With rising inflation and declining consumer spending, more and more firms are introducing a new loyalty program or examining how they can add more value to their customers through the existing one. Indian consumers are known to shop from brands that reward their shopping. Consequently, amid the growing influx of new and revamped loyalty programs launched by retailers and new-age internet-based businesses, the loyalty and rewards program industry in India is projected to record strong growth over the next three to four years.
New-age internet-based businesses are launching loyalty programs to attract users in India
With the growing digitalization in the country, millions of Indians have gained access to internet services over the last three to four years. This has resulted in huge growth potential for new-age internet-based businesses. To capitalize on the Indian market, both global and domestic firms are launching new loyalty programs. For instance,
From the short to medium-term perspective, PayNXT360 expects more new loyalty program launches by internet-based businesses in India, as they seek to capitalize on the growing digitalization taking place in the country.
Food delivery businesses are launching loyalty programs as they compete for market share in India
The competitive landscape in the Indian food delivery market has grown significantly. Amid the growing competition, firms are resorting to loyalty and reward programs to drive traffic and incremental revenue.
With an increasing number of consumers ordering food online in India, PayNXT360 expects these loyalty programs to gain widespread traction from the short to medium-term perspective, thereby supporting the growth of the industry over the next three to four years.
Retailers are launching revamped loyalty programs with more benefits for their members in India
In times of the current macroeconomic environment, retailers are seeking ways to drive sales and incremental revenue. This has led to many revamping their loyalty programs that offer more value to their members.
Along with India, the firm is launching the loyalty and rewards program in 25 more markets around the world, including the United States. Over the next three to four years, PayNXT360 expects more retailers in the fashion industry to revamp their existing loyalty programs, to include more personalization based on the needs of Indian customers.
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