What is Loyalty Program? It is nothing but a system employed by companies to offer various rewards to loyal customers. A loyalty program is an organization or tool adopted to keep good clients by offering them various incentives such as cashback, merchandise, vouchers, freebies etc. It is also known as reward program. It helps in increasing customer retention and providing the required incentive for people to remain with the organization. Why should a company offer loyalty programs? One of the prime reasons behind offering loyalty programs is increasing customer retention. Companies design such programs to inspire loyalty from customers. They offer products or services that are not only qualitative but also of high price. Such incentives make customers stay with the organization and continue to be customers for a longer period of time. Incentives offered through customer loyalty programs help in increasing brand awareness. These programs are conducted through different marketing strate...