DUBLIN, July 28, 2023 /PRNewswire/ -- The "Europe Loyalty Programs Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q1 2023 Update" report has been added to ResearchAndMarkets.com's offering.
The loyalty market in Europe is witnessing remarkable growth, projected to reach US$42,270.6 million in 2023, with an annual increase of 12.4%.
Over the past years, the region has experienced a steady rise in loyalty program adoption, driven by the impact of inflation on disposable incomes, leading consumers to seek enhanced value through reward programs. The United Kingdom, in particular, has seen a surge in the use of retailer vouchers and coupons, influencing shopping decisions for approximately 56% of Brits.
As we move into 2023, the adoption of loyalty and reward programs is expected to continue growing across Europe, serving as a response to inflation and the escalating cost of living.
Retailers are also adjusting their loyalty point values to maintain their margins and bottom line in the current macroeconomic climate. With a CAGR of 11.9% anticipated during 2023-2027, the loyalty market is set to expand further, reaching US$66,276.7 million by 2027.
Retailers are trimming the value of their loyalty points to aid margin growth amid the economic downturn
In response to the current macroeconomic environment, many retailers are making changes to their loyalty and reward programs to support margin and bottom-line growth across Europe.
In March 2023, Boots, one of the leading health and beauty retailers in the United Kingdom, announced changes to its loyalty program. Under the revamped scheme, the firm has trimmed down the value of loyalty points. However, the retailer is offering more instant discounts, thereby enabling customers to cope with the soaring cost of living.
Starting May 2023, the firm will offer 3p worth of points on every pound spent on qualifying goods instead of the current 4p. The firm also revealed that the revamped program will offer more of its own-brand products.
From the short to medium-term perspective, more retailers in Europe are projected to adopt the same strategy to improve their margins and profitability growth amid the current macroeconomic environment.
Firms are launching innovative payment solutions for loyalty program members in France
Amid the growing competition in the online shopping and loyalty program space, more and more firms are innovating with their services and product offerings to retain members and drive growth.
In December 2022, Rakuten France, one of the leading e-commerce marketplaces, announced the launch of a new integrated payment solution, Club R Pay. Notably, Club R Pay facilitates purchases for over 12 million members of the Club R Pay loyalty program on more than 2,000 sites.
To launch the payment solution, Rakuten France entered into a strategic collaboration with Mastercard and Marqeta. The new solution is expected to drive more revenue for partner brands and will also enable shoppers to pool their rewards.
The publisher expects more such strategic collaborations from the short to medium-term perspective, thereby driving innovation in the customer loyalty and reward programs industry in Europe. This will keep supporting the growth of the market in Europe over the next three to four years.
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 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
Country reports in this bundled offering provide in-depth analysis of loyalty programs. Below is a summary of key market segments:
Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators, 2018-2027
Value Accumulated and Value Redemption Rate of Loyalty programs in
Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains, 2018-2027
-
Loyalty Schemes
-
Loyalty Platforms
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
Loyalty Spend Market Size and Future Growth Dynamics by Channel, 2018-2027
-
In-Store
-
Online
-
Mobile
Loyalty Schemes Spend Market Size and Future Growth Dynamics by Business Model
-
Seller Driven
-
Payment Instrument
-
Others
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
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
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
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
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
Loyalty Spend Market Size and Future Growth Dynamics by Accessibility, 2018-2027
-
Card Based Access
-
Digital Access
Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type, 2018-2027
-
B2C Consumers
-
B2B Consumers
Loyalty Schemes Spend Market Size and Future Growth Dynamics by Membership Type
-
Free
-
Free + Premium
-
Premium
-
Loyalty Platform Spend Market Size and Future Growth Dynamics by Software
-
Analytics and AI Driven
-
Normal CRM
-
Loyalty Platform Spend Market Size and Future Growth Dynamics by Vendor/Solution Partner
-
In House
-
Third Party Vendor
-
Loyalty Platform Spend Market Size and Future Growth Dynamics by Deployment
-
Cloud
-
On-Premise
Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms, 2018-2027
-
Software
-
Services
Loyalty Spend Market Size and Future Growth Dynamics by Software Platforms, 2018-2027
For more information about this report visit https://www.researchandmarkets.com/r/g06hb9
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
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
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
"loyalty" - Google News
July 29, 2023 at 01:00AM
https://ift.tt/ax83MhZ
Europe Loyalty Programs Market Intelligence Report 2023-2027: Retailers are Trimming the Value of their Loyalty Points to Aid Margin Growth Amid the Economic Downturn - Yahoo Finance
"loyalty" - Google News
https://ift.tt/YMvdZF9
https://ift.tt/0Ht7xqP
Bagikan Berita Ini
0 Response to "Europe Loyalty Programs Market Intelligence Report 2023-2027: Retailers are Trimming the Value of their Loyalty Points to Aid Margin Growth Amid the Economic Downturn - Yahoo Finance"
Post a Comment