A majority of U.S. consumers participate in loyalty programs, but many leave their rewards unclaimed. Marketing firm Bond Brand Loyalty estimates that $100 billion loyalty points go unclaimed.
A recent study by Accenture found that 77% of consumers participate in some kind of a retail loyalty program, 46% have joined a hotel program, and 40% are part of an airline program–up from 72%, 36%, and 31% over the last year, respectively.
For consumers, the promise of loyalty programs are the rewards. So, it makes sense that if they aren't redeeming points, they may not feel as though that promise is fulfilled. According to the Bond report, redeemers are twice as likely to be highly satisfied with their programs than non-redeemers, and only a quarter of loyalty members are very satisfied with the level of effort required to earn a reward or benefit.
Another stumbling block is that people have no idea what benefits they qualify for because they don't know their points levels. According to the report, 57% of members don't know their points balance, and 38% are unaware of their points value.
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