Loyalty Management Solutions Market Size by Region, opportunities and challenges, Trends and Scope P
Loyalty management solutions are designed to reward customers for their purchases by providing incentives, which will encourage them purchase more in future.
[USPRwire, Tue May 14 2019] Increased focus on customer satisfaction and customer experience management is one of the major factors driving the loyalty management solutions market. Growth in the number of cardholders and increase in the usage of reward points as cash are important factors expected to boost the demand for loyalty management solutions over the forecast period. Increase in the application of machine learning and Big Data helps systems automate customer experience programs, which is also boosting the Loyalty Management Solutions Market.
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Loyalty management solutions are designed to reward customers for their purchases by providing incentives, which will encourage them purchase more in future. Thus, loyalty management solutions enable customer retention, improve customer penetration & cross selling, as well as provide strong value propositions to customers.
Loyalty management solutions mostly comprise different operational parameters, such as earn rates, redemption options and redemption thresholds. Loyalty management solutions are an important part of any business as loyalty management solutions help elevate the business to a higher level. Moreover, loyalty management solutions enable companies to enhance customer loyalty, which ultimately leads to higher revenue. Loyalty management solutions incorporate effective and planned activities to manage, relate, select and control the buying behaviour of consumers. In addition, loyalty management solutions help gather more insight and data to create a more refined customer profile. Thus, loyalty management solutions not only positively impact brand value, but also attract as well as retain potential customers. By providing customised loyalty management solutions such as coupons, special auctions, or benefits through a single platform, enterprises are trying to maintain a high level of customer satisfaction.
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Moreover, the proliferation of mobile technologies requires real-time loyalty management solutions that can be accessed with the help of mobile devices even in the absence of the customer.
However, government laws and regulations as a result of lack of awareness about the benefits of loyalty management solutions are hindering the growth of the loyalty management solutions market. Another major challenge faced by the loyalty management solutions market is the failure to create strong bonds between brands & customers and failure to develop successful loyalty programs. These challenges are expected to hamper the growth of the loyalty management solutions market.
The loyalty management solutions market can be segmented on the basis of solution type, organisation size, deployment, vertical and region.
The loyalty management solutions market segmentation by solution type:
- Customer retention
- Customer loyalty
- Channel loyalty
The loyalty management solutions market segmentation by organization size:
- Large enterprises
- Small & medium enterprises
The loyalty management solutions market segmentation by deployment:
The loyalty management solutions market segmentation by vertical:
- Media & Entertainment
Some of the market participants in the global loyalty management solutions market identified across the value chain include Aimia Inc., IBM Corporation, Comarch SA, Epsilon Data Management LLC, Oracle Corporation, SAP SE, Fidelity Information Services Inc., Bond Brand Loyalty Inc., Martiz Holdings Inc., Brierley+Partners, TIBCO Software and Microstrategy, Inc.
In October 2017, SuperValu, Ireland's grocery retailer, partnered with Aimia Inc. and signed a multi-year agreement to revamp its real rewards program supported by the Aimia Loyalty Platform.
The loyalty management solutions market can be segmented based on region into North America, Latin America, Europe, CIS & Russia, Japan, APEJ and Middle East & Africa.
North America is expected to dominate the loyalty management solutions market with the largest market share over the forecast period due to increasing focus on cross selling and customer retention by major industry verticals that include healthcare, BFSI and others. The loyalty management solutions market in APEJ is expected to witness significant growth due to increased focus on a customer-centric approach and increasing usage of mobile technologies.
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