A recent study titled "Loyalty and Engagement Trends 2024," conducted by the Tudo Sobre Investimentos (TSI) platform, reveals that consumers are more demanding and seek both personal and collective benefits to become loyal to a brand.
The survey identified four main trends for 2024:
- Alignment with ESG (environmental, social and governance) values
- Micro-segmentation strategies and personalized interactions
- Alternative currencies and brand differentiators.
- Loyalty ecosystems
According to the study, consumers are increasingly interested in companies that promote initiatives for the benefit of society and the planet. Furthermore, 71% of consumers expect personalized interactions, according to data from McKinsey & Company cited in the report.
Alloyal's CEO, Aluísio Cirino, a loyalty tech specialist, comments on the trends: "Beyond points and discounts, consumers want experiences, personalized benefits that meet their needs, desires, and wishes." He emphasizes that 84.3% of Brazilians do not object to sharing their data with companies, as long as it results in personalized programs.
The study also highlights the importance of "alternative currencies" in building deeper relationships with customers, citing the Bond Brand Loyalty/Visa Loyalty Report 2023.
Finally, the McKinsey & Company document mentions the "zero consumer," one who is concerned with socio-environmental issues. Cirino observes that "products with ESG labels not only sell more than competitors without certification, but their brands tend to be more loyal to the customer."
These trends indicate a significant shift in the loyalty market, with companies needing to adapt to meet new consumer demands in 2024 and beyond.
