ECommerce brands use loyalty programs mainly to increase their customer base and retain old customers in today’s competitive market. Loyalty programs like Myntra Insider rewards and encourage customers who purchase from the company frequently. Customers earn Myntra Insider Points for joining the loyalty program and shopping on the site. 

Benefits of loyalty programmes

Let’s take a look at the top 5 benefits of loyalty programs:

1. They help in attracting new customers

Loyalty programs like Myntra Insider attract new customers by giving many privileges to them. The new customer feels delighted to get perks and privileges for being part of the program. The customer can earn Myntra Insider Points for shopping on Myntra website or app. For example, if he buys personal care products on Myntra, he can earn 10 points for every hundred bucks spend on shopping. 

2. They help in retaining old customers

Apart from rewarding customers with discounts, offers, and points, loyalty programs also focus on customer recognition. They provide exclusive personalized offers to old customers, thereby retaining them. Customers can get early access to sales and product launches. As a result, they will feel special and stick to the brand. 

3. They help in increasing conversions

By retaining old customers and attracting new ones to the online store, loyalty programs result in the increase of repeat purchases from each customer. As a result, the total revenue of the brand increases.

4. They help in increasing the CLV (Customer Lifetime Value)

Data on Customer Lifetime Value includes how often a customer purchases from the site, the amount of money he spends, and for how long the customer has stayed with the brand. Loyalty programs like Myntra Insider increases the customer lifetime value that can greatly benefit the business. For example, when the customer earns Myntra Insider Points, there is a high chance that the customer will purchase from Myntra again in the near future. 

5. They help in collecting customer data

Every brand wants to collect data about the purchasing behaviour of customers so that they can make their customers happier. Loyalty programmes help the brand in conducting special research to find out what makes the customer purchase a particular product. This allows the brand to create exclusive and personalized offers for their customers. 

Types of Loyalty Programs

They are various kinds of loyalty programmes such as points programs, tier systems, subscription programs, and cashback programs. 

Myntra Insider is a points program that is open to all the registered users on Myntra. No membership fee is required to join the program. The customer earns Myntra Insider Points for each purchase. 

How to Use Myntra Points?

The Myntra points can be translated into discounts and offers. The offers include early access to various sales and product launches along with priority customer care. The Myntra points can also be redeemed for subscription to partner services of Myntra such as Zomato, BookMyShow, BigBasket, Gaana, PhonePe, and others. 

The Myntra Insider programme categorizes its members into various tiers based on the points they have collected: Insider (0-500 points), Select (500-1000), Elite (2000-4999), and Icon (above 5000). The higher the tier, the more privileges the customer can expect. Loyalty programmes benefit both brands and customers. They are a perfect win-win strategy.