Italy Loyalty Programs Market Report 2022: Market Expected to Grow 11.8% to $3,453.3 Million in 2022
DUBLIN, May 18, 2022 /PRNewswire/ — The report “Italy Loyalty Programs Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics – Q1 2022 Update” has been added. for from ResearchAndMarkets.com offer.
Loyalty programs market in Italy is expected to grow by 11.8% on an annual basis to reach US$3453.3 million in 2022
In value terms, the loyalty program market in Italy recorded a CAGR of 12.2% during the period 2017-2021. The loyalty program market in Italy will continue to grow during the forecast period and is expected to register a CAGR of 11.3% during the period 2022-2026. The loyalty program market in the country will grow from US$3,088.7 million in 2021 to reach US$5,293.5 million by 2026.
Italians have a strong preference for beauty and fashion, a high demand for quality products and services, and are also known to be loyal to their brands. At the same time, Italian consumers are also reluctant to special promotions. However, with the outbreak of Covid-19, the Q1 2022 Global Loyalty and Rewards Market Survey revealed that around 72% of Italian consumers changed stores and brands, which forced Italian brands to rethink their loyalty and customer retention strategies.
With the changing tastes and preferences of Italian customers, Italian brands are designing loyalty programs to boost customer engagement based on the following strategies:
- Companies must integrate a complex combination of loyalty design principles to drive business growth.
- Brands need to understand psychology and behavioral science before designing a loyalty program.
- The desirable reward attracts customers; therefore, loyalty programs should reward customers with attractive rewards.
- Again, using gamification technology to interact with customers will help businesses build customer loyalty.
- Additionally, introducing personalization into loyalty programs could also help the business in the longer term.
Additionally, making loyalty programs more effective helps businesses, especially the hospitality industry, retain customers. Leisure having become an important part of customer journeys, the addition of complementary products and services outside of hotels improves the sustainability of these loyalty programs.
Therefore, with the recovery of the economic situation, the travel and hospitality sector is investing heavily in these loyalty strategies to drive the country’s growth. Therefore, the publisher expects that designing loyalty programs based on these strategies will help Italian brands and organizations generate revenue in the medium and long term.
ItalyNew York-based restaurant brands expand business with unique loyalty programs
To recover from operational losses, restaurant chains are focusing on attracting customers through different strategies such as launching loyalty and rewards programs, through partnerships and revamping their CRM platforms.
- In 2021, ItalyPoke House, a fast-casual brand based in New York, which also operates in France, Portugal, Spainand the UKwon close $50 million in annual income.
- The company operates as a hybrid retail and digital concept with a proprietary CRM platform, strong loyalty program, and data-driven analytics.
- Specifically, the company operates the POKE HOUSE SQUAD program, which helps customers accumulate points, benefit from personalized services, receive dedicated exclusive promotional offers, and more.
- Once the customer signs up for the loyalty program, they receive a Squad digital loyalty card that can be linked to customers’ mobile wallets.
- In particular, in January 2022the company announced its entry into the US market in partnership Californiabased on Sweetfin.
Through continuous, real-time analysis of customer data, the company is able to quickly develop strategies that will help the 14-unit chain triple in size and provide access to United States a much larger and more casual brand of Europe.
Super financial apps are partnering with m-commerce platforms to launch rewards programs nationwide
With the rapid digitization of the financial industry, super app developers are introducing reward programs through strategic partnerships to expand their market share in the country.
- In August 2021financial super app Curve has teamed up with mobile commerce platform Button to offer a range of cash back rewards to customers of France, Italy, Spainand the UK on online shopping.
- Notably, all customers will be able to redeem cash back rewards when making reservations through Expedia and Hotels.com, ordering food, or finding a summer activity with Groupon.
- Moreover, these rewards can be redeemed multiple times, and as many offers can be used as per the customer’s wish.
- Curve guarantees to reward customers every time who want to travel after covid but are more conscious of their expenses.
Consequently, Curve, which consolidates all cards into a single smart card through this rewards program, is likely to attract a large customer base since customers will now have the opportunity to earn money on each card they spend. through Curves.
Buy now, pay later Companies are launching rewards programs to expand their target market by Italy
Buy Now Pay Later (BNPL) providers such as Klarna have introduced a new rewards program with the Pay Now option for the customer in the UK. However, the company planned to expand the rewards program to nine more markets such as, Italy, Australia, Ireland, France, Spain, Portugal, Poland, Canadaand New Zealand. The company has included different features to attract more consumers.
- Klarna customers will earn reward points by paying via Pay Now, the immediate payment option, or by making a payment on time using Pay Later or Pay in three options.
- Along with this, Klarna has also launched a new feature called “Missions” to entice its customers to explore the app. Specifically, customers will earn rewards at the end of each engaging small task to experience different Klarna app features through missions.
Therefore, the publisher anticipates that through the rewards program, the company will inject responsible use of BNPL loans among its customers. In other words, the SwedenThe New York-based company is diving into loyalty programs to encourage spending and reduce the likelihood of missed or late payments by rewarding customers for on-time payments with the Pay Now option.
Italy Loyalty Spending Market Size and Future Growth Dynamics by Key Performance Indicators, 2017-2026
Italy loyalty spending market size and future growth dynamics by functional areas, 2017-2026
- Loyalty programs
- Loyalty platforms
Italy 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
Italy loyalty spending market size and future growth dynamics by channel, 2017-2026
Italy 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
Italy 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
Italy Loyalty Spending Market Size and Future Growth Dynamics by Accessibility, 2017-2026
- Access by card
- Digital access
Italy Loyalty Spending Market Size and Future Growth Dynamics by Consumer Type, 2017-2026
- B2C consumers
- B2B consumers
Italy Loyalty Spending Market Size and Future Growth Dynamics by Loyalty Platforms, 2017-2026
Italy loyalty spending market size and future growth dynamics by software platform, 2017-2026
- Custom built platform
- Ready-to-use platform
Italy loyalty spending market size and forecast by demographics and consumer behavior, 2021
- By age group
- By income level
- By gender
For more information about this report visit https://www.researchandmarkets.com/r/yprzt9
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