Loyalty programs have been adapting to commerce shifts since the 1930s, when consumers collected stamps for purchases and cashed them in for free products. They survived the transition from physical ID cards kept in a wallet to digital memberships on your phone. Loyalty programs, just like the broader retail space they concentrate in, keep evolving.

A couple of weeks back, I was at Loyalty Connect in Atlanta, surrounded by people who’ve been designing, launching and fixing loyalty programs for decades. I joined a panel at the event about retail media and how it intersects with loyalty.

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