Global Loyalty Management Market
Global Loyalty Management Market Report Description:
Global loyalty management market report gives comprehensive outlook on loyalty management across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global loyalty management market gives historical, current, and future market sizes (US$ Mn) on the basis of delivery type, organization size, deployment mode, end user and region. This report studies global loyalty management market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global loyalty management market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global loyalty management market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the global loyalty management market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global loyalty management products.
Global Loyalty Management Market:
The global loyalty management market estimated to be valued US$ XX Mn in 2018 and poised to grow at significant CAGR over 2019-2025. 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 multi-channel program, rapidly growing number of card holders 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.
Huge Awareness Regarding Loyalty Programs are fueling the Market Growth
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.
Failure to make strong customer bond between customer and brand
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 the recent studies, only 30% of shoppers know exactly how many points and rewards they’ve 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’re 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’re going to be less motivated to buy with a brand or company.
North America Accounts for Larger Market Revenue Share in Global Loyalty Management Market
North America accounted for larger revenue share in global loyalty management market with considerable CAGR due to increasing demand from various end users and the presence of a large number of enterprises. In addition, Asia Pacific held considerable market share during estimated period owing to improvements of mobile technology and applications in emerging economies countries. Also, China and Japan are the main contributors for the market growth in this region as there is an increasing acceptance rate of these systems to resolve difficult queries by customers.
Key player’s profiles in the global loyalty management market include:
- IBM (US)
- Aimia (Canada)
- SAP (Germany)
- Oracle (US)
- Tibco (US)
- Salesforce (US)
- Capillary (Singapore)
- ICF Next (US)
- Antavo (Singapore)
- Blue Ocean (Canada)
- Kobie Marketing (US)
- Epsilon (US)
Global loyalty management market is surging owing to frequent acquisitions and launchings by the market players. For Instance, in February 2019, IBM (US) partnered with BUCKiTDREAM to improve the personalized brand engagement experiences of BUCKiTDREAM’s customers.
Key Findings of the Report:
- Global loyalty management market expanding at significant CAGR over 2019 to 2025 owing to huge awareness regarding loyalty programs
- Based on delivery type, standalone program segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global loyalty management market
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2014-2018) and forecast (2019-2025)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
By Delivery Type
- Standalone Program
- Managed Platform
By Organization Size
- Large Enterprises
By Deployment Mode
- Cloud Based
By End User
- Retail and Consumer Goods
- Media and Entertainment
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA