In terms of revenue, the Global Loyalty Management Market is expected to reach USD 13,946.0 Million by 2028, growing at a CAGR (Compound Annual Growth Rate) of 9.90% from 2022 to 2028.
The purpose of loyalty programs is to build relationships with customers in order to comprehend and affect their purchasing patterns. The major drivers influencing the market's growth include variables like the expanding retail and e-commerce markets as well as the company organization's change to a customer-centric strategy. In addition, global smartphone adoption is rising, and improved internet services have made it simple to access the internet, promoting market expansion across borders.
Key Developments in the Industry
· Universal Drugstore selected Comarch SA to start the new wellness rewards loyalty program in April 2022. Comarch and Universal Drugstore collaborated on a loyalty program. With every transaction, participants of the wellness rewards loyalty program can accrue points that can be used to receive discounts on subsequent orders. Due to its considerable experience creating loyalty-specific software and services, a march loyalty program is a top choice.
· Dunnhumby and SAP SE entered into a strategic relationship in January 2022. The collaboration will support businesses in making quicker, client-driven decisions and provide a more individualized online and in-store shopping experience. Retailers may gain from this by better understanding customer insights, translating them into actionable steps to streamline and improve daily business operations, and looking ahead to forge stronger connections.
In order to generate considerable growth from their reward programs, key players have incorporated personalization capabilities. This feature helps draw clients' attention and enhance their overall experience. Customers expect businesses to earn from them by offering them personalized guidance, discounts, and promotions. Such programs boost customer satisfaction, which encourages their implementation across industries. Making personalized suggestions and offers based on data acquired via multichannel solutions can help brands get the attention and trust of their target audience. Due to their many advantages, individual incentive programs are being used by many businesses. For instance, Schuh, a contemporary footwear retailer with headquarters in the UK, teamed up with Salesforce.com in April 2021 to create its rewards scheme. The program built on the Salesforce Customer 360 Platform develops specialized and customer-centric efforts to draw in customers. In October 2020, HTK Limited and Flood Hub, a point-of-sale supplier, collaborated to create a customized incentive system for in-store and online retail. Personalized rewards programs are popular with retailers because they increase revenue, customer loyalty, site traffic, and profit. This is expected to accelerate the market share increase for Loyalty Management.
During the forecast period, the Loyalty Management Market in North Americais anticipated to develop at the quickest rate.North America is home to developed nations like the United States and Canada. Retail brands that reward loyal customers are more popular in the area. The majority of consumers like monetary advantages like cashback, rebates, and product discounts. These are all positive signs for the market's expansion.
The adoption of Loyalty Management solutions is also being fueled by solutions built on the newest technology for customer data analysis, real-time reporting, and strong investments in AI-based loyalty programs. For various clients, many businesses opt to offer customized loyalty programs, likely stimulating growth.
The Global Loyalty Management Market is Segmented as follows
- Organization Size
- Large Enterprises
- Deployment Types
- Media & Entertainment
- Retail & Consumer Goods
- Other Verticals
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Loyalty Management Market is
Epsilon (US), Oracle (US), Bond Brand Loyalty (Canada), Kobie (Russia), Brierley+Partners (US), Merkle (US), Capillary (Singapore), Comarch (Poland), ICF Next (US), Maritz Motivation (US), Cheetah Digital (US), ProKarma (US), Jakala (Italy), Annex Cloud (US), Apex Loyalty (US), Fivestars (US), Kangaroo (Canada), LoyaltyLion (England), Smile.io (Canada), Yotpo (US), SailPlay (US), Zinrelo (US), Punchh (US), ClarusCommerce (US), Preferred Patron Loyalty(US), LoopyLoyalty (US), Paystone (UK), SessionM (US)
The Global Loyalty Management Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|