Episode Timestamps:
02:40 - Who is Tim Dardis, and why he's speaking at MAG
09:05 - Merchant Advisory Group (MAG) 2023 conference themes
11:02 - Payments and Marketing working together
16:00 - How embedded fintech makes it easy to launch "out of the box" loyalty programs that replicate the world’s leading programs
21:35 - Retailer loyalty innovation examples: Home Depot, Lowes, Airbnb, and more.
24:00 - What’s next after buy now pay later (BNPL)? Offering your customers savings accounts for future discounts on future purchases.
27:21 - Innovation opportunities that start with loyalty: Tying loyalty to a broader financial services
29:40 - Using digital assets for rewards program adoption and to drive app engagement
31:30 - How do established loyalty programs continue to innovate?
33:10 - Using financial services to capture customer data from outside your four walls
In recent years, many retailers have been expanding their lines of business beyond selling physical goods for which they are known. Looking to build on existing relationships and expand engagement, enterprises ventured in to financial services, made possible through embedded finance. By offering a range of financial products to their customers, retailers are opening up whole new channels of revenue and providing a valuable service to build customer loyalty.
The necessity for retailers to bolster their offerings became clear as the trickle-down effects of COVID-19 began to hit far-reaching areas of the global economy. Supply chains worldwide were disrupted, making it impossible to rely on a predictable schedule of goods. Combined with a wave of inflation, the need to diversify revenue channels became a viable path to sustainability for the world's top retailers.
Fast forward to early 2023, and service channels have become the main focus of retail customer loyalty and retention. Financial services are a key element — capturing wallet share and guaranteeing future sales to create unmatched opportunities for retailers to keep customers engaged.
Listen to the latest episode of Embedding the Future of Finance, where Alviere VP of Business Development and Strategy, Tim Dardis, joins Jay Saling to discuss how embedded finance technology drives practical innovation, and the way retailers approach customer loyalty.
