We closed out Day 1 of the Summit with a discussion of Ecommerce and Retail – Loyalty + Cashback – Driving Incremental Value for your Business. Impact.com sponsored this panel and it was moderated by AffiliateINSIDER’s CEO and Founder Lee-Ann Johnstone.
The experts offering insight on this panel were:
- James Little, Group Commercial Director for TopCashback
- Heather Peebles, Head of Affiliate Partnerships at Reward Gateway
- Brian McGuigan, UK Partnership Director for Klarna/Piggy
- Choots Humphries, Co-Founder of LinkConnector
- Florian Gramshammer, Managing Director for EMEA at Impact.com
Despite having only one hour for the panel, they were able to offer insights across a variety of different topics. Let’s have a quick recap of what was discussed.
Should brands be leveraging brand models of cashback?
Ecommerce and retail are key areas of affiliate marketing, and yet there are some affiliates out there that are not leveraging every strategy open and available to them. One that is not often used is that of cashback. Our experts had some important thoughts about the importance of a cashback scheme.Heather thought that having an employee benefits scheme is important if you want to keep employees happy. Though a cashback scheme is usually viewed from the angle of the customer, it can be of massive benefit to employees too.
Choots highlighted that there can be a lot of scrutiny from brands when it comes to cashback rewards. It can be a good idea to look at what competitors are doing to see if they offer something similar. The e-commerce and retail industry is incredibly loyal. This loyalty is hard-won, however, so brands must do what they can to catch and keep it.
James said that customers were approaching them. This approach is much more forward-thinking than what you might have seen from cashback sites in the past. It is a clear indicator that this is an area that has been evolving. If a brand has a perception of cashback sites based on the past, it should look at where the industry stands today as it might be very different.
Brian added that cashback and loyalty could be used to further brand awareness and product sales. This is one of the most crucial parts of any business after all, and so brands must be prepared to embrace strategies such as cashback which will then allow them to drive sales.
How should affiliate managers amplify relationships to help their program?
It is often the role of the affiliate manager to amplify key relationships within their sector, for the benefit of their program.Heather suggested looking at how people behave in terms of spending habits and buying intentions. It is the role of the brand to ensure that the online experience their customers receive is always updated and capable of keeping shoppers engaged.
Choots pointed out that brands must consider different ways to engage their audience. There are so many options out there and each one might be preferred by the individual customer. Brands must look at how customers are getting to their buyer decision.
James also noted that competition is incredibly high at the moment. The eCommerce and retail sector is saturated with different brands, all competing for attention. However, within that, it is vital to consider this competition as a key part of the e-commerce and retail industry, and important when it comes to building relationships and looking at how a brand might build further in the future.
Brian also spoke about how incentives are key – and always will be. This is something that will never change no matter how the world around us might change, or even how the online shopping experience might change. It is vital, therefore, that brands are as adaptable as can be.
What affiliate managers need to know about loyalty and cashback
Ecommerce and retail are one of the biggest areas of affiliate marketing, and brands must be prepared to embrace a variety of different strategies if they are to push loyalty and sales. One way in which they can do this will always be with cashback.Though it is something that many have been reluctant to embrace in the past, the industry has changed. Nowadays, cashback can be a very viable and lucrative area to consider. Affiliate managers should consider it if they are involved in the world of e-commerce and retail.
We learned how to AMPLIFY our affiliate marketing and now it is time to ELEVATE. Get signed up for the AffiliateINSIDER Elevate Summit in June now and get ready to learn more about the biggest marketing trends of 2022.
Make sure to also check out the full video for the Ecommerce and Retail – Loyalty + Cashback – Driving Incremental Value for your Business panel to gain the full benefit from everything our experts discussed.