Description
Loyalty Management Market
Product Overview
Management of loyalty deals with the creation of benefits for the past buying and provides incentives for future buying. The Rewards program provides the customer with strong value, with better customer penetration, cross-sales, and loyalty. A loyalty system comprises operational parameters that include; financing options, program design, and transaction types. It also incorporates different parameters of value such as redemption thresholds, reimbursement options, and earnings rates. Many organizations concentrate their activities on spending on loyalty programs. This allows the promotion of brands and continues to attract a new audience. It helps collect more information and insights to develop a more sophisticated customer profile. For the reason of its influence on the brand value and their capability of loyalty management programs to sustain and attract potential customers, loyalty management is a key part of the seller strategy.
Market Highlights
Fatpos Global anticipates the Loyalty Management market to surpass USD XX Billion by 2030, which is valued at XX billion in 2019 at a compound annual growth rate of XX%. Increasing the use of mobile technologies, increasing focus on managing customer relationships, increased use of digital cards is driving the loyalty market. The spread of mobile technology requires a real-time loyalty program, accessible by mobile devices and not by customers. Based on consumer preferences, the loyalty program software lets businesses get consumer input from the various services, and eventually, it contributes to a better solution/service for consumers. Consumer feedback provides enhanced customer experience management.
Source: Fatpos Global
Global Loyalty Management Market: Segments
Global Loyalty Management Market has been segmented on the basis of application type and by deployment mode. It has been further segmented on the basis of region into North America, Europe, Asia-Pacific, Mid East and Africa.
By Application (in %), Global Loyalty Management Market, 2019
In 2019, the mobile segment dominated the global Loyalty Management market.
The global Loyalty Management Market is segmented by application type into Web and Mobile. The fast penetration of mobile apps gives mobile loyalty programs a boost. Mobile app loyalty schemes enable businesses to remain actively involved in brand loyalty with their consumers. While both mobile applications and web apps will provide a positive experience compared to a loyalty program focused only on websites, a customer’s and business’ loyalty program has a lot more to offer. More and more consumers want everything to be made available from their smartphones. A mobile awards program provides consumers with digital access to their previous orders, ratings, special deals, rewards, and loyalty cards. In addition, the loyalty points earned in the app are easier to reach and it’s easier for the company to keep up with the consumers once they have downloaded the app. Mobile apps allow marketers to reach consumers directly and collect detailed information about their purchase behavior, which in turn helps create a strong database and improve marketing efforts.
By Deployment (in %), Global Loyalty Management Market, 2019
Cloud accounted for XX% of the global volume in 2019 and is anticipated to dominate the market in the forecasted period
Global Loyalty Management Market is segmented by deployment type: Cloud and on-premises. Digital content development was driven by the widespread use of the internet and the broader usage of various technologies such as smartphones, the Web, and social media. Enterprises need solutions to enhance their mobile and hybrid content management and combine this with other loyalty management systems, including CRM and marketing strategic planning, to strengthen their marketing efforts and make it economically cost-efficient for the analyses and other purposes for real-time content collaboration among employees. Such solutions, however, are costly and offer minimal scalability. This allows businesses, in turn, to implement loyalty programs focused on the cloud. These strategies offer all the advantages at lower costs because they do not require high capital costs.
Source: Fatpos Global
Global Loyalty Management Market: Market Dynamics
Drivers
Penetration of Artificial intelligence and machine learning
Penetration of emerging technologies such as machine learning and artificial intelligence has enhanced consumer’s experience by predicting customer’s buying patterns by data analytics and thereby influencing their buying pattern. This has further transformed the loyalty market. This analysis is aimed at potential consumers to enhance their buying experience, which in turn fuels the market growth.
Restraints
Limited awareness about security and data privacy
The key challenges for the loyalty industry are not designing effective loyalty programs and not having a good consumer relationship between customer and company. These two problems impede market demand for solutions for loyalty management. Moreover, stringent government regulations about data breaching have impeded market growth. Many security rules limit the consumer to share data related to them. This results in the failure of proper and sufficient knowledge can that be provided to the enterprises, thus sellers fail to provide efficient loyalty schemes.
Global Loyalty Management Market: Key Players
Bond Brand Loyalty (Canada)
Company Overview
Business Strategy
Key Product Offerings
Financial Performance
Key Performance Indicators
Risk Analysis
Recent Development
Regional Presence
SWOT Analysis
Brierley+Partners (US)
Apptivo (US)
TIBCO (US)
Yotpo (US)
Lacek (US)
Loyalty Gator (Canada)
Epsilon (US)
ICF Next (US)
Smile.io (Canada)
FiveStars (US)
Oracle (US)
Other prominent players
Global Loyalty Management Market: Regions
North America was the largest market accounting for 42% of the total market volume share in 2019
In addition to integrating advanced technologies like machine learning and IA, this area comprises developed economies like the US and Canada that have equally embraced the latest instruments in fields like customer data analysis and real-time reporting, thereby enabling organizations in these economies to succeed in the loyalty management market domain.
Asia Pacific: China, Japan, India, and Rest of Asia Pacific
Europe: Germany, the UK, France, and the Rest of Europe
North America: The US, Mexico, and Canada
Latin America: Brazil and Rest of Latin America
Middle East & Africa: GCC Countries and Rest of Middle East & Africa
Source: Fatpos Global
Global Loyalty Management market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y
Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y
Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth,
CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium,
Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and the Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth,
CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and the Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth,
CAGR – North Africa, Israel, GCC, South Africa
Global Loyalty Management market report also contains analysis on:
Loyalty Management Market Segments:
By Deployment Type:
Cloud
On-premises
By Application Type:
Web
Mobile
Loyalty Management Market Dynamics
Loyalty Management Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
