The India Loyalty Program market is expected to top nearly US$ 2,922.9 Mn in 2022 and is projected to reach US$ 10,852.6 Mn by 2031 at a CAGR of ~15% from 2022 to 2031. The India loyalty program market holds approximately 4%-8% in the global loyalty program market.
Several retailers and businesses use loyalty programmes as one of their marketing methods to draw in and keep their channel partners and customers. They provide customers with additional benefits and encourage them to spend more money through these initiatives.
Rewards, points, discounts, and other unique incentives are provided by loyalty programmes in an effort to boost sales and foster client loyalty. This aids businesses in building a solid base of loyal customers.
The market for loyalty programmes is a subset of the market for loyalty management, which also includes software and services (professional services and managed services). These variables led to an 18% growth rate in the Indian loyalty programme market over the course of the historical period (2016-2021).
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What are the Factors Driving Demand in India Loyalty Program Market?
Loyalty programs play a crucial role in reducing overall operational costs. Organizations are focusing more on escalating repeat purchases instead of investing more in marketing activities to acquire a new consumer base.
Hence, organizations are more focused on maintaining the repeat purchase rate instead of investing more in marketing activities to acquire new channel partners. The organizations are currently focused on strengthening their repeat purchase rate.
Thus strengthening the repeat purchase rate is one of the prominent factor driving enterprises to switch towards loyalty programs.
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How will Adoption of AI to Offer Personalized Rewards to Channel Partners Benefit Market?
Industry experts today largely believe that many of the industry sectors are steadily marching towards personalization. In the past few years, adoption of AI (artificial intelligence) to create a more personalized experience is gaining popularity.
Creating user profiles has helped the players gain information to personalize incentives that are likely to be considered more effective than generalised incentives. Another way of using AI (artificial intelligence) is to incentivize the channel partners by logging in their purchase records. This feature can help the organization to completely analyse the purchase behaviour of channel partners in detail at different levels or tiers.
Category-wise Insights
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Which Program Type Will Dominate the India Loyalty Program Market?
“Combination of Point-Based and Pre-Decided Loyalty Program to be the Most Preferred”
In terms of program type, combination of point-based and pre-decided loyalty programs account for a notable share of 64.8% in India loyalty program market. However, point-based loyalty programs held a significant share in 2020 as points are easy to earn and easy to redeem. Channels can redeem points for credit toward their next purchase, discounted services, or giveaways.
Which Consumer Orientation Will Remain Highly Sought-After in India Loyalty Program Market?
“Need for Sales Incentives to Boost the India Loyalty Program Market”
In terms of consumer orientation, sales incentives segment is expected to dominate the market owing to increase in profits, improves sales success and allows sustainable growth. A well-designed and well-executed loyalty program helps in retaining existing customers, attract new customers, reduce turnover and drive profits. However, employee rewards and channel incentives will account for significant market share of 17.7%, and 10.2%, respectively.
Which is the Leading End User in India Loyalty Program Market?
In terms of end-user, large enterprises segment will account for a notable share in the India loyalty program market. However, a significant share of B2B small and medium enterprises segment witness steady growth over the forecast period, estimates Future Market Insights (FMI).
Based on vertical, others segment including aviation, hospitality, BFSI, healthcare, education and IT & telecom is expected to hold lion’s share in the market.
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Competitive Landscape
Prominent players in the India loyalty program industry are adopting various strategies to survive high level competition. Meanwhile, other players in the market are adopting strategies such as mergers and product launches to gain competitive edge in the industry.
India Loyalty Program Market by Category
By Program Type:
- Point-Based Loyalty Program
- Pre-Decided Loyalty Programs
- Combination of Point-Based and Pre Decided Loyalty Programs
By End User:
- Small& Medium Enterprises
- Large Enterprises
By Consumer Orientation:
- Employee Rewards
- Sales Incentives
- Channel Incentives
By Vertical:
- Automobiles
- Cement
- Electronics & Electricals
- Laptops
- Luxury Brands
- Mobile Phones
- Paints
- Tyres
- Watches
- Others
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The post India Loyalty Program Market is Expected to Register a CAGR of 15% by Garnering a Market Value ofUS$ 10,852.6 Mn in 2031 – Exclusive Report by Futuremarketinsights, inc. appeared first on Future Market Insights.