Accordingly to Mordor Intelligence, the global loyalty management is expected to reach a value of USD 9280 million by 2024, growing at a CAGR of 23.3% over the forecast period (2019-2024).The most important aspect for the adoption of Loyalty Management for any business is for the sole purpose of customer retention while also building a sustainable relationship with them. Thus, today's market demands more of a customer-centric business approach than a product-centric approachto attract customers. Moreover, market is becoming more competitive than ever for any business, irrespective of industry vertical.So toreap the real-life benefits of customer experience management for their bottom-line and reputation simultaneously, Loyalty management solutions are increasingly getting adopted by B2C companies.

Loyalty management solutions has become crucial for businesses in predicting and influencing potential customer behavior by deriving business-critical data. As technology is rapidly advancing over the years, Customer Loyalty Solutions providers with innovative offerings can provide businesses with competitive edge over it’s peers. As market is still at it’s nascent stage, companies are gradually adopting these solutions to reap it’s benefits. However, the lack of awareness aboutis still hindering the marketgrowthof Customer Loyalty Solutions, but, it will be obvious for businesses to adopt it to stay relevant with today's demanding customers. Here are some of the notable trends in this sphere.

Personalization

Today, customer are increasingly demanding personal recognition on all channels.  They expect personalized messages with product recommendations based on their interests and past purchases. Also, customers are not only looking for a better quality product or service, but, they want value added services such as rewards program, appreciation etc.

Customer Experience

As first experience defines everything, businesses should always aim at giving their customers best-in-standard experience to sustain a quality relation with them. Hence, loyalty programs are very much needed to enhance customer experience, but, it needs regular updates to match the every changing demands and needs of the customers.

Adoption of Blockchain

There has been a descent increase in the adoption of Blockchain technology in Loyalty Marketing. This technology is being usedto create tokenized loyalty programs which will bring tremendous changes in how loyalty campaigns are carried out.