At its prime, it was the go-to company for renting movies and games. It reached revenue figures of US$6 billion dollars in 2004. But with the rise of Netflix, Blockbuster remained stuck in the past and ignored the way the world was changing around it. The way consumers wanted to consume media. The way consumers wanted to pay for media consumption. Blockbuster failed to accept change, failed to embrace innovation, and this ultimately led to its demise in 2010 when it declared bankruptcy.
This is exactly where paper and plastic loyalty cards are heading.
Every business wants to thrive. No business wants to go bankrupt (one would hope). So as you start to build your loyalty program, here are 6 reasons why you need to go digital so that you can truly increase customer loyalty and avoid ending up as the next BlockBuster.