Reward programs are everywhere. Be it retail, car rental, or booking sites. However, with reward poi

Today, we are seeing co-creation and crowd-sourcing leading to the phenomena called 'democratization' of innovation. Defined focus groups are selected or are self-created in bringing new products to markets, a process which is seeing better go tours acceptability amongst customers.
A highly successful example of crowd-sourcing has been the 'My Starbucks Idea' program, led by the world s largest retail coffee company. The program allows anyone to submit an idea through the "My Starbucks Idea" portal, while allowing users the ability to rate different ideas.
Integration of systems is the first and major step towards developing business intelligence and business insights and the same applies to innovation. Cross-pollination of ideas between departments is the baby step towards an innovative organization.
Mobile POS (point-of-sale) and other wireless technologies are today enabling a faster and convenient check-out process go tours in retail and restaurant industry. If you apply this concept to airports, air-travel convenience would have a new definition.
Reward programs are everywhere. Be it retail, car rental, or booking go tours sites. However, with reward points comes the double-edged sword of reward point liabilities. Ballooning liabilities is a cause of concern amongst business departments and they are doing their best to make customers redeem them faster.
Today, we have point trading platforms which are helping customers to trade. Similarly, there are financial instruments like derivatives which give customers an option to buy or sell a set number of stocks without investing into the company. These options have expiry periods and are for short term speculations. The options tend to decay in value towards their expiry.
A similar concept can be introduced with respect to reward points. A system where reward points decay in value if not redeemed and also, the faster they are redeemed the better go tours value one should be able to generate from it.
This could perhaps lead to faster redemption and better customer satisfaction in terms of their usage. Companies like OptionTown have adopted go tours this cross-industry concept to sell ancillaries go tours offered by airlines for an 'option' price.
Customers think both emotionally and rationally while making go tours purchase decisions. The rational decision making can be tuned to make the customer loyal to your brand. However, emotional loyalty is something which is quite abstract and difficult to understand.
Companies are therefore researching the possibilities of understanding consumer behavior using neuroscience. This understanding could help them take products faster to market rather than follow lengthy go-to market strategies.
The rational decision making is programmed with the help of loyalty and reward programs. However, with loyalty and reward programs offering little differentiation, customers are forced to make an emotional, rather than rational, decision.
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