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Based on enterprise size, the large enterprises segment held over 62% of the market share in 2023. Partnerships are proving to be a lucrative strategy for large enterprises in the market as they help in expanding offerings & capabilities. Collaborations with technology providers, data analytics firms, and industry-specific experts allow these enterprises to enhance their loyalty solutions.
For instance, in September 2023, Salesforce, a CRM software company, collaborated with the Layer 2 blockchain platform, Polygon to launch an NFT-driven loyalty initiative. As per the partnership, Salesforce will facilitate the integration of its clients with Polygon using its management platform, enabling clients to establish loyalty programs based on tokens. These partnerships enable access to innovative technologies & expertise, driving the development of more sophisticated & effective loyalty programs. As a result, large enterprises can better meet the evolving demands of their clients, thereby securing a stronger market position.
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Based on end use, the retail & consumer goods segment accounted for 22% of the loyalty management market share in 2023. The retail & consumer goods segment is majorly driven by the growth in e-commerce. The proliferation of online shopping platforms has provided retailers with the opportunity to implement and expand digital loyalty programs. E-commerce allows for the easy tracking of customer behavior, preferences, and purchase histories, which are vital for creating effective loyalty initiatives. Retailers can offer personalized discounts, rewards, and product recommendations to online shoppers, thereby enhancing customer engagement and loyalty in the digital space.
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North America loyalty management market recorded around 33% of the revenue share in 2023, propelled by advancements in technology that enable the prediction of consumer behavior. Advanced data analytics, machine learning, and AI algorithms analyze vast datasets to predict consumer preferences & actions accurately.
For instance, in March 2023, Kognitiv launched Kognitiv Pulse, a cutting-edge AI-powered tool for predictive customer insights and activation. This solution actively monitors the well-being of the customer base, anticipates future behavior, identifies potential risks & opportunities, and enables prompt action based on these valuable insights. While loyalty management companies continue to recognize the value of these technological advancements, the adoption of advanced loyalty management solutions in North America will flourish over the forecast period.