Brands are rethinking their marketing tactics in China, as the world’s second-largest retail market matures and customer behavior evolves.
Instead of chasing growth through discounting drives, brands are turning to customer membership programs to generate revenue over the long term, according to a new report by consultancy Bain & Co.
We sat down with one of the report’s authors, Bain Partner James Yang, to discuss what makes a winning loyalty program.
James draws on examples from global marquee brands such as Costco, an American multinational corporation that operates membership-only big-box retail stores, French beauty products retailer Sephora and e-commerce giant Alibaba Group’s 88VIP program to illustrate how brands should design rewards programs.
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