United Arab Emirates Loyalty Programs Market Report 2022: Market will Increase from $1275.7 Million in 2021 to Reach $2248.0 Million by 2026
Tuesday, August 2, 2022
DUBLIN, July 25, 2022 /PRNewswire/ -- The "United Arab Emirates Loyalty Programs Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.
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Loyalty Programs Market in United Arab Emirates is expected to grow by 12.5% on annual basis to reach US$1434.9 million in 2022
In value terms, the Loyalty Programs Market in United Arab Emirates has recorded a CAGR of 12.8% during 2017-2021. The Loyalty Programs Market in United Arab Emirates will continue to grow over the forecast period and is expected to record a CAGR of 11.9% during 2022-2026. Loyalty Programs Market in the country will increase from US$1275.7 million in 2021 to reach US$2248.0 million by 2026.
Over the last three to four years, the customer loyalty landscape has developed rapidly across the United Arab Emirates (the UAE). Before the global pandemic outbreak, the country was witnessing a higher per capita income and was gearing up with its increasing population of foreign workers, growing tourism industry, and a large number of development projects. However, the impact of the Covid-19 outbreak, resulting in the closure of offline stores, brought major changes to the economy.
During the period of the global pandemic, an increasing number of consumers changed their shopping behavior. According to the Global Loyalty and Rewards Market Survey, nearly 95% of the consumers started to explore different brands and stores even for their regular day-to-day purchases. This resulted in a number of brands revisiting their loyalty and rewards programs initiatives to stay relevant in testing times of the global pandemic outbreak.
In their effort to provide a more rewarding shopping experience to customers, retailers are making further enhancements to their loyalty programs in 2022, a trend that is expected to gain further momentum over the next four to eight quarters. As the retail landscape continues to evolve in the UAE, the publisher expects loyalty programs to transition from transactional to interactional from the short to medium-term perspective.
With brands and businesses across industry verticals opting for loyalty programs, competition and innovation have surged significantly in the loyalty and rewards programs industry. Innovative startups, payment service providers, and e-commerce platforms are all driving the growth of the industry. With the new players entering the segment, the publisher expects a further boost to the UAE loyalty and rewards programs industry over the forecast period.
Loyalty program providers are entering into strategic partnerships to offer shoppers a sustainability-focused credit card in the UAE
Globally, consumers have increasingly become aware of the challenges faced by the environment. Consequently, they are making more sustainable choices that reduce the impact on the environment. In the midst of this growing trend, loyalty program providers are entering into strategic partnerships with banking institutions to offer shoppers sustainability-focused credit cards.
-- In February 2022, Etihad Guest, one of the leading loyalty programs in
the country, announced that the firm had forged a strategic alliance
with the First Abu Dhabi Bank and Visa to launch a
sustainability-focused Visa credit card. Notably, the card will reward
members for making sustainable choices in their everyday spending
habits.
-- Notably, Etihad has been the first airline provider in the region that
rewards members for being more sustainable in the air as well as on the
ground. Its Conscious Choices program rewards members for offsetting
their flights with miles, purchasing sustainable products in the Reward
Shop, and carrying less baggage on board.
With sustainability becoming a key driver among consumers while choosing brands and products to associate themselves with, more loyalty program providers are expected to offer such a solution over the next six to eight quarters in the UAE.
Online marketplaces are launching AI and blockchain-enabled rewards platforms in the UAE
Through innovative loyalty and rewards programs that are powered by artificial intelligence and blockchain technology, online marketplaces in the country are looking to disrupt the UAE retail landscape.
-- In February 2022, Aladdin.life, the online marketplace for mobile and
broadband services, announced that the startup is expanding to a smart,
multi-sector, AI, and blockchain-enabled rewards and shopping platform.
Notably, the new rewards platform offers customers 100% value back in
the form of discounts on its online Reward store.
-- For every AED 1 spent on the purchase of telecom products and services
from Aladdin.life or its retail partner network, customers get a
discount of AED 1 on the Aladdin Reward store. Notably, the full value
offered to the customers is in the form of Aladdin Reward Coins.
Customers can trade these coins for discounts when shopping from the
Reward store, which features consumer electronic products from different
brands and retailers.
The publisher expects more such rewards program launches over the next four to eight quarters as online marketplaces seek ways to acquire new customers and drive incremental revenue in the UAE.
Buy now, pay later providers are launching innovative loyalty programs to expand their market share
The popularity of buy now pay later (BNPL) products has surged significantly during the global pandemic outbreak. This growing popularity among consumers has also resulted in increased competition among BNPL providers in the country. As the competition continues to intensify among providers, firms are resorting to loyalty programs to attract more customers to their platforms.
-- In June 2021, Tabby, one of the leading BNPL providers in the country,
announced that the firm had launched a new loyalty program for
customers. Notably, the loyalty scheme rewards customers with cash,
which they can either use to settle future payments or fund new
purchases, or can even transfer it to their bank accounts. When making a
purchase through its retail partners, customers earn up to 20% cashback.
A loyalty program is an essential strategy for payment firms such as BNPL, as getting users to stick and engage with the brand is more cost-effective than acquiring new customers.
Scope
United Arab Emirates Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators, 2017-2026
United Arab Emirates Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains, 2017-2026
-- Loyalty Schemes
-- Loyalty Platforms
United Arab Emirates Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Program Type, 2017-2026
-- Point-based Loyalty Program
-- Tiered Loyalty Program
-- Subscription Loyalty Program
-- Perks Loyalty Program
-- Coalition Loyalty Program
-- Hybrid Loyalty Program
United Arab Emirates Loyalty Spend Market Size and Future Growth Dynamics by Channel, 2017-2026
-- In-Store
-- Online
-- Mobile
United Arab Emirates Loyalty Spend Market Size and Future Growth Dynamics by Key Sectors, 2017-2026
-- Retail
-- Financial Services
-- Healthcare & Wellness
-- Restaurants & Food Delivery
-- Travel & Hospitality (Cabs, Hotels, Airlines)
-- Telecoms
-- Media & Entertainment
-- Others
United Arab Emirates Loyalty Spend Market Size and Future Growth Dynamics by Retail, 2017-2026
-- Diversified Retailers
-- Department Stores
-- Specialty Stores
-- Clothing, Footwear & Accessories
-- Toy & Hobby Shops
-- Supermarket and Convenience Store
-- Home Merchandise
-- Other
United Arab Emirates Loyalty Spend Market Size and Future Growth Dynamics by Accessibility, 2017-2026
-- Card Based Access
-- Digital Access
United Arab Emirates Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type, 2017-2026
-- B2C Consumers
-- B2B Consumers
United Arab Emirates Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms, 2017-2026
-- Software
-- Services
United Arab Emirates Loyalty Spend Market Size and Future Growth Dynamics by Software Platforms, 2017-2026
-- Custom Built Platform
-- Off the Shelf Platform
United Arab Emirates Loyalty Spend Market Size and Forecast by Consumer Demographics & Behavior, 2021
-- By Age Group
-- By Income Level
-- By Gender
For more information about this report visit https://www.researchandmarkets.com/r/12lyzj
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