Referral Marketing Software Market to Surge at 15.5% CAGR till 2027; Rising Uptake of Referral Systems by Small & Medium Enterprises to Fuel Growth

The global referral marketing software market size is projected to reach USD 713.3 million by 2027 on account of the growing preference for cloud-based referral software by brands, finds Fortune Business Insights™ in its report, titled “Referral Marketing Software Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud and On-Premises), By Enterprise Size (Small & Medium Enterprises, and Large Enterprises), By End-user (BFSI, Retail, E-Commerce, Education, Hospitality, And Others), and Regional Forecast, 2020-2027”. The report states that the value of the market was USD 226.9 million in 2019 and the market is predicted to register a CAGR of 15.5% from 2020 to 2027.

The COVID-19 pandemic may benefit the referral marketing software market growth rate as companies are increasingly relying on word-of-mouth publicity of their products amid the pandemic. This is because the economic uncertainty created by the current crisis has forced companies to slash their regular marketing budgets and they are thus extensively utilizing social media platforms to promote their brands through referrals.

ReferralCandy Announces Integration with MailChimp to Help Small Merchants

In April 2019, ReferralCandy announced a novel integration initiative with MailChimp to aid small e-commerce merchants to enhance their email marketing and referral programs in a convenient manner. The integrated system will enable merchants to customize and personalize each customer’s referral link to send newsletters, cart reminders, and different sales offers. The intent behind this collaboration is to empower small merchants to augment their sales and revenues through email marketing and referrals. Moreover, ReferralCandy aims to undertake several such integrations in the future to deliver value-added products and services to small & medium e-commerce companies.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/referral-marketing-software-market-104308

Initiation of Referral Programs by Financial Institutions to Govern Market Dynamics

Financial institutions around the globe are effectively utilizing the power of referrals to expand their services and gain a wider audience for their business. Referral marketing software and solutions are being leveraged by banks to bring a larger number of people into the banking fold. For example, Citibank Philippines started a referral campaign in the country that offers a choice of rewards, such as cash rebates, miles, and reward points, to clients for referring the bank to a friend. Another example is the US-based Provident Bank that displays its “Refer-a-Friend” program on its website and explains how the program works in three simple steps. More importantly, the bank offers higher rewards to clients whose friends open a high-value business using the bank’s resources. Advancing these marketing trends in the banking industry is the increasing digitization of the business of banking, especially in developing economies, where large swathes of people are still unable to access banking services. Referral marketing strategies, if harnessed in a calibrated manner, can accelerate digital banking trends in emerging economies.

Business Diversification to be the Key Growth Strategy for Market Players

Given the wide scope of referral systems in the marketing domain, several key players in the competitive landscape of this market are branching out their operations into diverse industries, ranging from automotive and aviation to food & beverages and e-commerce. Companies are constantly engaged in the development of innovative offerings that can cater to the requirements of multiple end-users. In addition, companies are also providing customized products to serve niche demands in certain offbeat domains, according to the referral marketing software market analysis.

Industry Development:

• April 2020: The UK-based vegan food brand, allplants, teamed up with Mention Me to utilize the latter’s referral marketing software to acquire customers and boost sales amid the COVID-19 pandemic. Through this collaboration, allplants aim to reward customers so that they become brand advocates, thereby helping the company grow organically.

List of Key Players Covered in the Referral Marketing Software Market Research Report:

• Friendbuy (California, United States)


• OmniStar (Florida, United States)


• Refersion (New York, United States)


• Rocket Referrals (IA, United States)


• Invitebox (Zuid-Holland, Netherlands)


• Mention Me (London, England)


• Hello Referrals (Wisconsin, United States)


• Genius Referral (Florida, United States)


• Impartner (Amplifinity) (Utah, United States)


• Buyapowa (London, England)


• Referral SaaSquatch (Victoria, British Columbia)


• InviteReferrals (Bangkok, Thailand)


• Extole (California, United States)


• Influitive (Toronto, Canada)


• Annex Cloud (California, United States)


• Tapfiliate (Amsterdam, Netherlands)


• Viral Loops Ltd (London, England)


• ReferralCandy (Anafore Pte. Ltd.) (Singapore)


• Referral Rock Inc. (Virginia, United States)

Further Report Findings:

• At 24.7%, the e-commerce segment led the global market shares in 2019. The segment led the US market with a share of 25.7% in 2019 on account of the increasing investments in referral marketing systems by e-commerce companies.


• North America is expected to dominate the referral marketing software market share during the forecast period owing to the rapid digitization of marketing channels by the services sector in the region. In 2019, the North America market size stood at USD 77.7 million.

Table of Segmentation