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Loyalty Management Market foreseen to grow exponentially by 2025
Loyalty management software tools help to build successful loyalty program for individual and business customers. Most of the enterprises are implementing these tools to maintain high level of customer satisfaction, by providing customized loyalty programs such as lotteries, special auctions, coupons or benefits through one platform.
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Proliferation of mobile technologies, increased focus on customer experience management, increased usage of digital cards drive the Loyalty Management market. Proliferation of mobile technologies needs real-time loyalty program which can be accessed through mobile devices rather than physical presence of customer. Enterprises are more inclined towards customer experience management to provide specific products based on customer requirement, the loyalty program software helps enterprises to get customer feedback on different programs and ultimately that leads to offer better solution/program to customers. Increasing usage of digital cards create the demand for loyalty management software to manage all the loyalty programs digitally and to notify digital cards offers on customer smart devices.
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The major challenges for loyalty management market are failure to develop successful loyalty programs, and failure to make strong customer bond between customer and brand. These two challenges hinders the demand for loyalty management solution in the market
Some of the key market players in Loyalty Management market are Oracle Corporation., Comarch SA, TIBCO, International Business Machines Corporation, SAP SE, Bond Brand Loyalty Inc., Brierley+Partners, and Microstrategy, Inc.
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