Loyalty Management Market Observes Wide Growth with CAGR 15.9% during Forecast 2020 and 2027

 

Loyalty Management Market

Loyalty Management, also known as a loyalty programme, is a marketing strategy that rewards customers for their purchases. The main goal of loyalty programmes is to retain and increase customer base by providing multiple loyalty offers and benefits. Many organisations rely on loyalty management to expand their customer base and take their business to the next level. A loyalty management solution allows businesses to expand their customer base, which leads to an increase in sales and revenue. Loyalty management companies provide a variety of loyalty programmes, including reward points, cashback, travel programmes, gift cards, dining vouchers, and fuel purchases.

These organisations had faced numerous challenges in managing the same loyalty programmes across multiple locations in order to provide customers with similar services and solutions. Loyalty management software solutions are used to manage all of these loyalty programmes with minimal human intervention and to provide consistent services and solutions globally. During the forecast period, these factors are expected to drive market growth.

The global Loyalty Management Market was valued at US$ 7.6 Bn in 2019 and is expected to reach US$ 21.3 Bn by 2027 at a CAGR of 15.9% between 2020 and 2027.

The global Loyalty Management Market is expected to grow significantly during the forecast period (2020-2027) due to rising demand for advanced solutions to monitor customer scores and behaviours and improve customer engagement. In today's world, the success of a company is determined by the success of its customers. More customer engagement equals higher levels of customer satisfaction. As a result, loyalty management software is used to track customers' scores at the same time.

This most recent platform is useful for driving desired customer behaviour and providing marketers with tools to increase revenue through loyalty programmes. Customer lifetime value ratings can be assigned to customers, and customer score types include Customer Satisfaction, Customer Effort, Net Promoter Score, and Recency, Frequency, and Monetary (RFM) analysis scores. Customer satisfaction scores assist businesses in determining whether customers are satisfied with their products or services. Net promoter scores are used to determine how likely customers are to recommend the brand to other businesses and purchase products from the same company in the future. Recency, Frequency, and Monetary (RFM) analysis, on the other hand, indicates how frequently a customer purchase drives the company's revenue.

Various Segments Loyalty Management Market-

·        By Component: Solution and Services

·        By Deployment Type: On-premise and Cloud

·        By Organization Size: Large Enterprises and SMEs

·        By End-user: Retail, Healthcare, Telecom, BFSI, Media & Entertainment, Hospitality, Education and Others

Major Companies involved are- BOND BRAND LOYALTY INC., Kobie, Brierley, Epsilon Data Management, LLC., Aimia Inc., Annex Cloud, ICF International Inc., Apex Loyalty, Apptivo Inc., Fivestars, IBM Corporation, Oracle, Comarch SA, SAP, TIBCO Software Inc., Maritz Holdings Inc., MicroStrategy Incorporated and others

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