Digital Loyalty Programs Market Analysis By Type (Reward Aggregators, Card Linked Loyalty, Integrated POS Systems, Mobile Engagement, Apps, QR Codes), By Deployment (Cloud, On-premise), By Vertical (Grocery, Retail, Hospitality, Travel) & Region – Fo
According to FactMR’s digital loyalty programs market analysis, the digital loyalty programs market is anticipated to reach US$ 65.39 by 2027 from US$ 40.3 at 2021 with an increasing CAGR of 8.4%.
Since loyalty programmes revolve around attracting/rewarding businesses’ recurring clients, developing customer-centered techniques has become critical to improving customer retention rates, hence driving the need for loyalty programmes.
The COVID-19 problem is having a beneficial influence on the digital loyalty programs market, as the bulk of customers are fast turning to digital channels to purchase products or services in the middle of the state-wide lockdown and accompanying limitations.
The enormous rise of the e-commerce business during the public-health crisis has motivated merchants to recruit and keep as many customers as possible to their websites, raising expectations for loyalty platform providers.
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The loyalty programme that works on the plug-and-play SaaS model and is restricted by SaaS capacity will encounter challenges since customization of the programme may increase the cost of the programme and avoiding modification may result in a disgruntled consumer.
The expansion of retail and e-commerce in emerging nations is likely to boost loyalty programme costs. The rise of online purchasing culture, as well as consumer acceptance of mobile and smartphone devices, has necessitated the development of a digital loyalty programme approach. In mature digital loyalty programs markets, this will be a significant growth driver. Adoption of schemes such as a loyalty scheme that provides customer loyalty and channel loyalty programmes, membership programmes, frequent flyer programmes, and digital incentives can help move the digital loyalty programs market forward.
The digital loyalty programs market is divided into five key regions: North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
North America has the largest digital loyalty programs market share due to the region’s retail sector’s quick adoption of loyalty networks over the last decade. North American customers prefer monetary incentives such as rebates or payback, free items, free delivery, and product discounts.
During the projection period, Europe will have the second-largest digital loyalty programs market share.
Asia Pacific’s digital loyalty programs market is predicted to grow at a rapid pace throughout the forecasted period, as merchants and organisations in the area have shifted their focus to improving customer experience.
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KEY TAKEAWAYS:
By embracing sophisticated technologies such as blockchain, AI, machine learning, cloud computing, and others, key businesses are prioritising continual product development and portfolio growth. Due to the increasing popularity of smartphones, a number of industry companies have begun to provide mobile digital loyalty programs solutions.
Customer experience is improved via cloud-based, real-time analytical management models. Similarly, the creation of tailored and personalised demand for digital loyalty programs is likely to help the major firms increase their major sales of digital loyalty programs in the market position. The financial success of digital loyalty programs market participants is aided by strategic alliances, acquisitions, and collaborations.
Recent Developments in the Digital Loyalty Programs Market:
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COMPETITIVE LANDSCAPE:
The digital loyalty programs market’s leading players include, among others.
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Aug 03, 2022