DUBLIN, Feb. 23, 2024 /PRNewswire/ — The “Asia Pacific 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 2024 Update” report has been added to ResearchAndMarkets.com’s offering.
Loyalty market in the region is expected to grow by 11.0% on an annual basis to reach US$52.05 billion in 2024.
In value terms, the loyalty market in the region has recorded a CAGR of 12.6% during 2019-2023. The loyalty market in the country region will continue to grow over the forecast period and is expected to record a CAGR of 9.6% during 2024-2028. The loyalty market in the region will increase from US$46.90 billion in 2023 to reach US$75.02 billion by 2028.
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 loyalty program industry is poised for accelerated growth over the medium term in Asia Pacific region. From India to Australia and Japan, the adoption of loyalty program is growing at an accelerated pace and the trend is projected to continue further over the next three to four years. In Australia, loyalty programs have emerged as vital tool for business growth and success.
In India, too, new age startups are recording strong growth after revamping their loyalty programs to meet consumer demands. Over the medium term, the number of new loyalty program launches are expected to increase significantly in the Indian market. Overall, the publisher maintains a positive growth outlook for the loyalty programs industry in Asia Pacific region over the next three to four years.
Loyalty programs are becoming increasingly important for the success of Australian retailers
In Australia, businesses are leveraging data analytics to learn more about their customers and provide them with personalized offers. Loyalty programs have emerged as a vital tool for the success of retail businesses.
Myer has strengthened its MYER One member reward program by teaming up with American Express, Commonwealth Bank, and Virgin’s Velocity program. Out of the 7.3 million MYER One members, 4.2 million were actively engaged in the program in the 2022/23 period. Additionally, almost 75% of all purchases made at Myer during this time were linked to a MYER One account.
Myer sees the loyalty program as a key factor driving the business growth in Australia. The firm is using data analytics and machine learning models to drive its business decisions while building more engagement with its loyal customers. Other retailers, including Big W, are also resorting to loyalty programs to drive business growth. The firm introduced members-only discount pricing to nudge shoppers into scanning their Everyday Rewards cards. A similar initiative has been launched by Woolworths in August 2023.
Firms are tweaking their loyalty programs to boost adoption and increase market share in India
The food delivery sector is growing at a rapid rate in India and the market is poised to grow even further over the medium term. To tap into the fast-growing sector, firms are adopting different strategies to increase their market share.
Swiggy, for instance, launched a cheaper version of its existing loyalty program to boost adoption among consumers. The new and affordable loyalty program, launched in October 2023, is already showing its effect with the firm garnering higher market share against rival Zomato. According to a report from IIFL Securities, Swiggy gained marginal market share compared to Zomato in 1HCY23, potentially due to the aggressive pricing of its revamped loyalty program and higher promotions.
The new loyalty program, named Swiggy One Lite, has been made available for INR 99 for three months. Under the membership, Swiggy is offering 10 free food and Instamart deliveries. Furthermore, the One Lite program also offers a 30% discount at more than 20,000 restaurants in India. The report from IIFL Securities also revealed that Swiggy managed to report a growth of 17% in H1 2023, compared to the 13% growth recorded by Zomato.
The growing competition in the sector will lead to further innovation in loyalty programs, aiding the competitive landscape and adoption among consumers over the medium term. This will subsequently support the growth of the loyalty programs market in India over the next three to four years.
Beauty retailers are offering higher rewards to inspire Filipinos to make conscious choices
Amid the growing popularity of loyalty programs in the Philippines, health and beauty retailers are seeking to leverage the tool to inspire consumer purchases, while targeting higher sales and revenue.
Watsons Club, the largest health and beauty loyalty program with over 13 million members, launched a Live Well Get Rewarded campaign in September 2023. The campaign, notably, aims to inspire members to make conscious choices regarding their wellness, and in turn, reward them. Under the program, members will receive 5% discounts on vitamins and supplements and 10% off on Watsons brand products. Several other rewards have been announced under the new campaign by the retailer in the Philippines.
The rewards, notably, go beyond and outside Watson’s stores. The loyalty program has partnered with 50 merchants across industry verticals. This includes wellness, food, travel, leisure, and other categories. Members enjoy special discounts on products and services from brand partners like Hi-Precision Diagnostics, Ogawa, Microtel, Ideal Vision, and more., and other categories.
A Bundled Offering: 13 Reports – 1 Continental Report and 12 Country Reports
Asia Pacific Loyalty Programs Market Intelligence and Future Growth Dynamics (Databook)Australia Loyalty Programs Market Intelligence and Future Growth Dynamics (Databook)China Loyalty Programs Market Intelligence and Future Growth Dynamics (Databook)India Loyalty Programs Market Intelligence and Future Growth Dynamics (Databook)Indonesia Loyalty Programs Market Intelligence and Future Growth Dynamics (Databook)Japan Loyalty Programs Market Intelligence and Future Growth Dynamics (Databook)Malaysia Loyalty Programs Market Intelligence and Future Growth Dynamics (Databook)South Korea Loyalty Programs Market Intelligence and Future Growth Dynamics (Databook)Philippines Loyalty Programs Market Intelligence and Future Growth Dynamics (Databook)Singapore Loyalty Programs Market Intelligence and Future Growth Dynamics (Databook)Taiwan Loyalty Programs Market Intelligence and Future Growth Dynamics (Databook)Thailand Loyalty Programs Market Intelligence and Future Growth Dynamics (Databook)Vietnam Loyalty Programs Market Intelligence and Future Growth Dynamics (Databook)
Scope for Each Report
Retail Sector Spend Value Trend AnalysisLoyalty Spend Market Size and Future Growth Dynamics by Key Performance IndicatorsValue Accumulated and Value Redemption Rate of Loyalty programs inLoyalty Spend Market Size and Future Growth Dynamics by Functional DomainsLoyalty Spend Market Size and Future Growth Dynamics by Loyalty Program TypeLoyalty Spend Market Size and Future Growth Dynamics by ChannelLoyalty Schemes Spend Market Size and Future Growth Dynamics by Business ModelLoyalty Spend Market Size and Future Growth Dynamics by Key SectorsLoyalty Spend Market Size and Future Growth Dynamics in Key Sectors by onlineLoyalty Spend Market Size and Future Growth Dynamics in Key Sectors by In-StoreLoyalty Spend Market Size and Future Growth Dynamics in Key Sectors by Mobile AppLoyalty Spend Market Size and Future Growth Dynamics by RetailLoyalty Spend Market Size and Future Growth Dynamics by AccessibilityLoyalty Spend Market Size and Future Growth Dynamics by Consumer TypeLoyalty Schemes Spend Market Size and Future Growth Dynamics by Membership TypeLoyalty Platform Spend Market Size and Future Growth Dynamics by Software Use CaseLoyalty Platform Spend Market Size and Future Growth Dynamics by Vendor/Solution PartnerLoyalty Platform Spend Market Size and Future Growth Dynamics by DeploymentLoyalty Spend Market Size and Future Growth Dynamics by Loyalty PlatformsLoyalty Spend Market Size and Future Growth Dynamics by Software Use Case PlatformsLoyalty Spend Market Size and Forecast by Consumer Demographics & Behaviour
For more information about this report visit https://www.researchandmarkets.com/r/18c6rk
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