Loyalty Program Category Procurement Intelligence expected to grow at a CAGR of 12.7% from 2023 to 2030.
Loyalty Program Category - Procurement Intelligence The loyalty program category is expected to grow at a CAGR of 12.7% from 2023 to 2030. Incorporating customer loyalty into a business strategy is crucial. The expense of acquiring new customers is five times higher than retaining existing ones. Numerous businesses achieve customer retention objectives through the implementation of loyalty programs, exploring affiliate-marketing avenues, and providing discounts on a customer's subsequent purchase. According to Queue.it 2023 report, around 85% of consumers are likely to stay with the brands that offer loyalty programs. Various companies, such as Starbucks, Amazon Prime, Sephora, and DSW, offer loyalty programs in the form of cashback points, card balances, and other benefits on subscriptions. For instance, Starbucks Rewards members can earn stars on every purchase, which can be redeemed for rewards, such as free drinks, food, and others. Similarly, the Seph...