Loyalty management is a reward system to retain a repetitive customer. The customers who are frequent buyers are the key audience of a loyalty management program. It is projected to be used to target new customers for converting them into loyal customers. Loyalty management is a part of loyalty program where communication and marketing are used to achieve customer retention. It is defined as an alignment of all promotional, marketing, and distribution channels to constantly deliver on the brand’s promise to its frequent customers. Loyalty management encourages customers to return for purchase and turns loyal customers into brand advocates. Loyalty management is studied across three major segments including customer retention, customer loyalty, and channel loyalty.
The global loyalty management market is attributed to increasing use of mobile applications, recurrent alteration of end-user demographics, changes in organizational structure which focus on customer segregation to effectively implement loyalty programs, significant increase in card holders, and increase in spending on loyalty programs from the organizations owing to variety of offerings on everyday purchases.
The lack of awareness about such programs among customers and stringent government rules & regulations hamper the growth of loyalty management market. The flourishing applications of big data and machine learning, increase in investment for card loyalty management system technology, and growing appreciation for online reward management solutions are expected to offer numerous growth opportunities for the key vendors in the global loyalty management market.
Loyalty management market is segmented based on type, organization size, industry vertical, and geography. Based on type it is segmented into customer retention, customer loyalty, and channel loyalty. As per organization size, the market is segmented into large, and small & mid-size. Based on industry vertical, the global loyalty management market is studied across BFSI, retail, travel & hospitality, manufacturing, IT & telecom, media & entertainment, healthcare, and others (education, oil & gas, and energy & utilities). Based on region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the report include Aimia Inc, Bond Brand Loyalty, Comarch, Epsilon, ICF International Inc, IBM Corporation, Kobie Marketing Inc, Oracle Corporation, SAP SE, and Tibco Software Inc.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Organization Size
By Industry Vertical
The key players profiled in the report are as follows:
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