DUBLIN--(BUSINESS WIRE)--The "APAC Loyalty Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The APAC loyalty management market was valued at USD 945.9 million in 2020 and is expected to reach USD 3642.77 million by 2026, registering a CAGR of 25.1%, during the period of 2021-2026.
Loyalty management solutions are being adopted by many companies across various industry verticals, whose primary focus is on client retention and further building sustainable customer relationships through these programs.
Increasing customer retention also boosts profit margins and also bring a stable source of income. While implementing a loyalty program is an investment, customer retention strategies are less expensive when compared to attracting new customers. Adding new customers can be 25% more expensive compared to retaining current customers. Thus, having a loyalty program could lead to the biggest revenue generator for a company and lower the user acquisition costs.
The growing social media usage, increasing internet penetration, and expanding the e-commerce industry are some of the major factors driving the adoption of loyalty programs in Southeast Asia. Vietnam and Thailand are the major driving nations followed by Malaysia, the Philippines, Singapore, and Indonesia.
According to a recent industry survey, in Southeast Asia, about 86% to 92% of respondents were more enticed to shop where a loyalty program is part of the deal. Retail loyalty programs have also been growing significantly in the region in recent years and are playing a substantial role in influencing consumers' choices. For instance, Carrefour China launched a 100% digital loyalty program in 2019. The company has entered into agreements with Tencent, WeChat, and Google for making headway in its digital transformation.
However, lack of awareness is a major challenge to the growth of the APAC loyalty management market. Research indicates that only a small portion of customers are aware of the loyalty benefits provided by an organization. Lack of awareness could be a major challenge restricting widespread adoption of loyalty management solutions in the market.
Competitive Landscape
The Asia-Pacific loyalty management market is highly competitive owing to the presence of many large and small players in the market. Some of the major players in the market are Aimia Inc., Edenred SA, Comarch SA, Epsilon Data Management LLC, and Maritz Holdings Inc.
The market appears to be moderately concentrated with the players in the market adopting strategies like product innovation, partnerships, and mergers and acquisitions to stay ahead of the competition.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.3 Market Drivers
4.3.1 Rise of E-Commerce
4.3.2 Flourishing Startup Culture
4.4 Market Challenges
4.4.1 Lack of Awareness Among SMEs
4.5 Key emerging technological innovations
4.6 Impact of COVID-19 on the Loyalty Management Market
5 MARKET SEGMENTATION
5.1 By Loyalty Program Type
5.1.1 Business-to-consumer (B2C)
5.1.2 Business-to-business (B2B)
5.2 By End-user Vertical
5.2.1 BFSI
5.2.2 Consumer Goods and Retail
5.2.3 IT and Telecom
5.2.4 Travel and Hospitality
5.2.5 Other End-user Verticals
5.3 Country
6 MARKET POSITIONING OF THE KEY LOYALTY MANAGEMENT VENDORS OPERATING IN THE APAC REGION - BASED ON A SET OF PRE-DEFINED METRICS
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Aimia Inc.
7.1.2 Edenred SA
7.1.3 Comarch SA
7.1.4 Epsilon Data Management LLC
7.1.5 Maritz Holdings Inc.
7.1.6 Capillary Technologies
7.1.7 TIBCO Software Inc.
7.1.8 Rewardz SG
7.1.9 IBM Corporation
7.1.10 Cheetah Digital
7.1.11 Oracle Corporation
8 INVESTMENT ANALYSIS
9 MARKET OUTLOOK
For more information about this report visit https://www.researchandmarkets.com/r/k3l0bp
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