The global Loyalty Management Market size is anticipated to reach USD 20.44 billion by 2030, registering a CAGR of 10.5% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The enterprises are using loyalty programs aggressively as part of the marketing strategies to encourage customers to stick to the brand and prevent them from switching to another is expected to drive the growth of the market. Loyalty programs envisage rewarding customers with cashback, rewards points, gift cards, discounts, and others for their purchases. They help enterprises retain customers and subsequently play a vital role in strengthening the customer base and augmenting sales.
The growing adoption of advanced solutions
that can track consumer behavior, monitor customer scores, and subsequently
help in enhancing customer engagement is expected to drive the growth of the
market over the forecast period. As the competition among brands intensifies,
brands are aggressively pursuing various strategies, including running loyalty
programs, to satisfy customers and prevent them from switching to other brands,
thereby contributing to the growth. The continued introduction of various
digitalized payment options to enhance consumer experience bodes well for the
growth.
Cloud-based deployment of loyalty
management programs is expected to gain traction over the forecast period.
Cloud-based deployment helps organizations better manage their expenses and
save on the costs incurred by having a dedicated IT infrastructure while
ensuring agility. The cloud-based deployment also facilitates real-time
tracking of customer queries, retention rates, and response rates. Storing
customer data in the cloud for further analysis can help organizations build a
comprehensive view of the overall customer base.
The retail & consumer goods segment
dominated the market for loyalty management in 2021. Retailers and consumer
goods brands often embark upon efforts to improve brand loyalty and encourage
repetitive purchases. Rewarding customers with loyalty rewards in the form of
gifts, discounts, certificates, and reward points mainly helps in enhancing
customer relationships. Hence, retailers and consumer goods brands are
aggressively adopting loyalty management software.
Retaining the existing customers while
simultaneously acquiring new customers is of paramount importance for
incumbents of various industries and industry verticals. Telecom operators
emphasize building trust and affinity with their subscribers by enhancing
value-based services. Incumbents of the IT & telecommunications industry
particularly opt for loyalty management solutions to retain their customers.
North America accounted for the largest
revenue share of the market in 2021. The region is home to developed economies,
such as the U.S. and Canada, known for adopting the latest advanced
technologies, such as AI, cloud computing, and data analytics. A strong and
well-developed IT infrastructure deployed in the region also bodes well for
adopting advanced loyalty management solutions. North America typically favors
free shipping, cashback, and discounts as loyalty rewards. People widely use
credit and debit cards in the store's highly adopted loyalty programs in this
region. Customers favor monetary offerings such as free shipping, cashback, and
discounts.
Related Press Release@ Loyalty
Management Market Report
Loyalty
Management Market Report Highlights
- The software segment dominated the market in 2021
with a revenue share of 50%
- The cloud-based segment is expected to grow
significantly over the forecast period as this type of deployment offers
various benefits, such as cost-saving and agility
- The large enterprise segment dominated the market in
2021 as large enterprises belonging to various industries and industry
verticals emphasized launching loyalty programs as part of the efforts to
retain customers
- The growth of the Asia Pacific regional market can
be attributed to the rapid economic development of emerging economies,
such as India and China
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment