Ninety percent of retailers say enhancing our expanding their loyalty programs is a priority this year, according to the 2021 Loyalty Industry Data Study.
But with dozens of loyalty vendors out there, choosing the right one is a daunting task.
That’s why many retailers rely on independent reviews from industry analysts, like Forrester. The Forrester Wave ™: Loyalty Solutions is one of the most comprehensive and respected loyalty vendor reports in the industry.
Here’s more about what it is, the scoring breakdown, and how to read it.
What is the Forrester Wave?
Simply put, The Forrester Wave is a guide for buyers considering their purchasing options in a technology marketplace.
Forrester uses a publicly available scoring methodology to compare and score companies in the tech space, based on objective criteria, so that retailers can make informed, unbiased decisions when it comes to purchasing technology and working with technology partners.
To prepare these Waves, analysts at Forrester research products and services that have attracted enough market interest to qualify.
Then, they decide which criteria these top performers will be measured against to determine if they will be able to participate in a detailed evaluation for the Wave.
After going through a process that involves evaluation, demos, and customer feedback, the Forrester Wave ™ gives companies a direct overview of the products and services these larger market players offer, along with comparisons to others in their category.
For example, the Forrester Wave: Loyalty Solutions evaluates the product features and services offered by the most significant players in the loyalty space and compares these companies against each other.
What is the Forrester Wave: Loyalty Solutions?
Nearly two-thirds of customers say their loyalty is more difficult for retailers to maintain than ever before, according to the 2020 Premium Loyalty Data Study.
Loyalty is more important than ever before and that’s why brands need help here.
The Forrester Wave™: Loyalty Solutions is one of the most important tools for helping brands decide which loyalty vendor is a good fit for their business.
The most recent version was published on April 5, 2021 and evaluated 14 of the most significant loyalty vendors based on 28 criteria.
Loyalty vendors in this Wave were required to offer both a loyalty technology platform and provide services to support loyalty efforts, as well as generate strong customer interest.
Clarus Commerce in the Forrester Wave™: Loyalty Solutions
Clarus was among 14 loyalty solutions companies to be evaluated based on current offering, strategy and market presence.
Forrester identified Clarus Commerce as a “Contender” while noting the company “has built a niche loyalty technology and services business, and articulates a strong case for premium programs.”
According to the report, “Clarus has exhibited steady revenue growth and increased its client base in 2020 by 18% – a testament to the value of loyalty marketing during the pandemic.”
Further, the report states that “services star as Clarus Commerce’s primary strength, as reflected in its nearly 100% client retention for each of the last three years.” Clarus received a 5/5 rating in six criteria: testing and optimization, strategy and analytics services, program management services, creative services, client retention and growth.
If you’re looking to launch or revamp a loyalty program for your brand, or just want to chat with a loyalty expert, contact us here. We’re here to help.