The term "reward rate" refers to the percentage of customers who participate in a loyalty program and receive rewards or benefits for doing so. This metric is often used by businesses to measure the effectiveness of their loyalty programs, as well as to identify areas where they can improve customer engagement and retention. A high reward rate indicates that a large proportion of customers are taking advantage of the loyalty program and receiving rewards, which suggests that the program is successful in motivating customers to continue doing business with the company.