Global Statistics Representing Customer Loyalty Management Software Market Scenario
Customer loyalty programs are offered by various companies and retailers to their customers on frequent purchase as their loyalty is essential for sustaining the business. These programs provide free merchandise, rewards, and coupons, among others for maintaining a good relationship with new and existing customers. These programs grow by expanding their coverage to daily purchasing customers. Moreover, programs proposed innovative rewards for increasing response rate from customers which results into improving customer retention. Also, major focus is on different alliances to reduced loyalty program costs by various financial institutions.
Moreover, these programs grow by expanding their coverage to daily purchasing customers. Moreover, programs proposed innovative rewards for increasing response rate from customers which results into improving customer retention. Also, major focus is on different alliances to reduced loyalty program costs by various financial institutions.
The global customer loyalty management software market is segmented by deployment, enterprise, and application.
Based on deployment, the market is segmented into on-premise and cloud. Cloud-based customer loyalty management software offers a network-based solution that can be accessed from anywhere with active internet connection. It is usually easier to integrate with third party solutions.
Global customer loyalty management software market by cloud deployment is expected to grow at CAGR 8.6% during the forecast period 2019–2026.
On the basis of enterprise, the market is segmented into small & medium and large. Customer loyalty program possibly increases lifetime value and boosts revenue by lowering overall marketing costs. Existing customers are more valuable than the new, thus, investing in customer loyalty programs is an excellent technique to expand the company’s revenue and sales by stabilizing finances and drive down customer acquisition costs.
Based on application, the market is segmented into campaign management, reward management, SMS marketing, and others. Extensive changes in the business outlook and variation in customer’s aspect about marketplace have compelled many companies to shift their attention from internal considerations such as reducing costs and streamlining operational systems instead focusing on customer profitability such as campaign management.
Geographically, the global customer loyalty management software market is segmented into four regions: North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America offers an array of opportunities for global customer loyalty management software market on account of the technologically advanced infrastructure, huge adoption of loyalty programmers, and strong presence of several established enterprises in developed countries such as the U.S and Canada. In the U.S., most of the customers have loyalty cards. Additionally, there are various sectors such as retail chains, movie theatre networks, supermarket and fish market chains, and pharmacy chains require royalty cards from their customers. Sephora, Starbucks, Amazon Prime, Walgreens, and Target are some of the leading players having customer loyalty programs in the U.S.
Loyalty programs are well-established in the European region that some of the retailers are offering stand-alone programs and other retailers are part of coalition programs, which span multiple retailers. However, few retailers provide multiple loyalty programs with time-limited promotions. It has been found that, 66% of overall customers have participated in one or more loyalty programs. From which, Finland holds major share followed by the U.K, Lithuania, and Slovenia. LUISAVIAROMA, MISSGUIDED, Moda Operandi, Simply Be, Stylebop, TK Maxx, ASOS, and NET-A-PORTER are some of the prominent companies leading the loyalty programs market in the European region.
Asia Pacific constitutes to be one of the major provider for lucrative opportunities for the market due to the presence of half of the world’s population, high internet penetration, change in customer demographics, and expansion of small convenience stores and mini-markets. Additionally, urban shoppers are pursuing convenient options compatible with their on-the-go lifestyles, and large stores are providing promotional offers to maintain sales growth.
LAMEA has varied opportunities in the customer loyalty management software market on account of the rapidly growing adoption of technologies and recent developments of loyalty programs to engage retailers and local shoppers in particular region. South Africa, the UAE, Saudi Arabia, and Morocco are some of the prominent countries that are showing significant growth in the customer loyalty management software system market.
Some of the key players in the global customer loyalty management software market are Apex Loyalty, CitiXsys Americas Inc, CityGro, Inc., Influitive Corporation, SiEBEN Yotpo, Ltd., Tango Card, Inc., Oto Analytics, Inc., Zoho Corporation Pvt. Ltd., and Loyverse.
Customer Loyalty Management Software Market Segmentation
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