Loyalty management deals with designing of rewards to consumers for past purchase as well as provides them incentives with an objective to make future purchase. Rewards program aims at providing strong value to the customers followed by improved customer penetration, cross selling and retention. A loyalty management system consists of operational parameters which include funding options, program design and transaction types among others.
In addition, it also includes various value parameters such as redemption thresholds, redemption options and earn rates. Many organizations are focusing on spending on loyalty programs owing to their offerings. The offerings include expansion of coverage to daily consumer spending, innovative rewards leading to an increase in scope for consumer response and retention followed by collaboration opportunities for enhanced services .
Loyalty management software tools basically aims at building successful loyalty program for business and individual customers. Key enterprises are focusing on implementing these tools with an objective to maintain high customer satisfaction, by providing specialized loyalty programs which includes special auctions, lotteries, coupons or benefits through one platform.
The global Loyalty Management market is expected to grow at a significant rate during the forecast period from 2017 to 2025.Global Loyalty Management market has been segmented on the basis of solution, organizational size, deployment type and end user industry. On the basis of solution, the market is segmented into employee retention, customer loyalty and channel loyalty.
By organizational size, the market has been segmented into small, medium and large enterprises. In terms of deployment type, the market is segmented into on demand and on-premises. End user industry segment is further segregated into Banking, Financial Services and Insurance, IT and Telecom, healthcare, manufacturing and hospitality among others.
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Growing need for competitive differentiation to expand market share is one of the important driver expected to boost the demand of global Loyalty Management market during the forecast period. Growing number of cardholders and use of rewards points as cash followed by significant rise in mobile technology are other factors expected to augment the demand of global Loyalty Management market during the forecast period.