Expected to surpass US$ 3,363.4 million in 2023, the India loyalty program market is poised for significant growth, with projections indicating a substantial increase to US$ 14,502.6 million by 2033. Anticipated to advance at a Compound Annual Growth Rate (CAGR) of approximately 15.7% from 2023 to 2033, this growth trajectory underscores the increasing importance of loyalty programs in the Indian market. Factors such as rising consumer spending, evolving retail landscapes, and the shift towards digitalization contribute to the market’s robust expansion. As businesses focus on customer retention and engagement, the loyalty program market presents lucrative opportunities for growth and innovation.

Several retailers and businesses use loyalty programmes as one of their marketing methods to draw in and keep their channel partners and customers. They provide customers with additional benefits and encourage them to spend more money through these initiatives.

Rewards, points, discounts, and other unique incentives are provided by loyalty programmes in an effort to boost sales and foster client loyalty. This aids businesses in building a solid base of loyal customers.

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The market for loyalty programmes is a subset of the market for loyalty management, which also includes software and services (professional services and managed services). These variables led to an 18% growth rate in the Indian loyalty programme market over the course of the historical period (2016-2021).

How will Adoption of AI to Offer Personalized Rewards to Channel Partners Benefit Market?

Industry experts today largely believe that many of the industry sectors are steadily marching towards personalization. In the past few years, adoption of AI (artificial intelligence) to create a more personalized experience is gaining popularity.

Creating user profiles has helped the players gain information to personalize incentives that are likely to be considered more effective than generalised incentives. Another way of using AI (artificial intelligence) is to incentivize the channel partners by logging in their purchase records. This feature can help the organization to completely analyse the purchase behaviour of channel partners in detail at different levels or tiers.