The global loyalty management market was valued at USD 3226.76 million in 2019, and is expected to reach a value of USD 11442.24 million by 2025, at a CAGR of 23.3% over the forecast period. 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.
In the United States, there are over 200 subscription video-on-demand platforms, and in order to set themselves apart, these companies are turning to unique loyalty rewards programs.
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 first beyond a simple customer focus generates the greatest and lasting business value. As loyalty management revolves around pleasing/rewarding an organization’s repeat customers, developing customer-centric strategies have become necessary to keep the customer retention rate high, thus driving the demand for loyalty management programs.
Lack of awareness about loyalty programs can hinder the growth of the loyalty management market. The market studied is observing lucrative growth in double digits, owing to widespread adoption across industry verticals, and the client retention policies incorporated by various organizations in these verticals.
Scope of the Report
Loyalty management is an approach to marketing, based on strategic management, in which a company focuses on growing and retaining existing customers through incentives. Branding, product marketing, and loyalty marketing all form part of the customer proposition – the subjective assessment by the customer of whether to purchase a brand or not based on the integrated combination of the value they receive from each of these marketing disciplines.
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Key Market Trends
B2C Solution to Account for Significant Share
Loyalty management solutions are increasingly getting adopted by B2C companies, which are trying to reap the real-life benefits of customer experience management for their bottom-line and reputation simultaneously.
From gathering customer satisfaction information proactively to internal sourcing of customer experience (CX) data, loyalty management solutions can accumulate business-critical data, in order to predict and influence potential customer behavior.
Quite recently, Canadian grocer, Freson Bros., made data-driven loyalty a priority by choosing Clutch’s intelligent customer marketing platform, thereby remodeling their existing loyalty program. By using the revamped program, they are likely to be able to outline insights that is likely to help them to reward the customers in a personal and valuable manner.
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