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Journal|[J]European Journal of Operational ResearchVolume 299, Issue 2. 2022. PP 621-630
Impact of loyalty program investment on firm performance: Seasonal products with strategic customers
摘要 / Abstract
顾客忠诚计划经常被零售商用作一种重要的营销工具。作为忠诚计划( LPs )的一个基本要素,零售商投入的奖励金额往往与零售商的利润和顾客行为联系在一起。我们考虑一个零售商谁出售一种类型的产品在两个时期的战略客户。零售商进行库存订货和忠诚计划投资决策。客户决定是否立即购买(在时期1)以获得产品和奖励,或者等待降价折扣,但面临缺货的风险。我们主要关注三个问题:( 1 )忠诚回报投资决策如何影响战略顾客行为? ( 2 )当投资于忠诚计划时,零售商的最优决策和利润是什么? ( 3 )影响奖励投资决策的因素有哪些?我们发现,投资于忠诚计划会诱导更多的客户提前购买,从而导致更高的库存订购决策和更多的零售商利润。奖励投资的收益受产品成本和客户对产品的估值影响显著。我们的结果为LPs的报酬投资决策提供了新的启示。对于具有高利润率和市场决定价格(估值近似价格)的产品,零售商应该投资于忠诚计划,以实现更好的利润。
Customer loyalty programs are often used by retailers as an important marketing tool. As an essential element of loyalty programs (LPs), the reward amount invested by the retailer is often linked to retailer's profit and customer behavior. We consider a retailer who sells a type of product in two periods to strategic customers. The retailer makes inventory ordering and loyalty program investment decisions. Customers decide whether to purchase immediately (in period 1) to receive the product and reward, or to wait for a markdown discount but face the risk of stockout. We have focused on three main questions: (1) How does the loyalty reward investment decision impact strategic customers’ behavior? (2) What are the optimal decisions and profits for the retailer when investing in a loyalty program? (3) What are the factors influencing the reward investment decision? We find that investing in the loyalty program induces more customers to make an early purchase, leading to a higher inventory ordering decision and more profit for the retailer. The benefits from reward investments are significantly affected by the product's cost and customers’ valuation of the product. Our results shed light on the reward investment decision of LPs. For products with high profit margins and market-determined prices (valuation approximates price), the retailer should invest in a loyalty program to achieve better profits.
关键词 / Keywords
或者在营销方面; 忠诚计划; 战略顾客; 奖励投资; 新闻发布者
核心评价 / Indexed by
研究要点 / Highlights
●Analyze the impact of loyalty programs on strategic consumer behavior and retailer.;●Consumers compete for discounted goods and debate whether to buy at full price with reward points.;●Retailers invests in loyalty program and optimize inventory decision jointly can increase profit.;●Reward investment depends on product cost, discount price, and customer valuation of product.;●Loyalty program benefits product with low margin, mid-discount, and market-determined price.
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