The new research, Digital Loyalty Programmes: Market Trends, Credit Cards & Retailer Readiness 2020-2025, highlights that as economic challenges remain for both consumers and retailers, digital loyalty will become a prized differentiator as retail markets become increasingly commoditised. The study recommended that retailers adopt digital loyalty solutions that enable them to leverage their abundant customer data to offer omnichannel loyalty experiences, combining offline and online touchpoints.
The research also found that the total value of mobile coupons redeemed will grow from USD 51.6 billion in 2020 to USD 67.6 billion in 2023, driven by increasing QR and app coupon usage. QR coupons will continue to grow strongly in China as QR payments are dominant there, but QR coupon redemption in India and Africa will also grow three-to four-fold in the next 5 years as the appeal of QR widens.
The research estimates that the value of credit card rewards will exceed USD 68 billion in 2023, driven by increasing competition between providers and the ability to link spending to existing loyalty ecosystems. The US is expected to remain the largest market for corporate card rewards over the next 5 years, despite a 2020 COVID-related dip, as businesses look for ways to optimise cash flow and harmonise corporate spending.
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