According to a recent study by Deloitte, in 2021, India had 1.2 billion registered mobile phone users of which 750 million were smartphone users.
So why is this relevant to digital rewards and instant gratification?
Well, the answer is simple, this growth in mobile phones coupled with higher internet adoption, and the fact that COVID-19 has advanced e-commerce by between 5 and 10 years means that India has a growing and engaged population of digital natives.
These experienced digital natives, now expect seamless CX journeys so if you don’t have an app, an app strategy, and access to the widest range of digital rewards, then you are seriously disadvantaged as a brand.
33% of Indian Consumers make purchases that earn rewards/benefits at least several times a week.- The Wise Marketer
Mobile phones, especially smartphones are fast becoming hot real estate. Convincing consumers to download your app is hard enough, but keeping your app on their phone, well that can be almost impossible.
The beauty of digital rewards is that whilst an app is nice to have, you don’t need one to drive instant gratification. This is why the gifting and reward industry has now become mainstream digital. To enable companies and brands to digitally send their content and rewards directly to the end consumer.
Another advantage of this new digital world is that consumers understand that they now have a direct line to brands and that brands have a direct line to them. In fact, consumers welcome a closer more personalized relationship with a brand especially if it is both relevant and rewarding.
74% of Indian consumers said they are loyal to their favourite brand because of a personal connection compared to 59% of the consumers surveyed globally.- The Wise Marketer
Whilst we all focus on Generation X being obsessed with instant gratification, Baby Boomers and Millennials are not far behind. They too have embraced technology and seamless CX, which means that brands now must step up to the plate.
As far as the consumer is concerned there can be no excuse for not rewarding digitally and instantly, including all manner of rewards ranging from cash to … well anything!
You see, instant gratification can be instant in a way that, what you send digitally can be enjoyed immediately on their phone like a song, an audiobook, or a film. But instant gratification doesn’t necessarily come from the ability to be redeemed instantly.
In that case, rewards don’t have to be of any great value either; relevant low-cost and high-perceived rewards have the same effect on consumer behaviour as a gift voucher code. Also, as mentioned previously, most importantly, tactical digital reward gifting doesn’t necessarily require an app at all.
Rewards can be directly sent digitally through a variety of channels, which means that there is no barrier to entry to brands. This means for the first-time, first-person data capture is both relevant and easily achievable by any brand in any vertical.
Digital reward and instant gratification are being used to achieve a wide variety of goals.
Whilst FMCG brands are focusing on technology to help them build direct-to-consumer channels, retailers and QSRs (quick service restaurants) are using tech to make the shopping experience quicker and better. For example, being able to punch in your order into a screen at a McDonald’s and not wait in a queue to do the same.
An article by The Wise Marketer says that in India, the brand loyalty of 73% of consumers was driven by customer service compared to 56% of consumers globally.
Using digital rewards to deliver tactical instant gratification is opening the doors for many brands to take the step of developing longer-term loyalty initiatives. And the immense possibilities and positive growth that come from merging seamless customer journeys to digital rewards that provide instant gratification are endless.
Top 10 things to take out from this piece
- The mobile phone is fast becoming the hottest media property for direct communication.
- CX (customer experience) is just as important as the digital reward and the instant gratification it gives.
- This is why digital rewards are the key to driving engagement.
- Consumers welcome having a more direct dialogue with brands.
- Instant gratification is very much expected by consumers, hence digital rewards are key to driving customer satisfaction too.
- Rewards don’t have to be expensive if they are relevant and add value.
- Tactical campaigns don’t require apps to deliver instant gratification.
- Instant gratification is opening many channels such as direct-to-consumer strategies and loyalty initiatives.
- Instant gratification can also be linked to making a service better e.g., ordering a meal in a restaurant.
- Data collection is the key to ensuring consumer understanding in order to know what is relevant and gratifying.
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