DUBLIN, May 18, 2022 /PRNewswire/ — The “Data Book on Market Intelligence and Future Growth Dynamics of Loyalty Programs in Australia – Over 50 KPIs on Loyalty Program Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics Retail and Consumer Demographics – Q1 2022 Update” report has been added to from ResearchAndMarkets.com offer.
Loyalty programs market in Australia is expected to grow by 12.2% on an annual basis to reach US$4139.7 million in 2022
In value terms, the loyalty program market in Australia registered a CAGR of 12.6% during the period 2017-2021. The loyalty program market in Australia will continue to grow during the forecast period and is expected to register a CAGR of 11.7% during the period 2022-2026. The loyalty program market in the country will grow from US$3,691.1 million in 2021 to reach US$6,452.3 million by 2026.
In 2022, customer loyalty and rewards programs are expected to be more diverse than ever. In addition to traditional banking institutions offering regular credit card customers a range of valuable benefits, companies in the beauty segment, restaurant chains and mobility companies are also innovating and launching loyalty and rewards programs for attract new customers and retain existing customers. those in Australia.
In particular, the growing use of loyalty and rewards programs among consumers Australia also encouraged companies large and small to launch their programs over the past three to four years. According to the Q1 2022 Global Loyalty and Rewards Market Survey, approximately 49.5% of consumers said they would be interested in enrolling in a local business loyalty program if businesses offer the type of programs they want. This shows the growing demand for loyalty and rewards programs among Australians.
Over the past few quarters, several large and small brands have entered the loyalty and rewards segment amid growing consumer popularity in Australia. However, some of the major players that have been driving the growth of the market in the country are BP, Comarch, Qantas, Airwallex, and My Rewards, among several others.
Apart from these, several new players, especially from the buy it now, pay later industry, have entered the loyalty and rewards program segment. In particular, Klarna and Zip announced the launch of their loyalty programs in Australia. The publisher expects the entry of these payment industry disruptors into the loyalty and rewards segment to drive further innovation and growth in the Australian market over the next two to three years. .
BNPL firms launch a loyalty program to retain their clients Australia
The Buy Now, Pay Later (BNPL) industry has disrupted the digital payment industry over the past three to four years. The deferred payment business model has gained popularity among consumers around the world, including in Australia. However, to promote on-time payment to consumers, these BNPL providers offer rewards to customers. For example,
- Klarna, one of the major global BNPL players, launched its rewards program in 2020. Notably, the rewards program offered by the company allows consumers to earn points when they repay on time. Consumers can then redeem these points with the brands in the Klarna app. In addition, the firm BNPL has also set up Missions – small tasks – which allow users to earn points.
- With Klarna, Zip, the AustraliaBNPL also uses its application to retain its customers and merchants. Notably, the company has launched a feature that allows merchants to showcase their offers on the home screen of the Zip app, thereby allowing consumers to avail offers while increasing their spending through Zip.
Fashion retailers are launching loyalty programs to expand their customer base in Australia
In Australia, 12.2 million consumers make purchases that earn rewards. Amid this growing trend of consumers buying from brands that offer loyalty and rewards programs, several brands have launched their own loyalty programs over the past four quarters.
- In March 2021, Adore Beauty, the Australian online beauty retailer, has announced the launch of its first loyalty program, Adore Society. The loyalty program will reward members for receiving personalized items that will be based on their purchase history. Apart from this, the program will also provide other benefits including priority access to new product launches, birthday gifts, promotions and invitations, contests to launch masterclasses and events.
Digital banks forge strategic alliances to launch differentiated loyalty programs
In order to differentiate their business model beyond an easy-to-use interface and low fees, digital banks are turning to the loyalty program, which should also help them grow their revenue and market share in Australia. For example,
- In April 2021Virgin Money Australia, the digital banking service provider, has announced that it has partnered with Ascenda, the global loyalty technology company, to launch the Digital Banking Loyalty Program in Australia. The program allows customers to use their points to purchase gift certificates online from a variety of leading retailers.
- Notably, the loyalty program offers eight Virgin Money points per transaction on direct debits, BPAY and everyday purchases. The digital bank has partnered with nearly 100 earning and redemption partners, such as THE ICONIC, Menulog and HelloFresh. Over the next few months, the firm should work with partners to create new relevant offers for its users.
Australia Loyalty Spending Market Size and Future Growth Dynamics by Key Performance Indicators, 2017-2026
Australia Loyalty Spending Market Size and Future Growth Dynamics by Functional Areas, 2017-2026
- Loyalty programs
- Loyalty platforms
Australia Loyalty Spending Market Size and Future Growth Dynamics by Loyalty Program Type, 2017-2026
- Points-based loyalty program
- Tiered Loyalty Program
- Subscription Loyalty Program
- Loyalty program
- Coalition Loyalty Program
- Hybrid Loyalty Program
Australia Loyalty Spending Market Size and Future Growth Dynamics by Channel, 2017-2026
Australia Loyalty Spending Market Size and Future Growth Dynamics by Key Sectors, 2017-2026
- Financial services
- health and wellbeing
- Restaurants and food delivery
- Travel and hospitality (taxis, hotels, airlines)
- Media and entertainment
Australia Loyalty Spending Market Size and Future Growth Dynamics by Retail, 2017-2026
- Diversified retailers
- Department stores
- Specialty stores
- Clothing, shoes and accessories
- Toy and hobby stores
- Supermarket and Convenience Store
- home products
Australia Loyalty Spending Market Size and Future Growth Dynamics by Accessibility, 2017-2026
- Access by card
- Digital access
Australia Loyalty Spending Market Size and Future Growth Dynamics by Consumer Type, 2017-2026
- B2C consumers
- B2B consumers
Australia Loyalty Spending Market Size and Future Growth Dynamics by Loyalty Platforms, 2017-2026
Australia Loyalty Spending Market Size and Future Growth Dynamics by Software Platforms, 2017-2026
- Custom built platform
- Ready-to-use platform
Australia loyalty spending market size and forecast by demographics and consumer behavior, 2021
- By age group
- By income level
- By gender
For more information on this report, visit https://www.researchandmarkets.com/r/2y35wl
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