DUBLIN--(BUSINESS WIRE)--The "India Loyalty Programs Market" report has been added to ResearchAndMarkets.com's offering.

According to the Q1 2022 Global Loyalty Programs Survey, Loyalty Programs Market in India is expected to grow by 13.2% on annual basis to reach US$ 2425.6 million in 2022. In value terms, the Loyalty Programs Market in India has recorded a CAGR of 13.3% during 2017-2021.

The Loyalty Programs Market in India will continue to grow over the forecast period and is expected to record a CAGR of 13.1% during 2022-2026. Loyalty Programs Market in the country will increase from US$ 2141.9 million in 2021 to reach US$ 3963.6 million by 2026.

In India, loyalty and reward programs have been used as strategies by brands and organizations, especially in the hospitality, tourism, aviation, and retail sectors. Presently, with the global economic slowdown, businesses, in order to retain their customers and ensure profit generation, have adopted customer relationship management techniques with a more aggressive approach to sustain profitable long-term relationships. Therefore, loyalty programs are gaining popularity due to their ability to establish relationships with customers, drive product usage, repeat sales, and, most significantly, customer retention in India.

Notably, good loyalty programs also provide motivation psychologically and sociologically and also help in building the customer's trust and commitment towards the company. Apart from this, loyalty programs also facilitate data tracking, which acts as a catalyst for the establishment of the business model based on the efficacy of both the program as well as the data-driven knowledge model. This further helps the businesses to design customized strategies to cater to the unique needs of the customers based on the information on spending patterns.

Also, since loyal customers are not affected by price fluctuations, in particular, price inflation, companies do not need to spend heavily on promotion and advertising to cross-sell to their loyal customers as they are already assured about the brand of the offering. Therefore, planning a successful loyalty program is a long-term investment for the company.

The brands and organizations in India are always competing with one another to establish long-term relationships with customers, thereby fostering loyalty in them as a dedicated customer base. Notably, a loyal customer base facilitates generating revenue for the company as they turn out to be more profitable than new customers in the longer run. Consequently, the profitability of individual customers depicts an upward trajectory in due course of their relationship with the company.

Indian businesses should move away from traditional loyalty strategies

Customers' preferences have changed, and now they rely more on emotions to guide their decisions. Therefore, customers are now more hyper perceptive to brand messaging, tone, and purpose, and thus it has become necessary to establish an emotional connection.

Credit card providers are partnering with grocery stores to launch loyalty programs

With the shift in lifestyle preferences and increasing disposable income, consumers are looking for premium products and experiences. Therefore, premium cards are being launched, signifying a significant share in overall spending, which is an indication of consumers' increasing affinity toward the premium lifestyle.

Healthcare providers are partnering up with loyalty rewards platforms to strengthen their patient relationships

Since the digital revolution has made the consumers aware of the choices and resources, in order to improve the provider/patient relationship, there has been a rise in demand for virtual patient care.

Reasons to buy

• In-depth Understanding of Loyalty Programs Market Dynamics: Understand market opportunities and key trends along with forecast (2017-2026).
• Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
• Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate loyalty strategy; assess market specific key trends, drivers, and risks in the industry.

Scope

This report provides in-depth, data-centric analysis of loyalty in India. Below is a summary of key market segments:

India Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators, 2017-2026

India Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains, 2017-2026

• Loyalty Schemes
• Loyalty Platforms

India 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

India Loyalty Spend Market Size and Future Growth Dynamics by Channel, 2017-2026

• In-Store
• Online
• Mobile

India 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

India 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

India Loyalty Spend Market Size and Future Growth Dynamics by Accessibility, 2017-2026

• Card Based Access
• Digital Access

India Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type, 2017-2026

• B2C Consumers
• B2B Consumers

India Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms, 2017-2026

• Software
• Services

India Loyalty Spend Market Size and Future Growth Dynamics by Software Platforms, 2017-2026

• Custom Built Platform
• Off the Shelf Platform

India 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/u1c4z4

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

[email protected]
For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900