Point economy returns to the market, digital upgrading and comprehensive effect

        In response to the trend of mobile payment and digitalization, member management and point economy have once again become prominent in enterprise management. By seamlessly connecting customer journeys with technology, membership economy will be more effectively triggered. In recent years, the group's integrated efficiency and retail planning headquarters has coordinated and integrated the resources of various related enterprises of the Far Eastern Group, which is operated by group members with a view to creating cross business opportunities. This article will analyze the process and key of membership points management, and introduce the comprehensive strategy of gold points under the post epidemic situation, how to help the group close down enterprises and detonate more business opportunities.

        "Point economy", a well-known term, has gone through three waves of evolution in today's era of digitalization and membership management, raising another upsurge in the era of epidemic.

                At the beginning of member point exchange, feedback from early bank bonus points will promote consumers to choose their own bank's credit card when paying; Supermarket and supermarket set point stickers, in the form of full gifts, improve customer orders, stimulate revenue growth, and promote the first wave of set point boom. However, paper points are not easy to save, often lost or not carried, and accumulated points are not easy to query, resulting in overdue points, or points are not enough to exchange for desired gifts... Etc., all kinds of pain points make consumers think points are useless.

        In 2014, with the rise of line pay, JIEKOU and other mobile payments, the competition of credit cards tended to be white hot. Banks gave back 3% of points, accumulated points on mobile phones, and there was no need to carry a centralized membership card. At the moment of payment, points could be seen and deducted in real time, which solved the pain points of consumers using points in the past, thus setting off a second wave of points. However, only banks can provide more than 1% feedback, and mobile payment can be used across channels. For channels and brands, the cost can't be borne. Point marketing activities are in the hands of mobile payment operators, which can't let consumers return and buy back in the original channel. Finally, banks lose blood, and channels can't effectively retain members.

        Mobile digital tools assist in point opportunities

        With the popularity of smart phones, consumers have been accustomed to using mobile apps with specific functions in recent years, and retailers have also vigorously promoted their own apps. Starting from the consumption journey of members and the overall service, all online and offline transactions, parking, ordering, integrating accumulated points, discounts, payments, completing the payment process at one time, and clicking to exchange coupons and commodities can be exchanged through apps, Make the use situation of points more diversified, and the point value of non-point and Yuan makes marketing activities more flexible and effectively stimulate buying. For example, the increase of point value in a specific period can promote consumers' current consumption; Multiple cumulative point feedback makes consumers feel about points, and then promotes the next repurchase. The third wave of point economy is not only the evolution of vehicles and the solution of pain points, but also the upgrading of channel's loyal service to members. In the 2021 mobile payment consumer survey released by the Institute for information industry r&d Center (MIC), 87% of mobile payment users are accumulating points, and up to 99% will use points, which shows that the behavior of accumulating discount points has become the basis for the development of mobile payment finance.

        Far Eastern Group has a variety of industries including retail, telecommunications, restaurants, hospitals, education, bank securities, etc, providing goods and services for food, clothing, housing, transportation, education and entertainment, and connecting various industries with happy go platform. Under the third wave of points, with happy go pay launched in 2019, the whole payment ecosystem is fully connected, and happy go pay is embedded in the apps of the group's related enterprises with innovative thinking. In addition to facilitating the use of multiple channels by members after one-time binding, it is more important to gradually cultivate the concept of group members, so that happy go points are deeply rooted in the hearts of consumers. The initial strategy is to vigorously promote the download, binding and use of happy go app. Based on the ten million members of happy go, we will increase the number of download registrations. At the same time, each retail channel will also actively strengthen the digital transformation. According to the attributes and needs of members in different channels, we will optimize the app use experience and increase service functions, and then gradually contribute the channel to loyal members, guide them to download their own apps, so as to facilitate communication and member management.

        Point and payment comprehensive effect plus multiplication win to the new economy of point and gold

        Entering 2022, the comprehensive effect strategy has entered the second stage, aiming at the diversification of the point mechanism and the digital diversion between related enterprises, and then closely connecting the group's related enterprises, consolidating the group's members and maximizing the group's advantages. The point mechanism of happy go is diversified. In the past, the cumulative validity period of points was the end of the next year. Most consumers use points during the anniversary celebration of department stores, and the activity operation is relatively limited. From 2019, new time limited points can be added, and the point expiration date can be flexibly specified. According to different marketing activities, the designated date of consumers can be provided, or three months, half a year, 12 days of anniversary celebration... And other different expiration dates can be provided to stimulate consumers to pay points, It can not only shorten the repurchase period of consumers, but also flexibly provide different options for redemption points. The accumulated points can be accumulated according to the number of purchases, cumulative amount, cross brand, and even cross channel, so that the marketing operation can be expanded from the original single channel to the whole business district, and cooperate with the department store channel to benefit consumers and give play to the benefits of joint marketing.

                The point for coupon mechanism of happy go app combines with member data clustering / time-sharing accurate marketing. The app has been able to effectively touch young, high-quality members with high consumption power and high adhesion, and lead retail lost members back to stores for consumption through marketing activities. The consumer industries under far eastern group can play a comprehensive effect through the connection of points and payments, especially the main customers who use far Eastern International Bank happy credit card with happy go pay, can promote the download of Far Eastern Department stores, SOGO, far eastern big city shopping malls, a.mart and other channel apps to provide online and offline transactions, discounts, parking, ordering Delivery and other complete digital services. Friday Shopping will also provide happy go discount regularly, so that group members can use points more conveniently, whether offline or online; Far EasTone telecommunications bill discount is also the best way for members to redeem small points. By pooling group resources, happy go points can be used in a broader range, widely connecting customers' life situations.

        Covid-19 epidemic has not only accelerated the pace of digital transformation of various industries, but also changed consumers' shopping behavior. Consumption habits such as online shopping, delivery and zero contact mobile payment have been gradually formed, and the virtual and real integration of service channels is an inevitable trend. "One person goes fast, and a group of people go far". In the future, the speed of cross-border ecosystem integration will accelerate, and the uncertainty and complexity of the market will continue to increase. Through the joint efforts of the relevant enterprises of the group, through the mutual diversion of digital tools apps and online and offline, points are used as an incentive medium to improve sales performance and member satisfaction, so that points can be more seamlessly integrated with consumer payment. Through happy go membership and point economy system for a long time, combined with various services within the group, we can play a comprehensive effect to improve customer adhesion and obtain more members, maximize the lifetime value of customers in Far Eastern Group, and create a win-win situation for customers and enterprises.

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