The global loyalty management market is estimated to reach $8.74 billion in 2023 and is expected to hit $13.99 billion by 2028, growing at a compound annual growth rate (CAGR) of 10.16 percent. Between drastic economic and social disruptions facing businesses, changes in consumer behaviour and expectations, and rapid technological advancements, the notion of loyalty is transforming rapidly. As a result, 2024 and beyond will see a very different loyalty management paradigm emerge for leading enterprises.
Here is the list of companies that are making a difference in the loyalty program industry.
Founded in 2023, POPcoins is India’s fastest-growing shopping currency used by 1.5 million+ customers and 100+ major D2C brands. POP helps modern businesses succeed by providing growth solutions focusing on two objectives: optimizing key metrics like conversion, customer acquisition cost, and customer lifetime value and enabling more informed decision-making through comprehensive customer profiling. As part of its mission, it just launched its first product – a loyalty stack that revolves around a fungible loyalty currency called POPcoins. This loyalty stack comes with a plug-and-play earn/burn feature, a comprehensive dashboard for behaviour control, and a best-in-class rewards layer that includes samples, discount vouchers from partners in our ecosystem, and lifestyle rewards. POP plans to launch an app that will allow users to buy from 1000+ new age brands for all their lifestyle needs. They can redeem their POP coins to avail discounts on these products. POP coins can also be used to buy POPminis- a curated collection of smaller pack-size beauty and food products at a price as low as Re.1″
Flipkart does have a customer loyalty program called Flipkart Plus, which offers rewards and discounts to regular customers. Flipkart Plus is a loyalty program that provides its members extra benefits. Flipkart SuperCoins is a first-of-its-kind rewards ecosystem designed to provide benefits to millions of Flipkart customers. SuperCoins is a multi-brand rewards ecosystem created by Flipkart to provide benefits to users on its platform and those on its partner brands.
Founded in 2021, Nectar is a rewards and loyalty solution for e-commerce businesses, helping them improve repeat purchase and conversion rate through discounts, coupons and points. Provider of SaaS-based loyalty management software solutions for customer engagement to e-commerce businesses. The software feature includes rewards management, loyalty management, tracks of reward users on purchases, sign-ups, referrals, social media follows, reviews, analytics & reports on customer behavior, cross-selling of products, APIs, and web SDK for mobile integration, and more.
NetCarrots Loyalty Services is a pioneer in providing Loyalty and Relationship Marketing services .
Since 2000, NetCarrots has been providing its clients with a unique mix of strategic consulting, project management services, technology, and creative and operational support services to achieve optimum profitability by more effectively managing relationships with customers, channel partners and employees. Since its inception, NetCarrots has continuously grown its expertise in delivering value to the most customer-centric businesses across various industries. NetCarrots experience cuts across diverse industries including BFSI / Manufacturing / Retail / Telecom / Consumer Goods / Travel & Hospitality / Construction / Real Estate / Entertainment & Healthcare.
Yotpo founded in 2011, powering the most exciting eCommerce brands. With the most advanced solutions for email and SMS marketing, loyalty and referrals, subscriptions, reviews, and visual UGC, Yotpo helps brands accelerate their growth by enabling advocacy and maximizing customer lifetime value. With Yotpo, brands can effectively leverage social proof to increase trust and sales, cultivate loyal customer advocates, boost recurring revenue, engage shoppers on top engagement channels, and so much more. And we want to make it all easy, too, for brands of all sizes.