How Thriwe is building a culture of appreciation through its ‘Earn and Burn’ loyalty programmes

New Delhi: With more brands and more brands stepping into the market every day and with more options to choose from, the Indian customer is now spoiled for choices. Customers today see a better discount on another brand, they jump and seize the opportunity in an instant dropping their brand loyalty in the bin. 

Dramatic shifts in consumer behaviors, and technological advancements, the sentiments around customer loyalty programs are also evolving. From merely earning points and incorporating gamification, customer loyalty programs such as ‘Earn and Burn’ have undergone a serious transformation.

Driving this transformation is Thriwe, a multisector-oriented solution for loyalty programs and benefits globally that is working towards re-modelling consumer loyalty with its tailor-made loyalty programs. In an interview with BestMediaInfo.com, Dhruv Verma, Founder and CEO of Thriwe highlighted the significance of customer retention he said, “The cost of acquiring a new customer is always always much more than the cost of retaining an existing customer.”

An evolving landscape

For businesses planning to retain their customer base with point-based transactions where users could unlock rewards based on usage and purchases, it is important to note that such customer loyalty programs have now become a relic of the past.

Customers today want an overall smooth experience versus just rewards and points and this is where Thriwe’s ‘Earn and Burn’ loyalty programs step in. Describing Thriwe’s platform as “State of the art,” Dhruv Verma said, “Our platform allows businesses to set up rules and parameters for earning and redeeming points. These rules can be based on transactions, behaviour, milestones, and other factors. The engine then tracks customer activity and automatically awards points based on the rules set by the business.”

Expanding the portfolio

Adding to its list of offerings, the Software-as-a-Service (SaaS) platform recently unveiled its latest offering Thriwe Culinary - an end-to-end digital dining platform. Poised to redefine the way enterprises offer dining benefits to engage their customers, Thriwe Culinary focuses on enterprises and their consumers while most dining platforms available today are direct-to-consumer and retail-focused.

The culinary program will have fine dining options, quick service restaurants (QSR), and premium dining chains from India as well as across other countries. It seeks to further offer its esteemed clients a range of benefits from mass to affluent to privileged categories to suit various end-user demographics and cost economies of the client. 

The mantra for customer loyalty

Not just merely tracking consumer behaviour, the technology employed by Thriwe does more than that. It also provides businesses with analytics and reporting tools that help them track the effectiveness of their loyalty programs.

Verma believes that there are three key aspects of any loyalty program. “There is consumer, there is technology, there is supply. If those three are mixed reasonably well and are kept up to date with what's happening from a UI/UX perspective, you get a winning output,” he elaborated.

Pulling up the socks

When asked about the challenges of running a dynamic customer loyalty program Verma said, “We have to run large teams and run large deployments because no two platforms can be the same. There is a massive investment in servers because we need to keep every code separately. Thus, it becomes a much more costlier affair as compared to running a single source, single brand tech engine.”

Something else that keeps Verma on his toes, constantly in search of new ideas is the reduced attention span of Generation - Z. Known for shifting allegiances in the blink of an eye, designers of loyalty programs are perpetually scratching their heads identifying ways to keep Generation-Z customers stay “tucked in.” 

Expressing his thoughts on the subject, Verma said “The rate at which innovation happens for a non-Gen Z client set, vis-a-vis a Gen Z client set, will be much, much faster. I'll have to offer them something today, be fit up, give them something much better and good looking after three months.”

The road ahead

If media reports are to be believed, loyalty programs in India will grow at a rate (CAGR) of  15.7% from 2023 to 2033. To stand out in a competitive environment Thriwe is trying to set itself apart by bringing in new offerings and upgrading its ‘Earn and Burn’ programs with an extensive range of redemption mechanisms. Customers can redeem their points for gift vouchers, exchange them for cash, buy stocks, get discounts, unlock offers, and many more. 

Looking ahead, Verma envisions Thriwe as becoming a stepping-stone in creating a culture of appreciation. By acknowledging and celebrating achievements, companies foster a positive work environment. This not only boosts morale but also enhances employee engagement, loyalty, and overall productivity.