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The global loyalty management market size is projected to reach USD 10.02 billion by 2027 owing to rising demand for cloud-based loyalty programs, shares Fortune Business Insights™ in its report, titled “Loyalty Management Market Size, Share and Covid-19 Impact Analysis, By Type (Customer Retention, Customer Loyalty, and Channel Loyalty), By Deployment (On-Premise and Cloud), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By Industry (Banking, Finance, Security and Insurance (BFSI), IT and Telecommunications, Transportation, Retail, Hospitality, Manufacturing, Media & Entertainment, and Others) and Regional Forecast, 2020-2027”. The report states that the market value stood at USD 2.47 billion in 2019 and is expected to register a CAGR of 19.9% from 2020 to 2027.
The COVID-19 outbreak is expected to have a positive impact on the loyalty management market growth during 2020 as lockdowns and social distancing have created barriers between brands and their customers. Loyalty platforms help break down these barriers by reaching customers through virtual means such as social media, which will spike their uptake in these troubled times.
PepsiCo Launches Maiden Cash-Back Loyalty Program
In September 2019, the food & beverage giant PepsiCo introduced PepCoin, the company’s first-of-its-kind cash-back program. The maiden program will enable customers to win cash rewards every time they buy a single-serve, uniquely marked PepsiCo drink and Frito-Lay snack together. The customers can then scan the marked code on their phones and as the points reach a certain number, $2 will be automatically deposited in their PayPal or Venmo account. With a vast of array of product combinations to choose from, PepsiCo aims at enlarging its customer base by enhancing their experience with the company’s multiple brands. Utilization of loyalty management solutions by large companies is a major trend gaining traction in this market.
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Attractive Loyalty Programs in Retail Industry to Accelerate Market Growth
The demand for loyalty programs and platforms in the highest in the retail industry, where retaining loyal customers is the top priority. As a result, loyalty management activities are conducted most energetically in this industry, with many retail giants offering attractive programs to strengthen their customer base. For instance, the Starbucks Rewards program allows loyal customers to order their personalized drink before reaching the store, thus skipping the waiting line. The sports brand, Reebok, allows members to accumulate points with every transaction and purchase and provides enhanced services commensurate to the value of the collected points. Wide availability of such loyalty programs is expected to augment the market in the near future.
Strategic Alignment of Interests among Players to Stimulate Intense Competition
Maintaining customer loyalty is a mammoth task as it is a complex mix of economics and psychology. Therefore, companies are forced to explore a plethora of options that are economically feasible and commercially attractive. This has led to the discovery of cross-alignment of interests between diverse companies, who are now joining forces to strategically expand their sales horizons and broaden their customer base.
List of Companies Profiled in this Market Report:
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Table of Segmentation:
Value (USD billion)
By Enterprise Size