more commonplace in the fashion industry. They let sites of all sizes retain their customers and increase profitability.
Loyalty Programs are the schemes offered to customer as reward for their cumulative patronage with the brand. It can be immediate or future incremental benefits to customer.
COIN Loyalty Program can be offered:-
a. As Loyalty schemes (cards) such as membership card with point accumulation for desired awards or special discounts.
b. Customer clubs such as Sams Club by Wal-Mart, Harley ownership club. Not very much prevalent in India.
c. Sales promotion such as free premium for continuous purchase, rebate or cash back.
A readymade garment retail establishment or a retail group may issue a loyalty card to a consumer and consumer can use the card as a identification means to be eligible for special discounts or point accumulation.
Issuing COIN Loyalty card is better idea for retailers to track the consumer behavior towards their brands. In fact the behavior can be studied as brand behavior and further analyzed to know why customer is buying certain similar brands ignoring other brands on same parameters but slightly differs in offering.