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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.
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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.
List of Key Players Covered in the Referral Marketing Software Market Research Report:
Further Report Findings:
Table of Segmentation
Value (USD million)
By Enterprise Size