Customer Retention Strategies and the Role of Loyalty Management (2023-2029)

Loyalty management market is expected to grow at a CAGR of 23.6% in the forecast period of 2020 to 2027.

Rewards are being designed for the customers for past purchase and also provide incentives to them with an objective to influence them to make a purchase in future.

Reward programs focuses more on providing strong value to the customers followed by improved customer penetration, retention and cross selling.Due to the increasing focus on management of customer experience, proliferation of technologies related to mobile and rising use of digital cards Technological advancement in mobile technology acts as an opportunity.

Stringent government regulations and complexities in data synchronization are the factors restraining the loyalty management market.

A data security and privacy issue is one of the challenges faced by the market.Get Free Sample Copy of Report Here: @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-loyalty-management-marketKey Market Competitors: Loyalty Management MarketThe major players covered in the loyalty management market report are Oracle, SAP SE, IBM Corporation, AIMIA Inc., Comarch SA., Bond Brand Loyalty Inc., Brierley+Partners, Epsilon, ICF Inc., Kobie Marketing, Inc, TIBCO Software Inc., Bond Brand Loyalty, MicroStrategy, Inc.,  Apex Loyalty, FiveStars, Sailplay, The Lacek Group, Paystone, Capillary, Annex Cloud among other domestic and global players.Market Segmentation: Loyalty Management MarketOn the basis of component, loyalty management market is segmented into solutions and services.

Services are sub-segmented into professional and managed services.

According to a new market research report "Loyalty Management Market by Type of Solution (Customer Loyalty, Employee Retention, and Channel Loyalty), Deployment Type (On-Premises and On-Demand), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2021" published by MarketsandMarkets™, the Loyalty Management Market projected to grow from USD 1.68 Billion in 2016 to USD 4.59 Billion by 2021, at a CAGR of 22.2% during the forecast period, 2016 to 2021.

Browse in-depth TOC on “Loyalty Management Market”68- Tables 56- Figures 147- PagesAsk for Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=172873907Rising need for competitive differentiation among organizations to increase their market shares is one of the major drivers for the growth of the Loyalty Management Market.

Other factors driving the growth of the Loyalty Management Market include frequent shift in consumer demographics, increasing focus of loyalty programs on customer segmentations, significant rise in use of mobile technologies, and increase in the number of cardholders.“Among solutions, the customer loyalty segment is expected to lead the Loyalty Management Market during the forecast period.”Customer loyalty management solutions measure the success of a supplier in retaining a long-term relationship with its customers.

Customer loyalty management solutions incline customers towards choosing a particular product against other products available in the market.

The growth of the manufacturing segment of the Loyalty Management Market is driven by consumer-centric approach followed by the manufacturing companies, along with increased need to retain their existing customers.

Presence of key companies, such as Oracle Corporation (U.S.), IBM Corporation (U.S.), Maritz Holdings Inc. (U.S.), Aimia Inc. (Canada), Fidelity Information Services (FIS) (U.S.), ICF International, Inc. (U.S.), Epsilon (U.S.), Brierley+Partners (U.S.), Kobie Marketing, Inc. (U.S.), Bond Brand Loyalty (U.S.), MicroStrategy, Inc. (U.S.), and TIBCO Software (U.S.), among others in the North American region is one of the most significant factors driving the growth of the Loyalty Management Market in the region.The report also encompasses different strategies, such as mergers & acquisitions, partnerships, collaborations, and new product launches adopted by various key players to increase their shares and strengthen their presence in the Loyalty Management Market.About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.

MarketsandMarkets forecasts the global loyalty management market size to grow from USD 7.6 billion in 2020 to USD 15.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.3% during 2020 –2025.

The significant growth in smartphone technology and its increasing usage across the globe are expected to drive the market.Request For Customization @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=172873907Loyalty programs are designed for providing an interactive environment between a business organization, its customers, employees, and channel partners (distributors, resellers, among others).

Loyalty management is one of the key application areas across verticals, such as automotive, retail, banking and financial services, healthcare, and telecommunication.In the loyalty management market, the key and emerging market players include Aimia (Canada), Annex cloud (US), Apex Loyalty (US), Apptivo (US), Bond Brand Loyalty (Canada), Brierley+Partners (US), Capillary (Singapore), Comarch (Poland), Epsilon (US), FiveStars (US), Hashtag Loyalty (India), ICF Next (US), Kangaroo (Canada), Kobie Marketing (Russia), Loyalty Gator (Canada), LoyaltyLion (England), Maritz Motivation (US), Merkle (US), Oracle (US), Smile.io (Canada), SpotOn (US), TIBCO (US), Yotpo (US), SailPlay (US), Lacek (US), and Paystone (UK) These players have adopted various strategies to grow in the global loyalty management market.Owing to the increasing awareness of the benefits of cloud-based solutions, the cloud segment for loyalty management is expected to grow significantly.

Solution providers are focusing on the development of robust cloud-based solutions for their clients, as various organizations have migrated to either a private or a public cloud.

As cloud-based solutions are budget-friendly and easy to deploy, it is highly preferred by Small and Medium-sized Enterprises (SMEs).Request a Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=172873907B2C operators undertake business directly with consumers that are end users of its products or services.

In the B2C segment, the decisions are often made emotionally and based on how a product or brand makes a person feel.