Global Loyalty Management Market: Assisting Businesses in Enhancing its Customer Base

Global Loyalty Management Market

Loyalty management is specially designed to help the business so that they can meet their organization goals. This will help the company to manage their day to day management activities and maintain customer’s data and information. They usually use gift coupons, gift cards and other incentives so that they can encourage their customer to buy different products. This also helps the business to create reports and analyze their behavior. Loyalty programs are very helpful for the business as it help them to increase their sales, increase business and also strengthen the customer and business relationship. These loyalty programs usually reward the people who use their services on regular basis. These programs are beneficial for both company and customer as it help the company to increase their reach and customer are able to get rewards in form of free products, discount and other.

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Some of the factors responsible for the growth of this market are:

  • Rising Trend of Loyalty Programs: Loyalty programs are a strategy which is made by the merchants so that they can attract more customers to use their services and products. They offer different reward schemes on their products and services.  New products, discounts, reward point and other are some of the incentives which are offered by them to the customers. Loyalty programs main aim is to encourage customers to return. Typically, a unique membership card is provided to the customer so that they can get and use all the benefits efficiently
  • Technological Advancement in Mobile Technology and Applications: Today, mobile is not just a medium to connect with each other, it is a source of entertainment, knowledge, fitness and other. There are different apps in mobiles for food, shopping, games, health, news and others which are helping the people in many ways and are time saving and easy to use. Many big brands such as Starbucks, Costa, Amazon, ZARA and others have their apps where they offer deals, discount, and coupon to their customers. This not only helps them to increase their customer reach but also increase their sales and revenue. Different reward programs are operated by these apps, where the customer earns points whenever they purchase something and these points can be used for future shopping

The global loyalty management market is segmented on the basis of solution which is further segmented as customer loyalty, employee retention, channel loyalty; deployment type which is segmented as on-premises, on-demand; organization size as SMEs, large enterprise and  vertical as BFSI, travel & hospitality, retail & consumer goods, IT & telecommunication, media & entertainment, healthcare & life sciences and manufacturing.

Some of the launches and developments in the market are as follows:

  • In January 2019, Ascenda announced the acquisition of Loyalty Advantage. The main aim of the acquisition is to expand their loyalty advisory division and improve their rewards program and bring optimization for leading brands. This will help the company to strengthen their loyalty advisory services
  • In October 2017, IQUII announced the launch of their new relationship & loyalty management platform Fanize which is specially designed so that the relation with the fanbases can be improved. This new program starts the implementation of membership, engagement and loyalty programs in pre-transactional phase and the user can interact with the product even before the purchase

 “According to Data Bridge Market Research, global loyalty management market is expected to reach USD 7,650.48 million by 2025 and is projected to register a healthy CAGR in the forecast period 2018 to 2025”

Some of the major players in the market are Aimia Inc., Comarch SA, Epsilon Data Management LLC., ICF International Inc., Brierley+Partners, BOND BRAND LOYALTY INC, Ketchup Loyalty Marketing, Kobie, Oracle, SAP SE among others.

Loyalty management is very beneficial for the business as it help them to increase their sales and generate revenue. Today many companies spend more on the loyalty programs so that they can offer better rewards to their customers. By providing better loyalty programs, they will be able to satisfy their customers which will help them in brand building. These are some of the factors which are further creating opportunities for this market to grow.