Loyalty marketing is becoming increasingly important in business strategy and is also a competitive differentiator. Companies that understand the value of loyalty marketing are revamping it with mobile payments paid memberships, predictive analytics, and gamification, ultimately driving their business productivity and achieving increased customer retention. Following these trends, market evaluations forecast that the global loyalty management market size will grow from $8.6 billion in 2021 to $18.2 billion by 2026, at a CAGR of 16.3 percent during 2021 –2026.
Among the technologies that are driving loyalty marketing, predictive analytics is quite notable. Customer loyalty programs driven by predictive analytics are enabling retailers to forge personalized, dynamic relationships with their members. Customer loyalty analytics is helping them achieve more than targeted marketing. It is becoming a window into how customers think and, perhaps most importantly, predicting their behavior in the future. Research by McKinsey demonstrates that companies that build predictive models based on customer data experience a 126 percent increase in profit margins.
To spotlight such key developments in the industry, Retail Tech Insights illustrates how companies are using the latest technological developments to improve the loyalty marketing and enhance customer experience. This edition also features thought leadership articles from subject matter experts on the ongoing trends, best practices, and recent innovations in the retail marketing space. Some of the exclusive insights are authored by Morten Viktor, Senior Vice President (SVP) of Digital & E-commerce at Coop Danmark, Rebecca Meyer, Director of IT - Commerce Applications and Ecommerce at Kelly-Moore Paints, and Patrick Osborne,Manager, Customer & Marketing Analytics at QVC, who shed light on various trends in loyalty solutions industry including online shopping experience, digital transactions, and brand loyalty.
In this edition of Retail Tech Insights, we also bring the story of some of the top loyalty solutions providers delivering the best outcomes for their clients. In the list, Memberson particularly stands out for its rich set of features, from loyalty to analytics, campaigns, and social integration, along with transactional features. Their technology connects real-time channels and touchpoints to automate personalized engagement through multichannel loyalty and marketing programs.
Through the following pages, we aim to highlight the innovative trends and latest developments in the organizational development industry. We would like to know your thoughts.
