The Loyalty Management report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. Loyalty Management Market Report Highlights key rising opportunities of the fastest growing Loyalty Management Market with Key Regions Considering assessment of the present market.COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.
Global “Loyalty Management Market” Report 2021 studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter’s Five Forces Analysis. Also, Loyalty Management Market is predicted to grow at a CAGR of 21.13 during the forecast period. And report provides a complete market overview, a list of top manufactures, the scope of the report, key market trends of the Loyalty Management market, and the main aspect of the report- why do you have to buy this research report? So don’t miss it.
The report gives – Who are the global key players in this keyword market? What are their company profile, product information, and contact information? What Was the Global Market Status of Loyalty Management Market? What Was Capacity, Production Value, Cost and PROFIT of Loyalty Management Market?
Loyalty Management Market Overview 2021:
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).
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 firstbeyond a simple customer focusgenerates the greatest and lasting business value. As loyalty management revolves around pleasing/rewarding an organizations 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.
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, Frances 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 Lions 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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Top Key-players/Leading Manufacturers of Loyalty Management Market:
- Aimia Inc.
- IBM Corporation
- Oracle Corporation
- Comarch SA
- SAP SE
- Epsilon Data Management LLC
- Fidelity Information Services Inc.
- TIBCO Software
- Martiz Holdings Inc.
- Kobie Marketing Inc.
With tables and figures helping analyze the worldwide Global Loyalty Management market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
The Global Loyalty Management market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.
Key Developments in the Loyalty Management Market:
This Loyalty Management Market Research/analysis Report Contains Answers to your following Questions
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Loyalty Management Industry?
- What Was the Global Market Status of Loyalty Management Market? What Was Capacity, Production Value, Cost, and PROFIT of Loyalty Management Market?
- What Are Projections of Global Loyalty Management Industry Considering Capacity, Production, and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply, and Consumption? What about Import and Export?
- What Is Loyalty Management Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
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- What Is Economic Impact On Loyalty Management Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- Which Manufacturing Technology is used for Loyalty Management? What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Loyalty Management Market? What are Their Company Profile, Their Product Information, and Contact Information?
- What Is the Current Market Status of the Loyalty Management Industry? What’s Market Competition in This Industry, Both Company, and Country Wise? What’s Market Analysis of Loyalty Management Market by Taking Applications and Types in Consideration?
- What Are Market Dynamics of Loyalty Management Market? What Are Challenges and Opportunities?
Reasons to Purchase Loyalty Management Market Report:
- The report analyses how stringent emission control norms will drive the global Loyalty Management market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major Loyalty Management market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
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