Digital rewards solutions provider Reward the World has introduced Duty-Free Cash – a new loyalty programme service that allows its members to redeem their accumulated points at travel retail outlets around the world.
The initiative was unveiled earlier this month, at the TFWA World Exhibition in Cannes. The service will go live in selected test international airports by December.
Duty-Free Cash was created to enhance to the shopping experience for frequent flyers, and to drive passenger footfall. It also aims to fully harness the engagement potential of loyalty points, often an under-utilised asset.
According to a report by Colloquy, in 2017 there were around US$360 billion worth of unredeemed loyalty points worldwide – a number which has since increased by an estimated +30%. Reward The World emphasised how this was not just a missed opportunity for consumers, but offered significant potential for businesses to engage and retain their customer base.
Duty-Free Cash: driving loyalty & engagement
“With this innovative new service, we’re bridging the gap between loyalty programmes and real-world utility,” noted Duty-Free Cash Co-Founder Filip Soete, the well-regarded former Chief Commercial Officer of Nice Côte d’Azur Airport. “Now, every time you travel, your loyalty points will pave the way for a more enriched retail experience.”
“At a time when airport retailers are seeking innovative solutions to drive foot traffic and revenue, this initiative presents a fresh approach,” explained Reward the World Founder and CEO Denis Huré. “With Duty-Free Cash, it’s a win-win – consumers get more bang for their buck, and retailers get a more engaged and motivated audience.”
Reward the World is collaborating with a vast network of duty free doors, including regional airports and international hubs, to establish its new Duty-Free Cash programme. The objective is to ensure that loyalty points can be redeemed in duty free stores at over 100 international airports by 2024.
The service is said to incorporate seamless technology integration, designed to allow instant conversion of points to local currency value, making transactions fast and hassle-free. The Duty-Free Cash programme will also feature exclusive deals and offers.