- Standalone Program
- Managed Platform
Loyalty Management Market size was valued at 8.76 Million in 2022 and is estimated to reach 23.74 Million by 2029, at a CAGR of 15.3% from 2023 to 2029. Growing need for competitive differentiation, increasing penetration of smartphones in B2C loyalty programs, huge awareness regarding loyalty programs, increased focus on customer experience management, growing adoption of the multi-channel program, rapidly growing number of cardholders and increasing innovations in technology are some key factors fostering the market growth. However, factors such as lack of knowledge about loyalty program benefits and failure to develop successful loyalty programs are hampering the market growth. A loyalty program fails because of a lack of awareness. Customer participation can be challenging for loyalty programs because most customers don't know where they stand within a program. According to recent studies, only 30% of shoppers know exactly how many points and rewards they earned in a loyalty program. Comparatively, 18% don't know how much they've earned at all. This is a serious problem for brands that offer or participate in a loyalty program. More than 50% of users say that without having access to their program information most of their rewards will go unused or expire because they are not even aware they have a reward. This loss can create several problems including less purchasing motivation, sif a customer doesn't know about something they have, they are going to be less motivated to buy with a brand or company. The global loyalty management market is surging owing to frequent acquisitions and launches by the market players.
Fastest Growing Market
Customer loyalty programs are a boon for retailers and ecommerce merchants looking to maximize customer engagement and retention. However, a loyalty rewards program is only as good as the number of customers who're actively using and engaging with it. Launching a customer loyalty program is easy but promoting it is where most businesses go wrong. The loyalty program should be promoted aggressively and integrated into every facet of business to reap maximum benefits from the rewards program. Loyalty programs are a tremendous benefit to building and maintaining customer relationships with brands and publishers alike. These programs help provide insights into customer preferences and behaviors, can increase customer satisfaction and provides an opportunity to create engaging touchpoints and opportunities to drive sales. There are many tangible benefits that brands and publishers can gain from activating awareness tactics to their loyalty programs.
The loyalty management market size was valued at USD 8.76 Million in 2022.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.