Loyalty Management Market size is set to experience a substantial expansion through 2022-2028. The growth is primarily propelled by the emerging growth trends in customer relationship management among enterprises across the globe. Loyalty management is what can be defined as the tools, tactics, and strategies that analyze customer behavior and help retain customers and derive sustainable engagement. Changing customer shopping trends over the years driven by the availability of multiple options will fuel the industry growth in the years ahead.
Introduction of advanced technologies will help boost the loyalty management market share in the projected timeframe. These tools are capable of predicting the purchase patterns of the customers and create personalized rewards, coupons, loyalty points, and discounts to trigger customers' responses. One such development is the acquisition of Smileback, by Connectwise to develop software that will help managed service providers to conduct customer surveys and enhance their end-user experience.
The proliferating contention among enterprises to create fresh customer engagement while strengthening the existing customer base has led to the adoption of loyalty management programs over the years. Several online platforms have introduced free shipping, coupons, improved return and exchange policies, easy cancellation of products driven by the cutthroat competition in the marketing landscape. These services enhance the purchase and post-purchase experience of the customers, gaining customer loyalty and engagement.
The cloud-based loyalty management system market is expected to attract a lot of traction due to emerging technological trends and several benefits that the cloud offers. A cloud-based system collects customer data and makes the CRM process easier and faster. They monitor real-time customer buying behavior and help create better and personalized promotion management. Other factors like easy accessibility, scalability, and adaptability have also pushed the demand for these products.
The customer analytics segment is likely to gain major impetus in the foreseeable future. Customer analytics help improve the business aspects like customer acquisition, customer profitability, improved sales, customer retention, etc., making it an ideal growth segment.
North America is poised to make significant growth in the loyalty management industry, owing to the presence of several developed economies like the US and Canada in the region. The adoption of the latest instruments like BFSI, media and entertainment, consumer goods, coupled with several organizations offering multi-loyalty schemes, will change the loyalty management industry outlook.
Key industry players that are a part of the loyalty management market are Comarch, Oracle, Tibco, Antavo, Aimia, SAP, Maritz Holdings Inc., Blue ocean, ICF Next, Kobie Marketing, and Salesforce. These companies are working diligently to enhance their customer base by taking necessary growth initiatives like collaborations, mergers and acquisitions. Comarch has recently integrated with Vietnam Airlines for the successful implementation of loyalty management technology.
COVID-19 had a moderate impact on the loyalty management market growth. The shutdown of financial institutions and other public spaces like shopping malls, hotels, restaurants, drastically impacted the customer buying pattern. However, online shopping platforms and OTT have seen significant growth during the pandemic. With increased number of vaccinations around the world, the market may achieve its pre-pandemic growth levels soon enough.
Market, By Solution, 2018-2028 (USD Million)
Market, By Deployment type, 2018-2028 (USD Million)
Market, By Organization size, 2018-2028 (USD Million)
Market, By Application, 2018-2028 (USD Million)
The above information has been provided for the following regions and countries: