by Leo Jakobson | April 23, 2018
The value of the consumer loyalty management market was $2.16 billion in 2017, and is expected to grow at more than 20 percent annually over the next five years, according to a new research report from Mordor Intelligence. It is available here from Orbis Research.

By 2023, the value of the market for consumer loyalty programs will be $6.8 billion, the company said in a release. But it added that, "lack of awareness about loyalty programs is expected to hinder the growth of the loyalty management market."

Product-centric strategies are giving way to more customer-centric approaches as companies across all verticals, according to Mordor. "Creating customer value and putting customers first -- beyond a simple customer focus -- generates the greatest and lasting business value," it says. "As loyalty management revolves around pleasing/rewarding an organization's repeat customers, developing customer-centric strategies has become necessary to keep the customer retention rate high, thus driving the demand for loyalty management programs."