At the recent London “What’s In Store for Retail Media Networks” event, one session delved deep into a crucial enabler of retail media growth: loyalty. In the 12th session of the day, Ben Reynolds, VP of Business Development at Walkbase, hosted a panel featuring Mrinalini Chowdhary, Director of Strategy & Insights EMEA at Epsilon, and Paul Smith, Senior Innovation Director at SMG. Their discussion offered a fresh perspective on loyalty as more than just a data source — it’s a strategic tool for delivering emotional, contextualized, and commercially-impactful customer experiences.
Chowdhary was quick to challenge traditional notions of loyalty. “We need to let go of the idea that points and rewards alone build loyalty,” she said. Instead, brands must focus on value exchange—trading customer time and trust for relevant, personalized experiences.
We’re in what she described as the “Age of collaboration,” where co-branded initiatives have evolved into co-created value. Think Boots on Deliveroo, or Morrisons via Amazon and Uber Eats. These aren’t just distribution channels; they’re meaningful extensions of the customer journey.
Smith echoed this sentiment, pointing to the rise of “member pricing” across UK retail. While customers appreciate perceived value, retailers must ask themselves whether these schemes foster true loyalty or simply drive discount-driven engagement. “It’s about building trust and offering a long-term reward that’s worth working towards,” he said, citing American Express as a brand that gets this right.
The most effective loyalty programs, Chowdhary argued, are emotionally resonant, simple to understand, and rich in brand identity. She praised Sephora for creating a sense of community, and Dior for its creative use of gamification — earning charms to unlock gifts — turning customer interaction into habit-forming micro-engagements.
Smith added that, while gimmicks like digital scratch cards have limited appeal, apps like Duolingo provide a compelling blueprint. “Daily streaks and progress loops create real motivation,” he said. In retail, similar mechanics can encourage healthy habits or reward shopping milestones — transforming sporadic shoppers into loyal brand advocates.
Both panelists acknowledged the growing potential of in-store data to power smarter retail media and loyalty strategies. Smith pointed to the promise of tying screen impressions and location data to post-visit retargeting — delivering personalized ads based on what a shopper saw but didn’t buy. But integration remains a challenge.
“Retail media and loyalty teams often operate in silos,” he noted. “Aligning KPIs across departments is essential if we want to unlock the full value of this data.”
Chowdhary sees the potential too — especially in encouraging “check-in” behavior through in-store QR codes or app scans. These micro-engagements can then feed into loyalty programs, creating richer customer profiles while offering tangible benefits like bonus points or tailored offers.
For retailers looking to build or revamp loyalty programs, Chowdhary’s advice was clear: start with the ‘why’. “It’s not about what you’re offering or which tech you use. The first question is: why would a customer care? What’s your promise to them?”
From there, retailers must craft a program that’s:
Smith noted that opt-in strategies are another barrier. “You don’t want to keep asking loyal customers for more permissions. The value exchange needs to be obvious from the outset.”
Both speakers agreed that the next few years will bring more innovation — especially in the form of tiered subscriptions, predictive targeting, and real-time personalization. “Loyalty needs to become dynamic, emotional and intelligent,” Chowdhary summarized.
For Smith, the future lies in simplification and seamlessness. “Retailers need to make it easier for brands to collaborate, and easier for customers to feel like they’re getting something real in return.”
The session ended with a challenge — and an opportunity. As retail media networks continue to mature, loyalty will be the bridge that connects data with context, clicks with bricks, and brands with lasting customer relationships.
You can watch the full masterclass here. You can access all of the masterclasses from the What’s In-Store for Retail Media Networks event in London here.
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Explore every session from London’s What’s In Store for Retail Media Networks event here.
