Retailers are wasting billions of dollars a year on loyalty programs. 78% of Americans have turned their back on loyalty programs after signing up. 

Robert Wollan from Accenture Strategy, said "the traditional 'low price' and 'reliable service' mechanics are no longer as effective at driving loyalty." 

Customer loyalty is crucial because 66% of consumers are willing to spend more on a beloved brand. Retailers must adapt to a changing customer dynamic.

This article was written by a staff member of TheStreet.