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India is witnessing huge change in consumer demographics. Indian consumer is becoming more demanding and is now much more aware. Customer loyalty and retention are key challenges facing the retail industry.
As international brands come in and Indian brands compete with them, the consumer has started to expect a certain level of quality. Malls and shopping places are taking care of the glamour quotient. It is no more about quality and glamour, these attributes are being taken as given by this new crop of Indian consumer.
Brands have a bigger challenge. The objective is much bigger than increasing footfalls. Footfalls are naturally increasing in malls and brand stores due to available liquid cash in the consumer’s pocket. Customer acquisition, retention and engagement are now key objectives for retailers of all size and shape.
With the ever increasing mobile penetration in the country, mobile phone is becoming an ideal tool to make consumers aware and excite them to shop at your stores. But much before you can engage in this manner, you need to have relevant customer data. Information acquisition from your walk-in customers or customers purchasing from you is the starting point. This small, but important initiative is the first step to know and identify your loyal customer.
M’loyal Mobile Loyalty is a new phenomenon and is now taking center stage in the Indian Retail market. Retailers big and small are now using mobile based loyalty platform to acquire, engage and retain customers. Today, you can acquire a customer instantly by giving a mobile loyalty card and provide instant gratification by sending a mobile coupon on his phone instantly, thus driving him to transact.
Brands are using m’loyal mobile loyalty platform to capture customers, build strong CRM, and to engage with customers using mobile coupons. This is not the end, the real game is in the consumer analytics, buying behavior and insights that can help marketers create just the right mobile based brand communication for the targeted consumer. Right implementation and usage of m’loyal mobile loyalty can drive traffic to stores, increase repeat purchase from loyal customers, and drive more customers to become loyal to the brand.
India is a discount market, when it comes to retail. Brands give out deals all the time, but hardly do ever measure the return on investment or track who is redeeming the offer. Knowing the preferences of a customer can help you customize the deal for every consumer, thus ensuring a much larger redemption percentage. Brands using mobile loyalty platform have experienced redemptions as high as 12-14%.
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