Dallas, Texas, Aug. 23, 2019 (GLOBE NEWSWIRE) -- The research report on ‘global loyalty management market’ offers a comprehensive analysis of the historical data, qualitative insights, and verifiable forecasts about the global loyalty management market. The report also provides in-depth study of market share, current trends, and challenges & opportunities. This report also includes market segmentation such as application, regions, and type.
Some other factors of loyalty management market growth comprise growing adoption of multi-channel program, increasing innovations in technology, and a rising necessity of competitive segregation. Likewise, the growing usage of smartphones, rapidly growing number of card holders, huge awareness regarding loyalty programs, and increasing solutions of online reward management are some other factors contributing to the growth of global loyalty management market.
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The global loyalty management market was valued at USD 2617 million in 2018, and is expected to reach a value of USD 9280 million by 2024, at a CAGR of 23.3% over the forecast period (2019-2024). Loyalty management is adopted by key companies across various industry verticals, whose primary focus is on client retention and further building of sustainable customer relationships.
In the United States, there are over 200 subscription video-on-demand platforms, and in order to set themselves apart, these companies are turning to unique loyalty rewards programs.
In a shift from product-centric strategies, businesses across major industry verticals are gradually shifting toward customer-centric approaches. It has been observed that, regardless of time, creating customer value and putting customers first beyond a simple customer focus generates the greatest and lasting business value. As loyalty management revolves around pleasing/rewarding an organization’s repeat customers, developing customer-centric strategies have become necessary to keep the customer retention rate high, thus driving the demand for loyalty management programs. Lack of awareness about loyalty programs can hinder the growth of the loyalty management market.
The market studied is observing lucrative growth in double digits, owing to widespread adoption across industry verticals, and the client retention policies incorporated by various organizations in these verticals.
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Scope of the Report
Loyalty management is an approach to marketing, based on strategic management, in which a company focuses on growing and retaining existing customers through incentives. Branding, product marketing, and loyalty marketing all form part of the customer proposition – the subjective assessment by the customer of whether to purchase a brand or not based on the integrated combination of the value they receive from each of these marketing disciplines.
Key Market Trends
B2C Solution to Account for Significant Share
Loyalty management solutions are increasingly getting adopted by B2C companies, which are trying to reap the real-life benefits of customer experience management for their bottom-line and reputation simultaneously.
From gathering customer satisfaction information proactively to internal sourcing of customer experience (CX) data, loyalty management solutions can accumulate business-critical data, in order to predict and influence potential customer behavior.
Quite recently, Canadian grocer, Freson Bros., made data-driven loyalty a priority by choosing Clutch’s intelligent customer marketing platform, thereby remodeling their existing loyalty program. By using the revamped program, they are likely to be able to outline insights that is likely to help them to reward the customers in a personal and valuable manner.
The increasing penetration of smartphones in B2C loyalty programs is also forcing vendors to develop more enhanced smartphones oriented programmes. For instance, as Starbucks analyzed that mobile orders and payment represent 11% of all its transactions in the United States, it launched its mobile app for leveraging loyalty programs.
United States to Account for Largest Share
The United States has the most elevated self-reported rate of loyalty program participation in North America. Over 80% of individuals in the United States have enrolled with at least one loyalty program in the retail, travel, or hospitality sectors.
The conventional methods for presenting their loyalty enrollment at retail locations, for example, scanning a card in-store and lookup by telephone number or email are being re-established with the retailer's mobile applications.
It was estimated that 25% of clients selecting loyalty programs favor the applications contrasted with other customary strategies. This is urging numerous loyalty program projects to move to mobile application platforms in the United States
More than 75% of the United States adults participate in customer loyalty programs, like those offered by credit card companies, hotel chains, and retailers. More than USD 50 billion worth of perceived value in reward points and miles are issued by American businesses annually.
Most of the loyalty customers in the United States prefer monetary benefits, such as price and value, while choosing a loyalty program. Product discounts and free shipping are the major drivers for choosing loyalty programs, for specific retailers. This creates a high need for flexible loyalty management software that can roll out special deals to loyal customers during the festive seasons or special days.
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Competitive Landscape
The Loyalty Management Market is moderately fragmented. With innovation being the primary demand from consumers, companies are emphasizing on providing easy and focused solutions to attract buyers.
With the impact of innovation being very high in the market, solution providers with innovative offerings are gaining a competitive edge. While a significant share of the market remains unpenetrated, companies are rushing to gain the first-movers advantage. Hence, competitive rivalry in the market is moderate, and it is expected to grow in the future.
Some of the key players in the market include Aimia Inc, IBM Corporation. Some of the key recent developments in Loyalty Management Market includes:
Air Canada, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, and Visa Canada Corporation entered into an agreement with Aimia Inc. for the acquisition of Aimia's Aeroplan loyalty business.
Retail giant McColl and International Toy Retailer Hamleys invested in Oracle’s Retail Xstore Point-of-Service and MICROS Family Workstation 6, in order to improve McColl’s in-store guest experience.
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Major points from Table of Contents:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 IMPLEMENTATION OF A CUSTOMER-CENTRIC APPROACH ACROSS BUSINESSES
4.3.2 INTENSIFIED COMPETITION INCREASING THE COST OF CUSTOMER ACQUISITION
4.3.3 REWARDING SCHEMES OFFERED BY ORGANIZATIONS
4.4 Market Restraints
4.4.1 LACK OF KNOWLEDGE ABOUT LOYALTY PROGRAM BENEFITS
4.5 Value Chain Analysis
4.6 Industry Attractiveness Porters Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
Continued…
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