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Business Standard
6 days ago
- Business
- Business Standard
How Brands are Reimagining Channel Loyalty: Get Future Ready with Insights from Benepik's 2025 Channel Loyalty Report
PNN Gurugram (Haryana) [India], July 23:In today's dynamic business landscape, where distribution networks drive competitive edge, loyalty programs are undergoing a much-needed transformation. Benepik's latest report, Channel Partner Loyalty: Trends & Challenges Report 2025, sheds light on how India's leading brands are evolving their loyalty strategies to tackle rising expectations, digital disruption, and operational complexity. Despite the growing focus on loyalty, nearly 46% of organizations still struggle to engage their channel partners effectively. Complex redemptions, outdated communication methods, and manual processes continue to dilute the impact of loyalty efforts. However, the report also reveals a strong movement towards holistic channel partner engagement, a model that blends tech-enabled personalization, role-specific targeting, and real-time communication to drive stronger, more sustainable outcomes. Brands that have adopted partner segmentation and mobile-first loyalty solutions have witnessed measurable success, reporting up to 60% improvement in ROI. One of Benepik's clients from the auto ancillary sector even recorded a 3.5x increase in Channel Partner engagement within 90 days of restructuring its loyalty framework. Unlocking Loyalty Beyond Transactions The report draws on insights from a diverse mix of sectors including FMCG, Auto Ancillary, Agri-inputs, Pharma, Construction Materials, and BFSI. The findings make one thing clear: traditional, one-size-fits-all loyalty programs are falling short. In contrast, forward-looking brands are building loyalty ecosystems that prioritize personalization, digital enablement, and ongoing engagement. "This study highlights a clear misalignment between loyalty program design and what truly drives channel partner motivation," said Saurabh Jain, Founder-Benepik. "The opportunity lies in rethinking loyalty not as a reward system, but as an ecosystem strategy that fuels growth, trust, and long-term advocacy. What makes this report truly comprehensive is its inclusion of perspectives from both organizations and their channel partners, offering a 360-degree view of the loyalty ecosystem." The Loyalty Gap: Friction Points That Undermine Impact Despite recognizing loyalty's strategic value, many programs are held back by executional challenges. The top issues reported include: * Complicated redemptions (42%) * Ineffective communication (38%) * Manual processing (33%) * Lack of system integration (31%) These friction points erode trust and lower program adoption. As Saurabh Jain notes, "Redemption is the moment of truth in any loyalty journey. If it's slow, unclear, or delayed, it erodes partner trust instantly." Segmentation and Personalization Are Driving Results Organizations that have moved to segmented programs tailored by partner type be it dealers, mechanics, retailers, or field staff are seeing far better outcomes. Role-specific targeting, combined with real-time dashboards and mobile accessibility, is helping brands deepen engagement even in rural and semi-urban regions. Echoing this shift toward inclusive loyalty, Ratnesh Mishra, GM-Spares & Allied Business at Atul Auto, emphasized the value of consistent, ground-level engagement: "We reached beyond dealers to mechanics and incentivized consistently, not just quarterly. It helped us convert channel touchpoints into long-term loyalty." Missed Opportunities Around Learning and Recognition The report reveals a significant missed opportunity in how brands approach training and channel partner recognition within loyalty programs. While partner education is widely acknowledged as a driver of long-term engagement, only 36% of organizations currently integrate training into their loyalty strategies. Even fewer provide consistent communication or field-level recognition, with most rewards still concentrated on top-performing sellers overlooking key influencers like support staff. Highlighting a more inclusive approach, Shashank Shaikhar, Marketing Manager at Dr. Willmar Schwabe, quoted: "What stood out for us was Benepik's ability to include pharmacy staff, not just field force. Recognition across the entire value chain helped drive brand recall and partner motivation." The Partner's Voice: What They Really Want Channel partners consistently seek simplicity, clarity, and timely gratification. They want loyalty programs that are easy to understand, transparent in progress tracking, and flexible in rewards. "I can now track everything on one screen: targets, rewards, and how to earn more. That makes me want to sell better," says Rajeev Gupta, a retailer based in Delhi. Given the diversity of the channel partner ecosystem, dealers, contractors, retailers, influencers, a unified loyalty approach no longer works. Brands need to create experiences that reflect the unique motivations of each stakeholder. Loyalty as a Strategic Lever Across industries from cement and insurance to pharmaceutical, leaders agree that when executed well, loyalty programs do more than just reward performance; they strengthen relationships, drive consistent sales, and build long-term brand affinity. "Our advisors and loan partners are the backbone of our business, especially in underserved markets, keeping them engaged goes beyond payouts. We've seen that loyalty programs offering transparency, timely recognition, and flexibility help build lasting trust," quoted Rohit Gaur, Head of Product & Strategy at India Shelter Finance Corporation Ltd. "Trade gratification is a game changer. It helped us build stronger retail relationships and drive consistent sales," says Balakrishna Sahu, DGM-Marketing at Dharampal Premchand Ltd. "For a B2B beauty brand like ours, loyalty helps us engage salon owners beyond transactions through upskilling, technology, and co-creation," notes Supriya Agarwal, Head of Marketing at ESME Beauty. "At Dhanuka, we see loyalty as a means to empower our channel by combining timely incentives with knowledge-sharing and grassroots recognition," shares Subodh Kumar Gupta, DGM - Marketing at Dhanuka Agritech Ltd. Each testimonial underscores a common truth: effective loyalty programs are not just incentives they're enablers of business transformation. What's Next: Building Loyalty That's Intelligent, Inclusive, and Impact-Driven The report concludes with a forward-looking roadmap that encourages brands to future-proof their channel loyalty programs by: * Adopting AI-driven personalization * Enabling real-time engagement through mobile dashboards * Integrating training, communication, and recognition * Building emotional connect and community across the channel As Saurabh Jain aptly puts it: "Loyalty isn't won with rewards, it's earned through recognition, relevance, and relationships. The brands that embrace this will lead not only in market share, but in mindshare." About Benepik Benepik is a leading Loyalty, Rewards & Engagement platform, empowering over 700+ brands to engage meaningfully with their employees, channel partners, and consumers. With real-time analytics, gamified programs, and mobile-first tech, Benepik helps businesses turn loyalty into a long-term growth engine. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
Time of India
22-07-2025
- Business
- Time of India
How brands are reinventing loyalty programmes: Benepik's 2025 Report maps the future of channel partner loyalty
In India's fast-evolving channel loyalty ecosystem, where distribution networks are central to business growth and market reach, a new report by Benepik, a loyalty, rewards, and engagement solution, uncovers how brands rethink loyalty to meet rising expectations and operational complexity. Titled 'Channel Partner Loyalty: Trends & Challenges Report 2025', the report's findings highlight that while 46% of companies continue to struggle with low channel partner engagement, largely due to complex redemptions, poor communication, and manual processes, a shift is underway. Loyalty, today, is no longer limited to just rewards and incentives; it is evolving into a holistic channel partner engagement. A growing number of brands are embracing technology-driven, personalised, and role-specific loyalty programmes that deliver a stronger and more sustainable impact. Organisations that have adopted partner segmentation and mobile-first dashboards have seen up to 60% improvement in ROI, with one auto ancillary brand reporting a 3.5x increase in participation within just 90 days of revamping its program. Published as part of Benepik's Channel Partner Loyalty: Trends & Challenges Report 2025 , these insights reflect perspectives from organisations across sectors such as fast-moving consumer goods (FMCG), auto ancillary, agri-inputs, pharma, construction material, and banking, financial services, and insurance (BFSI). The report uncovers how traditional loyalty programmes, often transactional and narrow in scope, are no longer delivering the desired impact. Many of these programmes fail to engage partners meaningfully or adapt to their evolving needs. In contrast, leading brands are now shifting towards tech-enabled, segmented, and partner-centric models that emphasise real-time engagement, personalisation, and long-term value creation. 'This study highlights a clear misalignment between loyalty programme design and what truly drives channel partner motivation,' said Saurabh Jain, Founder, Benepik. 'The opportunity lies in rethinking loyalty not as a reward system, but as an ecosystem strategy that fuels growth, trust, and long-term advocacy. What makes this report truly comprehensive is its inclusion of perspectives from both organisations and their channel partners, offering a 360-degree view of the loyalty ecosystem.' Spotlight Wire Brands struggling to engage channel partners Despite recognising the importance of loyalty in driving channel performance, 46% of companies report low engagement from their partners, driven by heightened competition, limited personalisation, ineffective programme execution, and weak communication. Key challenges include complicated reward redemption (42%), poor programme communication (38%), manual processing of incentives (33%), and lack of CRM/ERP integration (31%). These friction points have caused many programmes to underperform. As Saurabh Jain notes, 'Redemption is the moment of truth in any loyalty journey. If it's slow, unclear, or delayed, it erodes partner trust instantly.' Live Events Personalisation and segmentation show measurable uplift The study highlights that brands embracing channel partner segmentation and real-time engagement are seeing significantly improved outcomes. Programmes tailored to partner roles such as dealers, retailers, and influencers report up to 60% stronger ROI, while mobile-first platforms are driving higher adoption, particularly in rural and semi-urban markets. Echoing this shift toward inclusive loyalty, Ratnesh Mishra, GM-Spares & Allied Business at Atul Auto, emphasised the value of consistent, ground-level engagement: 'We reached beyond dealers to mechanics and incentivized consistently, not just quarterly. It helped us convert channel touchpoints into long-term loyalty.' Missed opportunities around learning and recognition The report reveals a significant missed opportunity in how brands approach training and channel partner recognition within loyalty programmes. While partner education is widely acknowledged as a driver of long-term engagement, only 36% of organisations currently integrate training into their loyalty strategies. Even fewer provide consistent communication or field-level recognition, with most rewards still concentrated on top-performing sellers, overlooking key influencers like support staff. Highlighting a more inclusive approach, Shashank Shaikhar, Marketing Manager at Dr Willmar Schwabe, quoted: 'What stood out for us was Benepik's ability to include pharmacy staff, not just (the) field force. Recognition across the entire value chain helped drive brand recall and partner motivation.' The partner perspective: Loyalty that's simple, visible, and meaningful Channel partners interviewed in the report consistently voiced a need for simplicity, transparency, and timely recognition. Rather than complex structures or delayed incentives, they seek intuitive tools that help them track progress and feel genuinely valued. 'I can now track everything on one screen: targets, rewards, and how to earn more. That makes me want to sell better,' says Rajeev Gupta, a retailer based in Delhi. With such diversity in channel partners from dealers and retailers to contractors, mechanics, and field staff, loyalty can no longer be one-size-fits-all. Their roles, motivations, and expectations vary widely, and so must the way brands engage with them. Loyalty today is about creating tailored experiences and offering relevant value. Real-world impact: Loyalty as a strategic business lever Across industries from cement and insurance to pharmaceuticals, leaders agree that when executed well, loyalty programmes do more than just reward performance; they strengthen relationships, drive consistent sales, and build long-term brand affinity. 'Our advisors and loan partners are the backbone of our business, especially in underserved markets, keeping them engaged goes beyond payouts. We've seen that loyalty programmes offering transparency, timely recognition, and flexibility help build lasting trust,' quoted Rohit Gaur, Head of Product & Strategy at India Shelter Finance Corporation Ltd. 'Trade gratification is a game changer. It helped us build stronger retail relationships and drive consistent sales,' says Balakrishna Sahu, DGM-Marketing at Dharampal Premchand Ltd. 'For a B2B beauty brand like ours, loyalty helps us engage salon owners beyond transactions through upskilling, technology, and co-creation,' notes Supriya Agarwal, Head of Marketing at ESME Beauty. 'At Dhanuka, we see loyalty as a means to empower our channel by combining timely incentives with knowledge-sharing and grassroots recognition,' shares Subodh Kumar Gupta, DGM – Marketing at Dhanuka Agritech Ltd. Each testimonial underscores a common truth: effective loyalty programmes are not just incentives, they're enablers of business transformation. What's next: Building loyalty that's intelligent, inclusive, and impact-driven The report concludes with a strategic roadmap for brands aiming to elevate their channel loyalty programmes from tactical initiatives to long-term growth enablers. Future-ready programmes, it suggests, will need to: Leverage AI for hyper-personalised partner journeys Enable real-time engagement through intuitive dashboards Integrate training, recognition, and role-specific rewards Foster a sense of community and emotional connection across the partner ecosystem As Saurabh Jain aptly puts it: 'Loyalty isn't won with rewards it's earned through recognition, relevance, and relationships. The brands that embrace this will lead not only in market share, but in mindshare.' Disclaimer - The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content.
Business Standard
25-06-2025
- Business
- Business Standard
Fairexpay and PhysicsWallah's Acadfly Partner to Provide Student Remittances for Overseas Education
NewsVoir New Delhi [India], June 25: In an attempt to change the way students transfer funds for education and living expenses abroad, Fairexpay has partnered with Acadfly, the study-abroad program of PhysicsWallah. This partnership will try to digitalise the remittance journey to make international money transfers easier and cost-effective for students and their families. Outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals studying abroad amounted to US$ 3,500 million during the fiscal year 2023-24. This figure is expected to grow further in the coming year, as increasing number of Indian students may be opting for international education and rising tuition and living costs abroad. A number of these students face significant hurdles in sending money abroad. Common issues include multiple visits to banks, forex costs, several to-and-fro documentation, and delays in processing, adding unnecessary stress to students and their families, impacting their overall study abroad experience. Fairexpay, with its expertise in cross-border remittances, wants to leverage Acadfly's student outreach to enable students to remit tuition fees and living expenses with less effort via a platform that aims to ensure compliance, speed, and lower costs, which may eliminate hidden charges and try to cut down on long processing times. "We are thrilled to collaborate with Acadfly in trying to reshape the student remittance ecosystem. This partnership will try to not only simplify the remittance process but also help students save on forex costs, making education more accessible even globally," said Saurabh Jain, CBO at Fairexpay. This move will try to align with Acadfly's attempt at trying to provide end-to-end solutions for students and help to make their international education journey as seamless as possible. "At Acadfly, we try to enhance the student experience. By partnering with Fairexpay, we are trying to offer a streamlined, cost-efficient, and hassle-free remittance solution that will also try to align with our attempt to support students pursuing education abroad," said Gaurav Kumar, Associate Vice President at Acadfly, the study-abroad program of PhysicsWallah. With Fairexpay's platform and Acadfly's student outreach, this partnership is trying to provide not just convenience but also cost savings, reinforcing both companies' attempts to provide innovation and financial empowerment in the education sector. Fairexpay is a leading financial technology company specializing in digital payment solutions that enable seamless, secure, and cost-effective cross-border transactions. With a focus on innovation and customer experience, Fairexpay is committed to breaking down barriers in international finance through its state-of-the-art digital platform. PhysicsWallah (PW), an education platform, was founded in 2020 by Alakh Pandey and Prateek Maheshwari. Headquartered in Noida, Uttar Pradesh, PW aims to democratize education through online, offline and hybrid platforms. Initially launched as a YouTube channel in 2016, PW now offers education to students through its YouTube channels, including vernacular languages. PW aims to create a hybrid education ecosystem in the country by establishing tech-enabled offline and hybrid centres in cities nationwide. PW's offerings span various educational segments, including test preparation, a skilling vertical, higher education, and education abroad. PW has raised funding from investors, including Hornbill Capital, Lightspeed Ventures, Westbridge and GSV Ventures.
Fashion Value Chain
25-06-2025
- Business
- Fashion Value Chain
Fairexpay and PhysicsWallah's Acadfly Partner to Provide Student Remittances for Overseas Education
In an attempt to change the way students transfer funds for education and living expenses abroad, Fairexpay has partnered with Acadfly, the study-abroad program of PhysicsWallah. This partnership will try to digitalise the remittance journey to make international money transfers easier and cost-effective for students and their families. Fairexpay has partnered with Acadfly, the study-abroad program of PhysicsWallah Outward remittances under the Liberalised Remittance Scheme (LRS) for resident individuals studying abroad amounted to US$ 3,500 million during the fiscal year 2023-24. This figure is expected to grow further in the coming year, as increasing number of Indian students may be opting for international education and rising tuition and living costs abroad. A number of these students face significant hurdles in sending money abroad. Common issues include multiple visits to banks, forex costs, several to-and-fro documentation, and delays in processing, adding unnecessary stress to students and their families, impacting their overall study abroad experience. Fairexpay, with its expertise in cross-border remittances, wants to leverage Acadfly's student outreach to enable students to remit tuition fees and living expenses with less effort via a platform that aims to ensure compliance, speed, and lower costs, which may eliminate hidden charges and try to cut down on long processing times. 'We are thrilled to collaborate with Acadfly in trying to reshape the student remittance ecosystem. This partnership will try to not only simplify the remittance process but also help students save on forex costs, making education more accessible even globally,' said Saurabh Jain, CBO at Fairexpay. This move will try to align with Acadfly's attempt at trying to provide end-to-end solutions for students and help to make their international education journey as seamless as possible. 'At Acadfly, we try to enhance the student experience. By partnering with Fairexpay, we are trying to offer a streamlined, cost-efficient, and hassle-free remittance solution that will also try to align with our attempt to support students pursuing education abroad,' said Gaurav Kumar, Associate Vice President at Acadfly, the study-abroad program of PhysicsWallah. With Fairexpay's platform and Acadfly's student outreach, this partnership is trying to provide not just convenience but also cost savings, reinforcing both companies attempts to provide innovation and financial empowerment in the education sector. About Fairexpay Fairexpay is a leading financial technology company specializing in digital payment solutions that enable seamless, secure, and cost-effective cross-border transactions. With a focus on innovation and customer experience, Fairexpay is committed to breaking down barriers in international finance through its state-of-the-art digital platform.
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Business Standard
03-06-2025
- Business
- Business Standard
Bengaluru-based Stable Money secures $20 million in series B funding
Stable Money, a fixed income investment fintech, secured $20 million in a series B funding round within a year of raising $15 million in a series A round in July last year. The Bengaluru-based company secured the latest round of funding from Nandan Nilekani's Fundamentum Partnership, Aditya Birla Ventures and participation from all the existing investors such as Z47, RTP Global and Lightspeed. In total, the company has raised $45.3 million in funding, data from market intelligence platform Tracxn shows. The company plans to add eight new banks and non-banking financial companies (NBFCs) in 2025 as partners. It aims to expand marketing to Tier II and III towns, where 'demand for secure, inflation-beating returns continues to grow'. The fresh capital from the series B funding round will enable the company to innovate on its wealth product offerings, deepen its partner network and accelerate distribution, the company said. 'This funding is a strong vote of confidence in our mission to deliver predictable, inflation-beating returns to millions of households, and will help us further strengthen our user experience, expand our partner network and reach investors across every corner of India,' said Saurabh Jain and Harish Reddy, co-founders, Stable Money, in a joint statement. The company has more than two million registered users. It offers financial products such as fixed deposits in partnerships with regulated entities (REs) and bonds. ALSO READ: 'With strong belief in the capabilities of the founding team, this investment aligns with our vision to back outstanding founders building the businesses of tomorrow. Our endeavour is to open up ABG's global ecosystem and network for the growth of our portfolio companies,' said Aryaman Vikram Birla, founder, Aditya Birla Ventures.
