Report Title – Global Loyalty Management Market – Segmented by Solution, Industry Vertical (BFSI, Travel & Hospitality and Consumer goods & Retail), User-Handling Capacity (Limited and Extended) and Region – Growth, Trends and Forecasts (2019 – 2023)
“Loyalty Management Market Report 2019-2023” helps the consumer to take business decisions and to understand strategies of major players in the industry. The report also calls for market-determined results deriving feasibility survey for consumer needs. Global Loyalty Management Market Report ensures qualified and verifiable aspects of market data operating in the real-time scenario. The analytical studies are conducted ensuring consumer needs with a complete understanding of market capacities in the real-time scenario.
Top Listed Players in Loyalty Management Market Research Report 2019-2023:
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Loyalty Management market reports provide a comprehensive overview of the worldwide market size and share. Loyalty Management market data reports also provide a 5-year historic, forecast for the sector, and include data on social-economic data of global. Key stakeholders can consider statistics, tables & figures mentioned in this report for strategic planning which lead to success of the organization.
Overview of Loyalty Management Market Report:
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 (2019 – 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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Valuable Points from Loyalty Management Market Research Report 2019-2023:
- A complete background analysis, which includes a valuation of the parental Loyalty Management Market.
- Significant changes in Market dynamics.
- Loyalty Management Market segmentation according to Top Regions.
- Current, Historical, and projected the size of the Loyalty Management Market from the viewpoint of both value and volume.
- Reporting and assessment of recent industry developments.
- Loyalty Management Market shares and strategies of key Manufacturers.
- Emerging Specific segments and regional for Loyalty Management Market.
- An objective valuation of the trajectory of the Market.
- Recommendations to Top Companies for reinforcement their foothold in the market.
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Highlights of the following key factors:
- Business description-A detailed description of the company’s operations and business divisions.
- Corporate strategy –Analyst’s summarization of the company’s business strategy.
- SWOT Analysis-A detailed analysis of the company’s strengths, weakness, opportunities, and threats.
- Company history –Progression of key events associated with the company.
- Major products and services-A list of major products, services, and brands of the company.
- Key competitors –A list of key competitors to the company.
- Important locations and subsidiaries –A list and contact details of key locations and subsidiaries of the company.
- Detailed financial ratios for the past five years –The latest financial ratios derived from the annual financial statements published by the company with 5 years history.
Top Most Regions Covered In Loyalty Management Market Research Report 2019-2023:
- North America (the USA, Canada, and Mexico)
- Europe (Germany, France, UK, Russia, and Italy)
- Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
- South America, Middle East, and Africa
Conclusively, this report will provide you a clear view of each facet of the market without a need to refer to any other research report or a data source. Our report will provide you with all the facts about the past, present, and future of the concerned Market.
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