Every customer likes receiving a discount at the till.
Not surprisingly, businesses like customer rewards programs as well – they can be a way to drive loyalty, get repeat business, and ultimately increase customer retention.
But there’s one problem: creating a quality loyalty program has been traditionally quite expensive, especially for brick-and-mortar businesses. After all, most companies do not have the clout to market a proprietary rewards app like Starbucks, so how can customer rewards be tackled more cost effectively in the digital era?
Introducing Card Linked Offers
Today’s infographic comes from Mobi724 and it explains the concept of card linked offers (CLOs), as well as the benefits they confer to consumers, retailers, and even payment processors.
As brick-and-mortar businesses look to the potential of the smartphone economy to help retain customers and increase store traffic, card linked offers (CLOs) present an interesting opportunity.
Card linked offers are relevant, personalized, and easy to redeem. Further, they ultimately create a flawless and convenient experience that can help increase brand loyalty and customer satisfaction.
How Card Linked Offers Work
Card-linked offers (CLOs) are a card-linking technology enabling operators to link a special offer or coupon to a consumer’s debit or credit card.
- Retailers and/or banks target a consumer with relevant ads
- The closer the recommendations are to the consumer’s preferences and geolocation in real time, the higher the chances are for redemption
- Offers can be redeemed with usage of the linked payment card at point of sale (POS)
Combined with the effective use of proximity marketing, CLOs can help reach customers at the right place and at the right time. In return, operators see an increase card usage and spending at participating stores, while creating a unique opportunity to actively engage customers.
A Booming Market
In recent years, CLOs have become one of the most widely used online-to-offline (O2O) technologies.
Card linked offers are already a multi-billion dollar market, and a recent industry survey found that transactions are growing at a rapid pace. Impressively, 62% of CLO users that responded to the survey saw their transactions increase by 100% or more in the last year.
What else is driving growth in this expanding market?
1. A Shift to Cashless
The world is embracing a cashless economy, as the popularity and convenience of using cards and mobile payment apps increases. CLOs are poised to benefit from more cashless retail transactions, which are growing at 20% per year.
2. Changing Consumer Behavior
Research shows that having an immediately gratifying rewards experience is more important to consumers than the monetary savings they get in the process. This creates a positive feedback loop with every experience.
Truly successful card-linked offers must reach consumers where they are, provide personalized offers, and enable O2O – an online-to-offline redemption experience – for the customer.
If used correctly, card-linked offers can transform massive cost burdens and a lack of efficiency into new incremental revenue streams, providing a seamless user experience for all parties.
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Ranked: The Best-Selling Video Game Consoles of All Time
Video game consoles have changed drastically over the last 50 years. Here are some of the best-selling ones across the globe.
Ranked: The Best-Selling Video Game Consoles of All Time
In 1972, the first-ever commercially available home video game console hit the market—the Magnavox Odyssey. Players of the Odyssey had a choice between two built-in games that were stored directly in the device, and would use a joystick and dials as a controller.
Video game consoles have come a long way since then, and the console market has grown into a multi-billion dollar industry that’s expected to reach $72.67 billion in value by the end of 2022.
This graphic by Enrique Mendoza uses data from VGChartz to show the market leaders in the industry, by highlighting the top-selling video consoles of all time, as of May 8, 2022.
Nine Generations of Video Game Consoles
Before diving into the top-selling consoles, it’s worth taking a step back to touch on the evolution of home consoles to show how they’ve changed over the years.
Here’s a breakdown of each generation, and some of their most noteworthy systems:
1972: Gen One, Where it Began
Consoles in the first generation had pre-built games that were stored directly on the device. They include the Magnavox Odyssey and Atari’s Pong.
1976: Gen Two Emerges
In this generation, games were sold separately, rather than programmed into the device. Consoles of this gen include the Fairchild Channel F and the Atari 2600.
1983: Gen Three, the “8-bit Generation”
This era’s consoles typically had 8-bit processes which allowed for more advanced graphics for the time. A few notable consoles during this gen were the Sega SG-1000 and the Nintendo Famicom, released outside Japan as the Nintendo Entertainment System (NES).
1987: Gen Four Elevates Handheld Gaming
Home consoles were released with 16-bit systems, meaning that audio and graphics improved even more in this era. But an arguably bigger moment for this gen was the emergence of the Nintendo Game Boy.
1993: The 3D Start of Gen Five
This generation saw the move away from pixels and towards 3D polygons. Some consoles like the Sony PlayStation started using CD-ROMs instead of cartridges, which stored more data at a cheaper cost and changed the industry.
1998: Gen Six and the Internet
At the start of this generation, the three major players in the console space were Sony, Sega, and Nintendo. By the end, Sega would be replaced with Microsoft as it launched the Xbox and helped popularize online console gaming.
2005: HD Graphics and Motion Controls of Gen Seven
On one side of the market, Microsoft and Sony were competing with high-definition graphics, faster processers, and different forms (Blu-rays or DVDs). But Nintendo’s motion-sensing Nintendo Wii arguably defined this generation, and the handheld Nintendo DS swept the market as well.
2012: Gen Eight’s Modern Consoles
Consoles of this era started having increased connectivity and processing power, with full HD an expectation. It was also an extremely long generation, starting with Nintendo’s unsuccessful Wii U and ending with the ultra-successful Nintendo Switch, widely considered the first hybrid console with three different ways to play: TV mode, handheld mode, or tabletop mode.
2020: Gen Nine and Beyond
So far, this generation has brought upgraded graphics (up to 8K resolution), larger games, and game-streaming capabilities. Devices in this gen include the Xbox Series X/S and PlayStation 5, which both use solid state drives to increase speed and performance, while Nintendo has yet to introduce a 9th generation device.
The Best-Selling Game Consoles
The best-selling video game console of all time is Sony’s PlayStation 2 (PS2). More than 157 million systems have been sold around the world since its launch in March 2000.
|Rank||Console||Manufacturer||Global lifetime sales (millions)|
|1||PlayStation 2 (PS2)||Sony||157.68|
|2||Nintendo DS (DS)||Nintendo||154.90|
|3||Game Boy (GB)||Nintendo||118.69|
|4||PlayStation 4 (PS4)||Sony||116.97|
|5||Nintendo Switch (NS)||Nintendo||107.21|
|7||Nintendo Wii (Wii)||Nintendo||101.64|
|8||PlayStation 3 (PS3)||Sony||87.41|
|9||Xbox 360 (X360)||Microsoft||85.8|
|10||Game Boy Advance (GBA)||Nintendo||81.51|
|11||PlayStation Portable (PSP)||Sony||81.09|
|12||Nintendo 3DS (3DS)||Nintendo||75.95|
|13||Nintendo Entertainment System (NES)||Nintendo||61.91|
|14||Xbox One (XOne)||Microsoft||50.57|
|15||Super Nintendo Entertainment System (SNES)||Nintendo||49.10|
|16||Nintendo 64 (N64)||Nintendo||32.93|
|17||Sega Genesis (GEN)||Sega||29.54|
|18||Atari 2600 (2600)||Atari||27.64|
|21||PlayStation 5 (PS5)||Sony||19.32|
|22||PlayStation Vita (PSV)||Sony||16.21|
|23||Xbox Series X/S (XS)||Microsoft||14.32|
|24||Nintendo Wii U (WiiU)||Nintendo||13.97|
|26||Sega Saturn (SAT)||Sega||8.82|
|28||Atari 7800 (7800)||Atari||4.30|
Despite the fact the PS2’s been discontinued since 2013, no other gaming console has managed to top it—in fact, the next closest actively-sold consoles, the PS4 and Nintendo Switch, are each more than 40 million units behind.
One major factor for the PS2’s success was its built-in DVD player. At the time, DVD players were very expensive, and in many places a PS2 was a cheaper and effective alternative. It was also one of the first devices to be “backward compatible,” meaning users could play most of their PS1 games on the PS2. This meant players didn’t have to buy a whole new library of games when they made the switch to a PS2, and Sony could tap into its existing customer base.
But while Sony’s PS2 is the top-selling console on the list, Nintendo has more top-selling consoles on the list—almost half of the consoles on the list are manufactured by Nintendo (11), while only seven are made by Sony.
What Will it Take to Out-Sell the PS2?
As the PS4 has started taking a backseat to the PS5 in sales and promotion, the current most-likely contender for the best-selling console crown is the Nintendo Switch. Early in 2022, it was the fastest console to sell 100 million units.
With lots of hype around the possibilities of AR and VR, it’ll be interesting to see what new features come with the next generation of gaming consoles.
Will future devices ever beat the PS2’s record-breaking sales? Time will tell. But for now, the 22-year-old console continues to hold its well-earned spot at the top.
Visualizing The 50 Biggest Data Breaches From 2004–2021
In 2021, more than 5.9 billion user records were stolen. This graphic visualizes the 50 largest data breaches, by entity and sector, since 2004.
Visualizing The 50 Biggest Data Breaches From 2004–2021
As our world has become increasingly reliant on technology and data stored online, data breaches have become an omnipresent threat to users, businesses, and government agencies. In 2021, a new record was set with more than 5.9 billion user records stolen.
This graphic by Chimdi Nwosu visualizes the 50 largest data breaches since 2004, along with the sectors most impacted. Data was aggregated from company statements and news reports.
Understanding the Basics of Data Breaches
A data breach is an incident in which sensitive or confidential information is copied, transmitted or stolen by an unauthorized entity. This can occur as a result of malware attacks, payment card fraud, insider leaks, or unintended disclosure.
The targeted data is often customer PII (personally identifiable information), employee PII, intellectual property, corporate data or government agency data.
Date breaches can be perpetrated by lone hackers, organized cybercrime groups, or even national governments. Stolen information can then be used in other criminal enterprises such as identity theft, credit card fraud, or held for ransom payment.
Notable Data Breaches Since 2004
The largest data breach recorded occurred in 2013 when all three billion Yahoo accounts had their information compromised. In that cyberattack, the hackers were able to gather the personal information and passwords of users. While the full extent of the Yahoo data breach is still not fully realized, subsequent cybercrimes across the globe have been linked to the stolen information.
Here are the 50 largest data breaches by amount of user records stolen from 2004–2021.
|2||River City Media||Web||1.4B||2017|
|4||First American Corporation||Finance||885M||2019|
|12||Friend Finder Network||Web||412M||2016|
|22||Chinese resume leak||Web||202M||2019|
|25||Deep Root Analytics||Web||198M||2015|
|30||Massive American business hack||Finance||160M||2013|
|38||Pakistani mobile operators||Telecoms||115M||2020|
|45||TK / TJ Maxx||Retail||94M||2007|
|50||Sony Playstation Network||Gaming||77M||2011|
The massive Yahoo hack accounted for roughly 30% of the 9.9 billion user records stolen from the Web sector—by far the most impacted sector. The next most-impacted sectors were Tech and Finance, with 2 billion and 1.6 billion records stolen, respectively.
Although these three sectors had the highest totals of user data lost, that doesn’t necessarily imply they have weaker security measures. Instead, it can probably be attributed to the sheer number of user records they compile.
Not all infamous data breaches are of a large scale. A smaller data breach in 2014 made headlines when Apple’s iCloud was hacked and the personal pictures of roughly 200 celebrities were disseminated across the internet. Although this highly targeted hack only affected a few hundred people, it highlighted how invasive and damaging data breaches can be to users.
The Cost of Data Breaches to Businesses
Every year data breaches cost businesses billions of dollars to prevent and contain, while also eroding consumer trust and potentially having an adverse effect on customer retention.
A 2021 IBM security report estimated that the average cost per data breach for companies in 2020 was $4.2 million, which represents a 10% increase from 2019. That increase is mainly attributed to the added security risk associated with having more people working remotely due to the COVID-19 pandemic.
Measures to Improve Data Security
Completely preventing data breaches is essentially impossible, as cybercrime enterprises are often persistent, dynamic, and sophisticated. Nevertheless, businesses can seek out innovative methods to prevent exposure of data and mitigate potential damages.
For example, after the iCloud attack in 2014, Apple began avidly encouraging users to adopt two-factor authentication in an effort to strengthen data security.
Regardless of the measures businesses take, the unfortunate reality is that data breaches are a cost of doing business in the modern world and will continue to be a concern to both companies and users.
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