Loyalty Programs – Forecast
The loyalty program industry in India is booming, with both businesses and consumers alike realizing the benefits of rewards programs. Here are some key numbers and facts that illustrate the growth of the loyalty program industry in India:
- The Indian loyalty program market is expected to grow at a CAGR of 30% between 2021 and 2026, reaching a value of $7.6 billion by 2026.
- According to a study by Nielsen, 77% of Indian consumers are willing to switch brands to earn loyalty points or rewards.
- In the travel and hospitality sector, loyalty programs are particularly popular, with 94% of Indian travelers belonging to at least one loyalty program.
- The retail sector is also seeing significant growth in loyalty programs, with retailers using digital platforms to engage with customers and offer personalized rewards.
- Mobile apps are becoming an increasingly important tool for loyalty programs in India, with many programs offering mobile-exclusive rewards and promotions.
As a loyalty program solution professional, it’s exciting to see the growth of the industry in India and the increasing recognition of the benefits of rewards programs. If you’re looking to implement a loyalty program for your business or improve an existing program, don’t hesitate to reach out to me at sunny.gupta@solvere global for expert guidance.