According to the publisher, the loyalty market in the country is expected to grow by 12.0% on an annual basis to reach US$5.37 billion in 2024.
In value terms, the loyalty market in the country has recorded a CAGR of 13.5% during 2019-2023. The loyalty market in the country will continue to grow over the forecast period and is expected to record a CAGR of 10.5% during 2024-2028. The loyalty market in the country will increase from US$4.79 billion in 2023 to reach US$8.02 billion by 2028.
The Indian loyalty programs market is poised for accelerated growth over the medium term in India. Rising consumption and income levels of the consumers will support the market growth. The industry will also receive growth support from the flourishing startup ecosystem in India. Digitalization, on the other, is expected to aid innovation and the competitive landscape in the sector.
Many new-age startups are tweaking their loyalty programs to boost adoption among Indian consumers. The trend is projected to continue further over the medium term in the Indian market. The publisher also expects innovation to grow in the Web3 loyalty programs market in 2024. Overall, the publisher maintains a robust growth outlook for the loyalty programs industry in India over the next three to four years.
This report provides a detailed data-centric analysis of the loyalty market opportunities and risks across a range of industry categories. With over 50 KPIs at the country level, this report provides a comprehensive understanding of loyalty market dynamics, market size and forecast, and market share statistics.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
In value terms, the loyalty market in the country has recorded a CAGR of 13.5% during 2019-2023. The loyalty market in the country will continue to grow over the forecast period and is expected to record a CAGR of 10.5% during 2024-2028. The loyalty market in the country will increase from US$4.79 billion in 2023 to reach US$8.02 billion by 2028.
The Indian loyalty programs market is poised for accelerated growth over the medium term in India. Rising consumption and income levels of the consumers will support the market growth. The industry will also receive growth support from the flourishing startup ecosystem in India. Digitalization, on the other, is expected to aid innovation and the competitive landscape in the sector.
Many new-age startups are tweaking their loyalty programs to boost adoption among Indian consumers. The trend is projected to continue further over the medium term in the Indian market. The publisher also expects innovation to grow in the Web3 loyalty programs market in 2024. Overall, the publisher maintains a robust growth outlook for the loyalty programs industry in India over the next three to four years.
Firms are tweaking their loyalty programs to boost adoption and increase market share in India
The food delivery sector is growing at a rapid rate in India and the market is poised to grow even further over the medium term. To tap into the fast-growing sector, firms are adopting different strategies to increase their market share.- Swiggy, for instance, launched a cheaper version of its existing loyalty program to boost adoption among consumers. The new and affordable loyalty program, launched in October 2023, is already showing its effect with the firm garnering higher market share against rival Zomato. According to a report from IIFL Securities, Swiggy gained marginal market share compared to Zomato in 1HCY23, potentially due to the aggressive pricing of its revamped loyalty program and higher promotions.
- The new loyalty program, named Swiggy One Lite, has been made available for INR 99 for three months. Under the membership, Swiggy is offering 10 free food and Instamart deliveries. Furthermore, the One Lite program also offers a 30% discount at more than 20,000 restaurants in India. The report from IIFL Securities also revealed that Swiggy managed to report a growth of 17% in H1 2023, compared to the 13% growth recorded by Zomato.
Firms are launching new loyalty and reward products to strengthen their foothold in India
The spending power of Indian consumers is poised to grow significantly over the next few years. This is prompting many global brands to launch new loyalty and reward products in the Indian market.- American Express, in December 2023, announced the launch of the Reward Xcelerator program in India. The initiative, which offers Platinum Charge card members to earn higher rewards across premium brands, is aimed at strengthening the firm’s membership rewards program in the Indian market. Through the Reward Xcelerator program, American Express cardholders can boost the rewards they earn, whether they're shopping in-store or online. Plus, they have the freedom to redeem those rewards whenever it suits them.
E-commerce firms are looking to scale their loyalty programs in the Indian market in 2024
Amid the higher adoption of loyalty programs among Indian consumers, firms across sectors are planning to scale their offerings to drive future business growth. This trend is also emerging in the Indian e-commerce market, which is set to grow at an accelerated pace over the next three to four years.- Polygon Labs, in December 2023, revealed that Flipkart is planning to integrate CDK-deployed Layer 2 chain to boost FireDrops. Notably, FireDrops is a Web3 loyalty program that was launched by the e-commerce giant in 2023. Since its launch, the loyalty program has garnered widespread popularity among young Indian shoppers, with 3 million active wallets. With the new development in partnership with Polygon Labs, Flipkart is aiming to build an Ethereum-based zero-knowledge (ZK) L2 network to drive future growth.
This report provides a detailed data-centric analysis of the loyalty market opportunities and risks across a range of industry categories. With over 50 KPIs at the country level, this report provides a comprehensive understanding of loyalty market dynamics, market size and forecast, and market share statistics.
The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.
Scope
This report provides in-depth, data-centric analysis of loyalty programs in India. Below is a summary of key market segments:India Retail Sector Spend Value Trend Analysis
- Ecommerce Spend
- POS Spend
India Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators
Value Accumulated and Value Redemption Rate of Loyalty programs in India
India Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains
- Loyalty Schemes
- Loyalty Platforms
India Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Program Type
- Points programs
- Tier-based programs
- Mission-driven programs
- Spend-based programs
- Gaming programs
- Free perks programs
- Subscription programs
- Community programs
- Refer a friend program
- Paid programs
- Cashback programs
India Loyalty Spend Market Size and Future Growth Dynamics by Channel
- In-Store
- Online
- Mobile
India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Business Model
- Seller Driven
- Payment Instrument Driven
- Others
India Loyalty Spend Market Size and Future Growth Dynamics by Key Sectors
- Retail
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Telecoms
- Media & Entertainment
- Others
India Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by Online
- Retail
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Telecoms
- Media & Entertainment
- Others
India Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by In-Store
- Retail
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Telecoms
- Media & Entertainment
- Others
India Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by Mobile App
- Retail
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Telecoms
- Media & Entertainment
- Others
India Loyalty Spend Market Size and Future Growth Dynamics by Retail
- Diversified Retailers
- Department Stores
- Specialty Stores
- Clothing, Footwear & Accessories
- Toy & Hobby Shops
- Supermarket and Convenience Store
- Home Merchandise
- Other
India Loyalty Spend Market Size and Future Growth Dynamics by Accessibility
- Card Based Access
- Digital Access
India Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type
- B2C Consumers
- B2B Consumers
India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Membership Type
- Free
- Free + Premium
- Premium
India Loyalty Platform Spend Market Size and Future Growth Dynamics by Software Use Case
- Analytics and AI Driven
- Management Platform
India Loyalty Platform Spend Market Size and Future Growth Dynamics by Vendor/Solution Partner
- In House
- Third Party Vendor
India Loyalty Platform Spend Market Size and Future Growth Dynamics by Deployment
- Cloud
- On-Premise
India Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms
- Software
- Services
India Loyalty Spend Market Size and Future Growth Dynamics by Software Use Case Platforms
- Custom Built Platform
- Off the Shelf Platform
India Loyalty Spend Market Size and Forecast by Consumer Demographics & Behaviour
- By Age Group
- By Income Level
- By Gender
Reasons to buy
- Gain insights into the India loyalty spend market: The report provides a comprehensive overview of the India loyalty spend market, including market size, growth drivers, and trends. This information can help businesses to make informed decisions about their loyalty program strategies.
- Benchmark your business against competitors: The report provides a competitive analysis of the India loyalty spend market, which can help businesses to identify their strengths and weaknesses relative to their competitors. This information can help businesses to improve their loyalty program strategies and gain a competitive advantage.
- Stay up-to-date on the latest trends in the loyalty spend market: The report provides an overview of the latest trends in the loyalty spend market, such as the growing popularity of mobile-based loyalty programs and the increasing awareness of the benefits of loyalty programs among consumers. This information can help businesses to stay ahead of the competition and improve their loyalty program strategies.
- Make informed decisions about your loyalty program: The report provides a comprehensive overview of the factors to consider when developing a loyalty program, such as the target audience, the rewards and benefits, and the marketing and communication strategy. This information can help businesses to develop a loyalty program that is effective and successful.
Table of Contents
1 About this Report
2 India Retail Sector Market Size Analysis
3 India Loyalty Spend Market Size and Future Growth Dynamics
4 India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Loyalty Program Type
5 India Loyalty Schemes Market Size and Future Growth Dynamics by Channel
6 India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Business Model
7 India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Key Sectors
8 India Loyalty Schemes Spend in Key Sectors by Online Channel, 2019-2028
9 India In-Store Loyalty Schemes Spend in Key Sectors, 2019-2028
10 India Mobile App Loyalty Schemes Spend in Key Sectors, 2019-2028
11 India Retail Sector Loyalty Schemes Spend Market Size and Future Growth Dynamics
12 India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Accessibility
13 India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Consumer Type
14 India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Membership Type
15 India Loyalty Platform Spend Market Size and Future Growth Dynamics by Software Use case
16 India Loyalty Platform Spend Market Size and Future Growth Dynamics by Vendor/Solution Partner
17 India Loyalty Platform Spend Market Size and Future Growth Dynamics by Deployment
18 India Loyalty Spend Market Size and Future Growth Dynamics by Software vs. Services
19 India Loyalty Spend Market Size and Future Growth Dynamics by Custom vs. Off the Shelf Software Platforms
20 India Loyalty Spend Market Size and Forecast by Consumer Demographics & Behaviour
21 Further Reading
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 117 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 5.37 Billion |
Forecasted Market Value ( USD | $ 8.02 Billion |
Compound Annual Growth Rate | 10.5% |
Regions Covered | India |