News - Salesforce announces new Loyalty product
January 12th, 2021. Salesforce has announced a new Loyalty Management product which has been built on the company's Salesforce Customer 360 Platform for release in February 2021. Note this is distinct from both its B2C Commerce and B2B Commerce platforms. All three are separate products.
The Salesforce announcement points to a McKinsey report claiming 37% of consumers have tried a new brand since the start of the 2020 pandemic with 80% of those intending to continue with that behavior.
Loyalty Management has been designed to be suitable for both B2C and B2B customers. Salesforce claims the product will help businesses to build personalized offerings for customers and help them move away from points-based loyalty schemes.
David Schmaier, CEO, Salesforce Industries, is quoted in the announcement as saying "Loyalty Management allows companies across industries to evolve their loyalty programs from a transactional to a human-centric approach capable of creating personalized, relationship-building moments with each customer".
Salesforce Industries is the new name of Vlocity, a $1.33bn acquisition of Salesforce announced in February 2020, where Schmaier was CEO and Founder. Vlocity built six industry-specific CRM packages on top of the Salesforce platform.