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(Wireless-NewsWire.Com, October 01, 2018 ) Global Loyalty Management Market is expected to reach USD 7,650.48 million by 2025 and is projected to register a CAGR of healthy rate in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Segmentation: Global Loyalty Management Market
Global Loyalty Management Market, By Solution (Customer Loyalty, Employee Retention, Channel Loyalty), Deployment Type (On-Premises, On-Demand), Organization Size (Large Enterprise , Small & Medium-Sized Enterprise), Vertical (Banking Financial Services and Insurance, Retail & Consumer Goods, Healthcare & Life Sciences, Travel & Hospitality, IT & Telecommunication, Media & Entertainment, Manufacturing) Type of Offering Capacity (Loyalty Management, Technology Capabilities Platform, Analytics and Measurement , Services Delivery Capabilities, Loyalty Strategy Design, Loyalty Marketing), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2025
Drivers: Global Loyalty Management Market
The major factors contributing to the growth of the market includes factors such as increasing need of competitive differentiation to gain market presence, technological advancement in mobile technology and applications, rising trend of loyalty programs, rise in number of cardholders and use of reward points.
INCREASING NEED OF COMPETITIVE DIFFERENTIATION TO GAIN MARKET PRESENCE
Competitive differentiation is a strategic position in loyalty management which differentiates its products, services and brands from the competitors. Many companies offer product and services which are completely different from competitors. Competitive differentiation leads to various advantages such as no substitutes of loyalty programs of product and services available in market, to get product differentiation which effect brand loyalty along with provide high quality for customer, increase in buyer value by providing unique products in loyalty programs and others. Competitive differentiation is important as it provides offering superior value by providing superior quality of products which effects loyalty towards customers, generating repeated customers which develops a loyal relationship with customers. Competitive differentiation plays a major role in delivering value for building customer loyalty. It will help in achieved desired outcomes in which selling more products and services to their end users. For creating competitive differentiation in loyalty programs it can be accomplish by various objective such as lowest price of the product and differentiation based on other parameters. For instance, Walmart offers lowest price by providing discount-cantered rewards, card-based and other. Many brands such as Verizon, Esther & Co, Pizza Hut offer loyalty programs, For instance Verizon offers a point-based program and Verizon awards its members just one credit after USD 300.0 in spending. Esther & Co. offers VIP reward program that includes purchases, referrals, on social site Esther & Co. provides 25 points per share on social site.
The e-commerce industry provides a competitive differentiation for boosting loyalty programs. It helps in creating a place community to connect with people for generating loyalty. According to the article published by business2community, in 2017 Facebook created a foster community with its users. In this community it will connect people who like them and loyal to the products and brands.
Moreover, many entertainment brands have started loyalty programs in order to differentiate from competitors, for instance, 20th Century FOX promotes its customers to share its movie trailers across social media in exchange for free movie tickets and concession food.
Hence, increase in competitive differentiation in various sectors such as ecommerce industry, retail industry, media & entertainment industry to stand differently from the competitors. This will affect the growth of loyalty management in future.
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RISING TREND OF LOYALTY PROGRAMS
Loyalty programs are a type of marketing strategies preferred to encourage customer to continue shop product and service offered by company. The main objective of loyalty programs is to increase customer loyalty along with collecting customer data. Loyalty programs are important marketing tools which help in retaining customers, and improve brand’s reputation. The main purpose of loyalty programs is to increase business, improved in sales of companies, strengthen relationship between customer and business. The customer will get benefit in the form of discounts, rebates, free products, or other promotions. In order to maintain loyalty programs in retail industry most of the company’s provides various cards to the loyal customer such as loyalty card, rewards card, point’s card, advantage card, or club card. Loyalty cards has more influenced by customer in the region of U.S. According to the article published by CTS Service Solutions, 3 out of 4 U.S. have at least one retail loyalty card.
Many loyalty programs are offered by different brand for the customers by launching a mobile rewards program; through this the customers can earn points towards a free pizza by ordering through a mobile application.
Furthermore, L’Oréal Paris offers Worth It rewards that can be redeemed through retail loyalty card, submitting receipts, or shopping online.
To build a successful loyalty programs it needs high level of customer satisfaction and provides various contextual offers to customer for engaging customer with brand. Comarch SA. (Poland) provides various offers in loyalty programs such as lotteries, special auctions, coupons or other benefits for the best customers.
Furthermore, In 2015 According to the article published by colloquy, U.S. consumers carry 3.3 billion memberships in customer loyalty programs .Along with this in 2013 an increment of 26.0% took place in the number of memberships of loyalty programs.
Hence, rising trend of various loyalty programs such as discounts, rebates, free products, loyalty cards and others offered by various companies will affect the growth of loyalty management in future.
TECHNOLOGICAL ADVANCEMENT IN MOBILE TECHNOLOGY AND APPLICATIONS
The global loyalty management market is expected to show significant growth in the coming years, due to various technological advancements and new product launches in order to improve the convenience and ease of administration of loyalty programs. In the recent years 2,500 loyalty programs members across the worldwide from Collinson Latitude has revealed digital technology’s impact on loyalty programs and schemes.
Technology has important role in mobile application app by providing rewards to loyal customer who are using the app. According to the article published by BRAZE, Starbucks launched app, which works with a paper punch-card. This app will help in pay for orders of food without having to stand in line along with this app allow customer to access music in mobile. It helps in collecting data of customer and maintains relationship with customer in loyalty by providing rewards through this app.
Furthermore, According to the article published by BRAZE, Walgreen provides rewards program through this app with the capacity to order and pay through the app. Through this app people will improve their lives for making healthy choices like exercising, quitting smoking.
Restaurants are also using technology to increase the customer loyalty by providing restaurant gift cards, loop gift card and others. According to the article published by vantiv, restaurant gift cards are the second most prefer type of gift cards purchased by consumers along with restaurant closed loop gift card has reached $19 billion in 2015. Furthermore, Durango Joes Company provides cash cards to their loyal customer.
Hence, various technologies offered by company in mobile such as app in loyalty programs effect the growth of market in future.
Major Players: Global Loyalty Management Market
Some of the major players operating in this market are
• Oracle,
• SAP SE,
• IBM Corporation,
• AIMIA Inc.,
• Comarch SA.,
• Bond Brand Loyalty Inc.,
• Brierley+Partners,
• Epsilon,
• ICF Inc.,
• Kobie Marketing, Inc,
• TIBCO Software Inc. among others.
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