Rewards and incentives software offers businesses a platform to send rewards to their customers, partners, or employees. Business accounts are tracked and managed through online portals, where incentives can be purchased and delivered using a simple interface. The types of rewards offered may include gift cards, prepaid cards, vouchers, or tangible gifts. Some platforms offer a rewards API for businesses to automate incentive delivery through their own website or application. These providers curate a rewards catalog through partnerships with online merchants, retailers, restaurant chains, travel agencies, or other entertainment companies and resell or manage the distribution of the rewards.
Rewards and incentives software can be used in a variety of ways. The most common one is corporate gifting software, which focuses on rewarding employees to boost employee engagement and satisfaction. Additionally, there are B2B rewards and incentives, including channel partner promotions, sales incentives, client gifting, etc., to nurture or convert qualified leads and reward loyal partners. On the flip side, there are B2C rewards and incentives that cater to rewarding loyal customers and boosting brand loyalty and customer advocacy. Lastly, there are research incentives that typically reward research and survey participants for market research purposes to drive participation in research studies.
Marketing, sales, and human resources (HR) teams utilize reward and incentives software to reward loyal customers, incentivize referrals, and boost employee engagement. Some rewards and incentives platforms may not include built-in features for managing relationships with recipients or identifying customers and employees worthy of recognition. Instead, businesses can use performance management software to help identify standout employees or loyalty management software to create a customer loyalty program.
To qualify for inclusion in the Rewards and Incentives category, a product must:
Provide a catalog for digitally sourcing and delivering rewards such as gift cards, vouchers, or tangible gifts
Be intended for rewarding a business’s customers, employees, or partners
Allow users to track rewards at every stage, from delivery to redemption
Include features for managing budgets and spending for rewards
