Momentum led by rapid adoption of alternative currencies and key partnerships with Best Buy, Priceline
TORONTO, ON / ACCESSWIRE / December 16, 2020 / Engage People, a global technology provider that redefines the way customers spend loyalty reward points, today announced more than 30% year-over-year growth in 2020. This has largely been driven by the adoption and validation of the ‘Pay with Points' (PwP) model. PwP allows consumers to pay with loyalty points as easily as they would pay with a debit or credit card during the online checkout process.
According to Engage People's loyalty program survey results released in May, 75% of customers are more likely to spend loyalty reward points to make a purchase over other payment methods. The findings also indicate that 62% of loyalty members would rather have the ability to use their points on the spot, just like a credit or debit card, rather than receiving a gift card or cashback. Statistics like these reinforce the demand for PwP capabilities - a trend that Engage anticipates will only grow in 2021.
"After this unprecedented year, it's clear that the traditional loyalty program is becoming more and more obsolete," said Jonathan Silver, CEO of Engage People. "Loyalty program members are looking for more flexibility in how and where they spend their points. Engage has been at the forefront of this shift and launched our pay-with-points capabilities over a year ago. As such, we've been able to adjust to the limitations presented this year and work with our partners to quickly deploy new loyalty solutions that meet members' current needs."
Adding to the momentum Engage People has achieved this year are partnerships with companies like Best Buy and Priceline, among others. Through its partnership with Best Buy, participating loyalty members now have the option to purchase products using loyalty points through Engage People's Podium platform. With Priceline, loyalty program members can pay for travel using credit card loyalty points.
In addition to new partnerships, Engage People has brought pay-with-points capabilities to its existing FI partners to help them meet the shifting demands of their customers. By offering the ability to pay with points, one major Canadian bank, in particular - in conjunction with a global ecommerce retailer - experienced the following since its program launch in October 2020:
- More than 4.6 billion points spent with an average of 20,000+ points per transaction
- More than $15.1 million in sales across 237,000+ transactions
- Loyalty program participation growth of more than 600%
"Over the course of this past year, we've placed an emphasis on building a network that connects financial institutions and retailers with their customers to exceed the demand for more choice when it comes to points redemption," said Len Covello, CTO of Engage People. "Our aim has been to execute seamless integrations for banks and retailers so they can offer a meaningful and engaging loyalty experience to their customers. This aids in both retention and acquisition. The response to date has been incredible, and we look forward to furthering our mission in 2021."
This announcement comes on the heels of Engage People's inclusion in Forrester's "Now Tech: Loyalty Marketing Q4 2020" report as a midsize provider in the loyalty technology platforms segment. To learn more about Engage People, visit www.engagepeople.com.
About Engage People
Engage People is a global technology provider that redefines the way customers spend loyalty reward points. Serving as the conduit between banks, retailers and their customers, Engage People allows consumers to make everyday purchases with loyalty points, giving them the flexibility to buy what they want - whenever they choose. By offering pay with points, Engage People unlocks loyalty points that have been accumulated but not spent. Top banks and retailers around the world rely on Engage People for its first-of-its-kind loyalty ecosystem. With headquarters in Toronto, Ontario, Canada and offices in the U.S., Canada and Italy, Engage People has been ranked on Canada's Fastest-Growing Companies list by Canadian Business and PROFIT. For more information visit: www.engagepeople.com.
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SOURCE: Engage People