Credit card providers team up with grocery stores to launch loyalty programs
DUBLIN, May 19, 2022 /PRNewswire/ — The “Asia-Pacific Loyalty Program Market Intelligence and Future Growth Dynamics Data Book – Over 50 Loyalty Program Trend KPIs by End-Use Sectors, Operational KPIs, Product Dynamics Retail and Consumer Demographics – Q1 2022 Update” report has been added to from ResearchAndMarkets.com offer.
Loyalty programs market in Asia Pacific is expected to grow by 12.9% on an annual basis to reach US$48,138.9 million in 2022
In value terms, the loyalty program market in Asia Pacific recorded a CAGR of 13.3% during the period 2017-2021. The loyalty program market in Asia Pacific will continue to grow during the forecast period and is expected to register a CAGR of 12.5% during the period 2022-2026. The loyalty program market in the country will grow from US$42,622.8 million in 2021 to reach US$76,982.1 million by 2026.
Loyalty and reward programs are gaining market share in the Asia Pacific Region. Large population, rapid digitalization and consumer inclination for rewards programs have mainly supported the high market growth in this region.
Over the past two or three years, key economies such as India, China, Indonesiaand Singapore witnessed strong demand for loyalty and rewards programs. Moreover, booming fintech start-ups are also increasing their market share through the launch of innovative products in this category. As a result, the publisher expects the market to experience strong growth in 2022.
Over the past two to three years, the e-commerce market has grown rapidly in China, and along with the growth of the online market, the loyalty and rewards program industry has also grown significantly in the country. Notably, e-commerce platforms of different product categories have started offering loyalty programs to gain increasing market share and revenue. These programs have provided good results to e-commerce players compared to Western standards.
As the trend of online shopping has continued to gain momentum over the past decade, the adoption of loyalty and rewards programs has also grown in popularity in the country. This trend is expected to continue as global and local brands continue to seek loyalty and rewards programs as a differentiator in their strategy.
Quick-service restaurants launch green rewards programs to grow market share in China
To promote a more sustainable lifestyle and attract consumers driven by eco-friendly brands, quick-service restaurants are launching green rewards programs that encourage consumer behaviors.
- In December 2021, KFC China announced the launch of a three-week green rewards program that encourages and incentivizes consumer behavior that helps reduce carbon emissions. Some of the actions that KFC China rewards customers for include mobile ordering, refusing to use disposable cutlery, ordering waste, reducing food waste and picking up in store.
- For these actions, KFC China offers green points that customers can use to receive special coupons. Notably, the quick-service restaurant launched the rewards program in all 7,900 stores across China and was accessible to more than 320 million KFC members nationwide. During the three-week campaign in December 2021more than 28 million members have participated in the rewards program, which has contributed to a total reduction in carbon emissions of 145 tonnes of CO2 equivalent.
In India, loyalty and reward programs have been used as strategies by brands and organizations, especially in the hospitality, tourism, aviation and retail sectors. Currently, with the global economic downturn, companies, in order to retain customers and ensure profit generation, have adopted customer relationship management techniques with a more aggressive approach to maintain long-term profitable relationships. Therefore, loyalty programs are gaining popularity due to their ability to build customer relationships, drive product usage, repeat sales, and most importantly, build customer loyalty in India.
Credit card providers team up with grocery stores to launch loyalty programs
With changing lifestyle preferences and increasing disposable income, consumers are looking for premium products and experiences. Consequently, premium cards are launched, accounting for a significant share of overall spending, which is an indication of consumers’ growing affinity for the premium lifestyle.
- In March 2022SBI Card has partnered with an Indian premium grocery brand, Nature’s Basket, to launch the “Nature’s Basket SBI Card”.
- Through this card (all variants), customers will earn up to 20 reward points on every Rs. 100 spent at Nature’s Basket stores and up to 10 reward points on every Rs. films and international travel.
- Along with this, cardholders will be able to enjoy benefits such as free BookMyShow movie tickets, Taj gift vouchers, Nature’s Basket welcome gift vouchers, as well as access to higher levels of the loyalty program. Nature’s Basket.
- In addition, Nature’s Basket SBI Card Elite offers customers exclusive checkout counters at Nature’s Basket stores and concierge assistance to meet customer needs for flower delivery, gift delivery and online consultation of a doctor.
The editor expects that since india The high-end consumer segment has strong growth potential, the exclusive benefits for loyal SBI card customers are likely to be retained by the company in the longer term.
With the global upheavals due to Covid-19, many companies have had to adopt different strategies to retain their customers and increase their market share in Indonesia. Additionally, according to the Q1 2022 Global Loyalty and Rewards Market Survey, approximately 60% of these companies have made substantial investments in their digital transformation and customer retention strategies in Indonesia. Therefore, loyalty and programs have become one of the most used techniques during this period. Additionally, loyalty programs have also gone through a digital transformation over the past two years, as have businesses.
Indonesian B2B Rewards and Loyalty Providers Attract Investment
As businesses experience historic lows, companies are focusing on loyalty programs to attract new customers and retain existing customers. Therefore, Loyalty Management and CRM companies attract funds to the country.
- In March 2022Aldmic Technology, a Indonesiabased on digital vouchers, raised Series A funding from South KoreaCoop Marketing, the company behind Kakao Gift.
- In particular, the company offers gift vouchers that can be purchased by companies and distributed to their employees as part of a loyalty program. Specifically, this company, through its expertise, has contributed to the development of Samsung Gifts Indonesia, the company’s rewards program.
With loyalty programs helping to keep customers engaged and generating positive ROI for businesses, the publisher expects these B2B loyalty companies to attract more investment over the next four to eight years. quarters in the country.
Country reports in this bundle provide in-depth social commerce analysis
Loyalty Spending Market Size and Future Growth Dynamics by Key Performance Indicators, 2017-2026
Loyalty Spending Market Size and Future Growth Dynamics by Functional Areas, 2017-2026
- Loyalty programs
- Loyalty platforms
Loyalty Spending Market Size and Future Growth Dynamics by Loyalty Program Type, 2017-2026
- Points-based loyalty program
- Tiered Loyalty Program
- Subscription Loyalty Program
- Loyalty program
- Coalition Loyalty Program
- Hybrid Loyalty Program
Loyalty Spending Market Size and Future Growth Dynamics by Channel, 2017-2026
Loyalty Spending Market Size and Future Growth Dynamics by Key Sectors, 2017-2026
- Financial services
- health and wellbeing
- Restaurants and food delivery
- Travel and hospitality (taxis, hotels, airlines)
- Media and entertainment
Loyalty Spending Market Size and Future Growth Dynamics by Retail, 2017-2026
- Diversified retailers
- Department stores
- Specialty stores
- Clothing, shoes and accessories
- Toy and hobby stores
- Supermarket and Convenience Store
- home products
Loyalty Spending Market Size and Future Growth Dynamics by Accessibility, 2017-2026
- Access by card
- Digital access
Loyalty Spending Market Size and Future Growth Dynamics by Consumer Type, 2017-2026
- B2C consumers
- B2B consumers
Loyalty Spending Market Size and Future Growth Dynamics by Loyalty Platforms, 2017-2026
Loyalty Spending Market Size and Future Growth Dynamics by Software Platforms, 2017-2026
- Custom built platform
- Ready-to-use platform
For more information on this report, visit https://www.researchandmarkets.com/r/t8bc0p
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