The global loyalty management market was valued at USD 2160.06 million in 2017, and is expected to reach a value of USD 6823.01 million by 2023, at a CAGR of 21.13% over the forecast period (2018 - 2023).
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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. Moreover, high cost of customer acquisition is forcing companies to develop their own business model, focusing on client retention.
The market has been driven by the need for a customer centric strategies as well the increasing number of card holders across the globe. However, the lack of awareness about loyalty programs is expected to hinder the growth of the loyalty management market.
Implementation Of A Customer-Centric Approach Across Businesses
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 has become necessary to keep the customer retention rate high, thus driving the demand for loyalty management programs.
One of the examples of customer-centric companies is Amazon, which has 310 million active user accounts, as of 2016. They identify the customers who shop the most from their huge client base.
These customers are rewarded as a part of the loyalty program in the form of gift cards and discount on several products.
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France To Witness Fastest Growth In The European Region
France has the lowest card penetration in Western Europe, with less than one payment card per person in circulation. However, the emergence of new channels, such as NFC payments, are expected to aid the market for loyalty management.
Recently, retailers in the country have launched a pair of pilots with an NFC option, one for loyalty and the other to identify customers when customers pick up purchases after shopping online from home. Also, being the third most popular destination for cross-border online shopping and holiday destination among the European countries, topped only by the United Kingdom and Germany, merchants in this region are adopting loyalty management services to attract more tourists.
According to the association, Francaise du Sans Contact Mobile, approximately one million NFC-enabled handsets have been sold, and the figure was estimated at 2.5 million handsets in 2016. Major companies in this region are offering rewards or loyalty points to customers to increase the usage of NFC payments.
In 2016, France’s e-Commerce market reached USD 42 billion and is projected to surpass USD 56.45 billion by 2020. The amount of digital buyers in the country is growing steadily, with over 30 million providing opportunities for the market players.
BFSI Sector to Hold a Lion’s Share of the Market
In a highly competitive, complex, and dynamic banking industry, slight differences in financial services and products can matter. This, together with an increasingly demanding customer base, has led to the transformation of the industry toward adopting loyalty management solutions.
Reward points programs offered by credit cards are one of the most active zones in the reward and incentive space. Loyalty management has been the stronghold for the banking industry, as vendors look to attain a high customer retention rate.
It has been proven that more than 35% of the consumers believe that reward points/cashback incentives, among others, are the major factors that play vital role in influencing consumer preference while choosing among the banks for credit cards. Loyalty programs can be further enhanced through digitization.
Most of the customers like to earn points with family and friends, but presently, only around one-fifth of the banks provide this capability. Therefore, banks can focus on providing customers with the ability to send and receive reward points using their mobile banking apps, which may further enhance consumer interest.
The key players in this market include: Aimia Inc., IBM Corporation, Oracle Corporation, Comarch SA, SAP SE, Epsilon Data Management LLC, Fidelity Information Services Inc., TIBCO Software, Martiz Holdings Inc., and Kobie Marketing Inc.
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Key Developments in the Market
October 2017- Tibco acquired Alpine Data to add collaborative project management for advanced analytics. The acquisition is expected increase the company’s expertise in analytics to help customers get more out of data science and machine learning investments.
October 2017- Aimia Inc. partnered with SuperValu, Ireland's leading grocery retailer, signed a multi-year contract with Musgrave, owner of SuperValu, Ireland's leading grocery retailer, to revamp its Real Rewards Program, underpinned by the Aimia Loyalty Platform.
August 2017- Comrach opened its subsidiary office in Japan, which operates in IT systems for providers of telecommunications services, loyalty solutions, and products supporting customer relationship management and outsourcing services, IT infrastructure, and data centre services.
How the implementation of a customer-centric approach across businesses acts as a driver to the global market scenario?
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Which deployment and end-user vertical is expected to dominate the market?
Which regions are expected to witness fastest growth during the forecast period?
Identify the latest developments, market shares and strategies employed by the major market players.
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Epsilon Data Management LLC,
Fidelity Information Services Inc.,
Martiz Holdings Inc.,
Kobie Marketing Inc.
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