Global Loyalty Programs Market 2023: The Role of NFTs in Transforming Loyalty Programs

DUBLIN--(BUSINESS WIRE)--The "Global Loyalty Programs Market Intelligence and Future Growth Dynamics Databook 2023" report has been added to ResearchAndMarkets.com's offering.

This comprehensive report explores the exponential growth and opportunities in the global loyalty market, projecting a remarkable 12.7% annual growth rate to reach US$135.9 billion by 2023.

Driving the Growth of Loyalty Programs:

In recent years, the loyalty market has witnessed significant growth, with a CAGR of 13.1% during 2018-2022. This momentum is set to continue, with the global loyalty market expected to achieve a CAGR of 12.2% during 2023-2027, reaching an impressive US$215.4 billion by 2027. Driven by bargain-hunting consumers seeking value and inflation, loyalty and reward programs are becoming increasingly adopted across various industries, with restaurant brands embracing subscription models as the latest trend in 2023.

The Role of NFTs in Transforming Loyalty Programs:

NFTs (Non-Fungible Tokens) are becoming instrumental in the adoption of loyalty programs and enhancing customer loyalty through digital assets. Strategic partnerships are on the rise to develop NFT-powered loyalty programs. Companies like Starbucks and Salesforce are leveraging NFTs to drive customer engagement, retention, and sales. In collaboration with Polygon, Salesforce aims to develop NFT-powered loyalty programs on the Polygon Blockchain, while other brands are also integrating NFTs to offer unique customer experiences and rewards.

Retailers Harnessing Paid Loyalty Programs:

Paid loyalty members have been found to spend more with brands they are subscribed to. Retailers are capitalizing on this trend by launching paid-membership programs. Barnes & Noble introduced two new membership levels, one paid and one free, offering in-store and online discounts, free shipping, and more. Restaurant brands like Panera Bread are also expanding their subscription services for loyalty members to provide additional value.

Comprehensive Analysis and Future Projections:

The "Global Loyalty Programs Market Intelligence and Future Growth Dynamics Databook 2023" provides a detailed data-centric analysis of loyalty market opportunities, risks, and trends across multiple industry categories. With over 50 KPIs at the country level, this report offers a comprehensive understanding of loyalty market dynamics, market size and forecast, and market share statistics.

For more information about this report visit https://www.researchandmarkets.com/r/gf082f

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