Loyalty Programs Market Intelligence
The global loyalty program market is valued at $180 billion in 2022 (E). The market is forecasted to grow at a CAGR of 5–6 percent to $179–191 billion between 2022 and 2026(F) . Regions, such as Western Europe, North America, and some parts of APAC, such as Australia, Japan, Hong Kong, Singapore, have high market maturity. The APAC and parts of Latin America are expected to be the future growth driving markets for loyalty program services.
Price, input cost and demand movements are in a neutral/almost favorable condition to procurement, while the competition is stable.
Loyalty program penetration is high outside Europe and North America, due to increasing e-commerce and online buying behavior of the customers.
High adoption for Loyalty Program in APAC, due to the presence of regional/global suppliers with established technology platforms and regional/local merchant network offering iconic reward catalog. Global buyers are looking at consolidating the supply base.The Middle East and Africa have low adoption, as infrastructure and connectivity pose a challenge in rewards sourcing, fulfillment, and delivery in certain locations.
COVID-19 Impact on Loyalty Program Market
The COVID-19 crisis is positively impacting the loyalty market as a majority of customers are rapidly shifting toward digital channels to buy products or services amidst the nationwide lockdown and related restrictions. The unprecedented growth of the e-commerce industry during the public-health crisis has influenced retailers to attract and retain maximum consumers to their websites, setting high hopes for loyalty platform providers.
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