While single-brand reward programs encourage customers to remain loyal to that one brand, coalition programs encourage customers to be “promiscuous” by offering points redeemable across partner stores. Despite the benefits of this “open relationship” with customers, store managers face uncertainty as to how rewards offered by partners influence transactions at their own stores. We use a model of multi-store purchase incidence and spend to show how the value of points shared among partner stores can explain patterns in customer-level purchases across them. We also allow reward spillovers to be moderated by three measures of store affinity that characterize a coalition’s portfolio: the relative popularity, geographic distance, and overlap in product categories between each pair of stores.

For the coalition studied, popularity affinity was the main determinant of the valence of cross-reward effects, both before and after the devaluation. In contrast, category and geographic affinity had a smaller and more heterogenous impact. Through the use of an event where the loyalty program uniformly devalued the entire coalition’s value of reward points, we show that cross-reward effects changed (lessened), leading to larger financial losses for the most popular stores. While we do not observe changes to the composition of the coalition’s portfolio, our results also suggest that the value of a shared reward currency may be driven by the inclusion of smaller partners.

虽然单一品牌奖励计划鼓励顾客保持对一个品牌的忠诚度，但联合计划通过提供可在合作伙伴商店兑换的积分来鼓励顾客“滥交”。尽管这种与客户的“开放关系”有好处，但商店经理仍不确定合作伙伴提供的奖励如何影响他们自己商店的交易。我们使用多店购买发生率和支出模型来展示合作商店之间共享的积分值如何解释它们之间的客户级购买模式。我们还允许奖励溢出效应通过表征联盟投资组合的商店亲和力的三种度量来调节：相对受欢迎程度、地理距离和每对商店之间产品类别的重叠。

对于所研究的联盟，在贬值前后，人气亲和力是交叉奖励效应效价的主要决定因素。相比之下，类别和地理亲和力的影响更小、更异质。通过使用忠诚度计划统一贬值整个联盟的奖励积分价值的事件，我们表明交叉奖励效应发生了变化（减弱），导致最受欢迎的商店出现更大的财务损失。虽然我们没有观察到联盟投资组合的构成发生变化，但我们的结果还表明，共享奖励货币的价值可能是由较小合作伙伴的加入所驱动的。