India Loyalty Program Market Key Trends 2022 | Segmentation, Demand, Sales, Outlook, Industry Report to 2031

India Loyalty Program Market

The India Loyalty Program market is expected to reach roughly US$ 2,922.9 million in 2022 and US$ 10,852.6 million by 2031, with a CAGR of 15% from 2022 to 2031. The Indian loyalty programmer market accounts for between 4% to 8% of the global loyalty programmer market.

India Loyalty Program Market Outlook Compared to 2022-2031 Forecast

Several shops and corporations have implemented loyalty programmers as a marketing strategy to attract and retain customers and channel partners. These initiatives provide them with additional perks while also encouraging them to spend more money. Loyalty programmers provide awards, points, discounts, and other special incentives to encourage customer loyalty and increase income. This aids businesses in building a loyal customer base.

The loyalty program market is a superset of the loyalty management market, which includes software and services (professional services and managed services). On account of these factors, Indian loyalty program market registered a growth rate of 18% during the historic 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.

As a result, instead of investing more in marketing activities to gain new channel partners, firms are focusing on sustaining the repeat purchase rate. The organisations are now working to improve their rate of repeat purchases. As a result, increasing the rate of repeat purchases is one of the major factors encouraging businesses to adopt loyalty programmes.

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.

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

About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 9-years.

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