Loyalty Management Market
Loyalty Management can be summarised as a cycle of activities conducted for delivering promising services to consumers. The idea analyzes the ways in which organizations can acquire, engage and maintain their customers. These tools review the relationship between consumer retention and the other elements of the business.
A loyalty management procedure comprises of functional parameters which include program design, funding options, and transaction types among others. In addition to this, it also includes several value parameters like redemption options, redemption thresholds and earning rates.
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Market Segmentation
The report released by GlobalInfoResearch suggests that the global loyalty management market can be analyzed on the basis of solution types, applications, and driving regions.
Based on the types, the global loyalty management market can be segmented into-
Employee Retention
Customer Loyalty
Channel Loyalty
Based on important applications, the loyalty management market can be segmented into-
Consumer Goods & Retail
BFSI
Travel & Hospitality
Primary regions that drive the global loyalty management market-
North America
Europe
Asia Pacific
South America
The Middle East and Africa
Market Analysis
Several companies are focusing on investing in loyalty programs owing to their offerings. The benefits of employing a loyalty management system include growth of coverage to daily customer spending, resourceful rewards leading to an upgrade in scope for customer response and retention followed by partnership opportunities for improved services.
Loyalty management tools practically aim at designing profitable loyalty policy for business and individual consumers. Crucial organizations are focusing on enforcing these tools with a motive to maintain consumer satisfaction, by delivering specialized loyalty programs which include lotteries, special auctions, coupons or advantages through one platform.
Lack of understanding of loyalty management strategies can impede the growth of the loyalty management market. The market is predicted to grow at a rapid pace owing to extensive adoption across industry verticals, and the client retention policies integrated by several organizations in these verticals. As per the research conducted by WiseGuy Research, there are three primary types of Loyalty Management, including Employee Retention, Customer Loyalty, and Channel Loyalty.
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The report released by WiseGuy Research confirms that the global Loyalty Management market was valued at US$1990 million in the year 2017 and is foreseen to reach US$5240 million by the end of the year 2023, prospering at a CAGR of about 17.5% about the years 2017 and 2023. Customer Loyalty is a crucial segment of Loyalty Management. Customer Loyalty segment accounted for a market value of about US$1330.99 million in the year 2017, with a CAGR of 66.76% over the forecast period.
Geographically, the Asia-Pacific will acquire better market share in the future. The emerging countries like India, China are expected to drive the loyalty management market in the near future. North America, especially the United States is expected to play a significant role in driving the growth of the market.
In a shift from product-centric policies, enterprises across major trade verticals are deliberately switching toward consumer-centric approaches. It has been examined that, regardless of time, building customer value and putting consumers first beyond a reasonable customer focus generates substantial and lasting business value.
As loyalty management revolves around rewarding and pleasing an organization’s valuable customers, creating customer-centric policies have become necessary to maintain the customer retention rate high, thus driving the demand for loyalty management systems.
Loyalty management software is getting adopted by B2C organizations, which are attempting to attain the real-life advantages of customer experience management for their bottom-line and status simultaneously.
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