Payments technology leader North Lane Technologies (North Lane) today released its third Consumer Incentives Report, which revealed that virtual rebates can help businesses improve brand perception and increase customer loyalty by removing pain points associated with traditional rebates.
North Lane surveyed 2,000 respondents in an effort to analyze consumer thoughts around digital payments solutions, specifically virtual rebates. Virtual rebates are digital open-loop cards that are received by email, SMS, or in-app, and can be spent online, via mobile, or in-person using a mobile wallet.
The North Lane report revealed that approximately 91% of consumers would be open to receiving virtual rebates, with consumers between the ages of 18-44 citing long wait times and a complicated process to redeem as their most frustrating experiences using rebates.
The report findings also highlighted how virtual rebates incentivize consumers and increase brand loyalty:
- About 89% of survey takers are likely or somewhat likely to spend back the virtual rebate with the brand that issued it.
- The majority of consumers would use a virtual rebate on necessary products and bills. They view rebates as cash equivalents.
- 60% of respondents have switched from a favorite brand/provider because a different brand offered a rebate.
- Approximately 84% of survey takers reported that the option to receive a virtual rebate improves their opinion of a brand.
“As the world changes, the way consumers shop and use rebates continues to shift to digital. We know brands are placing priority on providing customers with simple, engaging digital experiences,” said Seth Brennan, CEO of North Lane. “Virtual rebates are highly effective at providing an enhanced customer experience and incentive, driving purchases, increased engagement, and ultimately brand loyalty.”
The full report is available here: www.northlane.com/ci-report-2020
ABOUT NORTH LANE TECHNOLOGIES
Headquartered in Pennsylvania, North Lane Technologies, Inc., is a payments technology leader, managing customer, employee and corporate payouts and disbursements across the Fortune 500. North Lane is purpose-built for large enterprise payments. Highly configurable and tooled for rapid deployment, the North Lane platform offers cutting-edge digital payouts to virtual cards, prepaid cards, deposit accounts, and mobile wallets on a global scale. www.northlane.com