Keeping on top of the latest trends in our industry is a critical part of staying competitive. Being able to forecast what customers want, predicting global shifts, and embracing new technology helps us stay relevant and keeps our products future-friendly.
It also helps us respond quickly to new ideas and popular fashions. So what’s ahead for 2020? In this post we’ll review some of the key insights from our own experience and a report by the respected Incentive Research Foundation.
Popular reward merchandise
Merchandise continues to be a popular reward choice for program members around the globe. The most desired items are logo-branded clothing, technology like iPads, iPhones and AirPods, sporting items like golf clubs and accessories like sunglasses.
The gift card moves online
Traditional retail gift cards are still a powerful incentive, with coffee shops, department stores and restaurants among the most-desired cards. However, this year has crowned a new overall champion: online retailers. Up to 65% of new gift card requests are now for online retailers like Amazon.com. With their vast merchandise selection, intuitive searching, timely reviews and quick delivery, online retailers are continuing to transform the retail landscape. Whether dispensed as a traditional plastic card, or as a more efficient and secure eGiftcard, these rewards are loved for their flexibility and convenience.
Personalization is coming soon
2020 will be the year of AI personalized rewards. They most powerful way to motivate behavior change in employees is, of course, to make it personal. Programs will be designed with secure technology to understand employees better, correlate behavior to results, and suggest more personally meaningful rewards. Enriched by patterns of the rewards a member has searched, clicked or redeemed for, machine learning will be able to truly personalize the shopping experience. A recent study reported that personalized rewards can boost overall program engagement by 70% and increase redemptions by 26%.
Satisfaction is everything
A survey of reward travel executives reported a significant shift in focus, as the most important program success metric is now participant satisfaction, rather than just program usage. This reflects the growing importance of creating rewards that offer rich experiences for redeemers. Whether they enjoy wine tours, skydiving, pasta making, deep sea fishing, or hometown discovery tours, members are seeking to do more with their points. Better still, they are sharing their experiences with fellow employees – a virtuous cycle leading to even more program commitment and usage.
Rewarding more than just top performers
Don’t just award your most visible performers. Expanding a rewards program to motivate all tiers in your company can bring a dramatic boost to your bottom line. A 2019 study reports that highly successful firms were 64% more likely than average firms to design programs with a broad reach rather than exclusively rewarding top performers. Engaging all employees with a creatively tiered program, that mixes sales incentives with peer awards, can build alignment and momentum that will drive overall company growth.
The world’s largest rewards platform.
With Power2Motivate, you can build a program that’s tailored to match your company size and culture, and directly link positive behavior and achievement to tangible, attractive rewards. From the most-wanted wellness devices and brand name products to instant gift codes, cards, and amazing savings, we’ve created the largest portfolio of locally-sourced, globally-available rewards within an easy-to-browse and redeem interface. Contact us today to find out how we can help keep your team members focused and motivated. We can set up a demo of our highly configurable engagement platform, so you can see for yourself just how impactful it can be.