Innovative Loyalty Programs Drive India's Loyalty Market: CAGR of 14.0% Expected, Totaling $8.101 Billion by 2027
Wednesday, August 2, 2023
DUBLIN, July 25, 2023 /PRNewswire/ -- The "India Loyalty Programs Market Intelligence and Future Growth Dynamics Databook Q1 2023 Update" report has been added to ResearchAndMarkets.com's offering.
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The loyalty market in India is expected to grow by 14.2% on annual basis to reach US$4795.6 million in 2023.
In value terms, the loyalty market in India has recorded a CAGR of 14.4% during 2018-2022.The loyalty market in India will continue to grow over the forecast period and is expected to record a CAGR of 14.0% during 2023-2027. Loyalty market in the country will increase from US$4199.2 million in 2022 to reach US$8101.3 million by 2027.
The growing adoption of loyalty programs in India is being driven by changing consumer behaviour and the increasing digitization of the economy. New-age startups are leading the charge when it comes to innovative loyalty programs. These firms are using data analytics and machine learning capabilities to create personalized programs that appeal to individual customers.
In 2023, consumers are seeking more value for their purchases, owing to rising inflation and soaring product prices. Consequently, The publisher expects those loyalty programs to gain more traction that offer enhanced rewards and benefits. This is projected to lead to more revamped loyalty program launches in the Indian market from the short to medium-term perspective.
Brands and businesses are offering more rewards under their loyalty programs to better incentivize customers
With the increasing competition in the market and the growing importance of customer loyalty, businesses are looking for ways to differentiate themselves and provide real value to customers. By partnering with other companies and offering discounts, early access to sales, and other benefits, businesses are creating more loyal customer bases and driving revenue growth.
In March 2023, Maruti Suzuki Rewards, the digital loyalty program offered by Maruti Suzuki, collaboration with Indian Oil Corporation Limited. Under the collaboration, Maruti Suzuki Rewards members will receive additional benefits and convenience. The program is aimed at incentivizing customers to remain loyal to Maruti Suzuki and to provide a more holistic ownership experience. This move by Maruti Suzuki is an example of how companies in India are revamping their loyalty programs to offer more benefits to consumers and build brand loyalty.
In partnership with several airline and hotel loyalty programs, Axis Bank announced the launch of its enhanced rewards program in February 2023. The program allows Axis Bank credit and debit card holders to conveniently transfer their accumulated EDGE Rewards/Miles across 13 loyalty partners, including Marriott International, Singapore Airlines, ITC Hotels, Qatar Airways, United Airlines, and others. This initiative is aimed at providing customers with a seamless and personalized experience, allowing them to transfer and redeem their reward points across a wider range of services and products, and thereby incentivizing them to remain loyal to the bank.
The trend of offering more benefits through loyalty programs is expected to continue in India due to the increasing competition in the market and the growing importance of customer loyalty. This will further aid the growth of the loyalty program industry from the short to medium-term perspective.
Social media platforms are launching loyalty programs to reward their users in India in 2023
The growing startup ecosystem has led to the launch of several innovative loyalty programs in India over the last three to four years, and the trend is projected to further continue in 2023 and beyond.
Koo, a social media platform, has introduced a loyalty program that rewards its users daily based on their engagement with the platform. Koo users earn Koo coins every day by actively participating on the app and also by referring their family and friends.
The Koo coins program, which allows users to redeem coins for offers from a series of brands in India, was initially introduced as an experiment in July 2022. However, due to its success, the program has now become a structured rewards program that recognizes and rewards users for their consistent engagement. While it is still in beta in India, it will soon be expanded to all languages and rolled out worldwide.
From the short to medium-term perspective, The publisher expects more digital startups in India to launch innovative loyalty and reward programs. This will further drive the competitive landscape in the Indian market in 2023.
This report provides a detailed data-centric analysis of the loyalty market opportunities and risks across a range of industry categories. With over 50 KPIs at the country level, this report provides a comprehensive understanding of loyalty market dynamics, market size and forecast, and market share statistics.
The report's research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view on emerging business and investment market opportunities.
Scope
This report provides in-depth, data-centric analysis of loyalty programs in India. Below is a summary of key market segments:
India Retail Sector Spend Value Trend Analysis
-- Ecommerce Spend
-- POS Spend
India Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators, 2018-2027
Value Accumulated and Value Redemption Rate of Loyalty programs in India
India Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains, 2018-2027
-- Loyalty Schemes
-- Loyalty Platforms
India Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Program Type, 2018-2027
-- Points programs
-- Tier-based programs
-- Mission-driven programs
-- Spend-based programs
-- Gaming programs
-- Free perks programs
-- Subscription programs
-- Community programs
-- Refer a friend program
-- Paid programs
-- Cashback programs
India Loyalty Spend Market Size and Future Growth Dynamics by Channel, 2018-2027
-- In-Store
-- Online
-- Mobile
India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Business Model
-- Seller Driven
-- Payment Instrument
-- Others
India Loyalty Spend Market Size and Future Growth Dynamics by Key Sectors, 2018-2027
-- Retail
-- Financial Services
-- Healthcare & Wellness
-- Restaurants & Food Delivery
-- Travel & Hospitality (Cabs, Hotels, Airlines)
-- Telecoms
-- Media & Entertainment
-- Others
India Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by online, 2018-2027
-- Retail
-- Financial Services
-- Healthcare & Wellness
-- Restaurants & Food Delivery
-- Travel & Hospitality (Cabs, Hotels, Airlines)
-- Telecoms
-- Media & Entertainment
-- Others
India Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by In-Store, 2018-2027
-- Retail
-- Financial Services
-- Healthcare & Wellness
-- Restaurants & Food Delivery
-- Travel & Hospitality (Cabs, Hotels, Airlines)
-- Telecoms
-- Media & Entertainment
-- Others
India Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by Mobile App, 2018-2027
-- Retail
-- Financial Services
-- Healthcare & Wellness
-- Restaurants & Food Delivery
-- Travel & Hospitality (Cabs, Hotels, Airlines)
-- Telecoms
-- Media & Entertainment
-- Others
India Loyalty Spend Market Size and Future Growth Dynamics by Retail, 2018-2027
-- Diversified Retailers
-- Department Stores
-- Specialty Stores
-- Clothing, Footwear & Accessories
-- Toy & Hobby Shops
-- Supermarket and Convenience Store
-- Home Merchandise
-- Other
India Loyalty Spend Market Size and Future Growth Dynamics by Accessibility, 2018-2027
-- Card Based Access
-- Digital Access
India Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type, 2018-2027
-- B2C Consumers
-- B2B Consumers
India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Membership Type
-- Free
-- Free + Premium
-- Premium
India Loyalty Platform Spend Market Size and Future Growth Dynamics by Software
-- Analytics and AI Driven
-- Normal CRM
India Loyalty Platform Spend Market Size and Future Growth Dynamics by Vendor/Solution Partner
-- In House
-- Third Party Vendor
India Loyalty Platform Spend Market Size and Future Growth Dynamics by Deployment
-- Cloud
-- On-Premise
India Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms, 2018-2027
-- Software
-- Services
India Loyalty Spend Market Size and Future Growth Dynamics by Software Platforms, 2018-2027
-- Custom Built Platform
-- Off the Shelf Platform
India Loyalty Spend Market Size and Forecast by Consumer Demographics & Behaviour, 2022
-- By Age Group
-- By Income Level
-- By Gender
Reasons to buy
-- Gain insights into the India loyalty spend market: The report provides a
comprehensive overview of the India loyalty spend market, including
market size, growth drivers, and trends. This information can help
businesses to make informed decisions about their loyalty program
strategies.
-- Benchmark your business against competitors: The report provides a
competitive analysis of the India loyalty spend market, which can help
businesses to identify their strengths and weaknesses relative to their
competitors. This information can help businesses to improve their
loyalty program strategies and gain a competitive advantage.
-- Stay up-to-date on the latest trends in the loyalty spend market: The
report provides an overview of the latest trends in the loyalty spend
market, such as the growing popularity of mobile-based loyalty programs
and the increasing awareness of the benefits of loyalty programs among
consumers. This information can help businesses to stay ahead of the
competition and improve their loyalty program strategies.
-- Make informed decisions about your loyalty program: The report provides
a comprehensive overview of the factors to consider when developing a
loyalty program, such as the target audience, the rewards and benefits,
and the marketing and communication strategy. This information can help
businesses to develop a loyalty program that is effective and
successful.
For more information about this report visit https://www.researchandmarkets.com/r/8ki9zt
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