Increasing focus on customer centric approach leads to offer multiple loyalty programs for customer retention, cross selling and to increase the customer penetration. Loyalty management is an important part of business that helps to elevate the company to a higher level. It enables enterprises to enhance customer loyalty and ultimately it leads to increase in sells and revenue. Under loyalty management enterprises offers various loyalty programs such as reward points, discounts, special product offers and gift vouchers across banking, grocery shopping, dining, and fuel purchasing. These enterprises face challenges to manage all the loyalty programs based on standard rules across different location to provide similar services for all customers. Therefore, software solution providers offer loyalty management software to manage all these programs with less amount of human intervention.
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Loyalty management software tools help to build successful loyalty program for individual and business customers. Most of the enterprises are implementing these tools to maintain high level of customer satisfaction, by providing customized loyalty programs such as lotteries, special auctions, coupons or benefits through one platform.
Loyalty Management Market: Drivers and Challenges
Proliferation of mobile technologies, increased focus on customer experience management, increased usage of digital cards drive the Loyalty Management market. Proliferation of mobile technologies needs real-time loyalty program which can be accessed through mobile devices rather than physical presence of customer. Enterprises are more inclined towards customer experience management to provide specific products based on customer requirement, the loyalty program software helps enterprises to get customer feedback on different programs and ultimately that leads to offer better solution/program to customers. Increasing usage of digital cards create the demand for loyalty management software to manage all the loyalty programs digitally and to notify digital cards offers on customer smart devices.
The major challenges for loyalty management market are failure to develop successful loyalty programs, and failure to make strong customer bond between customer and brand. These two challenges hinders the demand for loyalty management solution in the market
Loyalty Management Market: Segmentation
Segmentation on the basis of enterprises:
- Large-scale Enterprises
- Medium-scale Enterprises
- Small-scale Enterprises
Segmentation on the basis of industry:
- Media & Entertainment
Segmentation on the basis of Deployment:
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Some of the key market players in Loyalty Management market are Oracle Corporation., Comarch SA, TIBCO, International Business Machines Corporation, SAP SE, Bond Brand Loyalty Inc., Brierley+Partners, and Microstrategy, Inc.
Loyalty Management market is currently dominated by North America region and this region will have largest market share in the forecasting period due to increasing focus of major industry verticals including BFSI, government and among others on loyalty programs for customer retention, cross selling and good employee engagement. Europe Loyalty Management market is accounted second largest market share, as this region is more influenced by retail sector. Asia-Pacific excluding Japan Loyalty Management market expected to have high growth rate, as increasing usage of mobile technologies and increased focus on customer centric approach to provide value added services in the market. Middle East and Africa and Latin America are also witnessing highest growth rate in loyalty management market due to emergence of innovative loyalty programs in the market
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