Dublin, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The "Saudi Arabia 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 2023 Update" report has been added to ResearchAndMarkets.com's offering.
The loyalty market in Saudi Arabia is experiencing remarkable growth, projected to expand by 12.0% annually, reaching an estimated value of US$1044.8 million in 2023.
Over the years, the loyalty market in the country has demonstrated impressive progress, registering a CAGR of 12.4% during 2018-2022 in value terms. The upward trajectory is expected to continue with a projected CAGR of 11.4% during 2023-2027, driving the loyalty market to reach US$1611.5 million by 2027.
Loyalty and reward programs have witnessed a surge in popularity in Saudi Arabia, gaining significant traction in recent times. Several factors contribute to the increasing adoption of loyalty programs in the country, including a rise in consumer spending and the ongoing innovation efforts by companies to enhance their offerings.
Consumer adoption emerges as a key driver behind the soaring growth of loyalty programs in Saudi Arabia. As companies continuously refine and augment their loyalty programs, customers are enticed by improved incentives, fueling the programs' popularity. Additionally, the proliferation of e-commerce and digital payments has played a pivotal role in the expansion of loyalty programs, catering to the evolving preferences of tech-savvy consumers.
Innovation is another driving force propelling the growth of loyalty programs in Saudi Arabia. Companies are engaging in intense competition, continually introducing new features and rewards to their loyalty programs to captivate customer attention and build enduring loyalty.
As the loyalty market in Saudi Arabia surges with unprecedented growth, companies are leveraging the power of loyalty and reward programs to cultivate lasting relationships with their customers, shaping a dynamic landscape of customer-centric strategies
Retailers are launching reward programs to offer exclusive experiences and benefits to shoppers
With consumer discretionary spending taking a hit due to rising inflation, retailers are seeking to leverage loyalty and reward programs to drive sales and revenue growth in the Kingdom of Saudi Arabia.
In March 2023, Cenomi, one of the leading retailers in Saudi Arabia, unveiled its exclusive loyalty program, Cenomi Rewards. This loyalty program provides members with the opportunity to earn reward points with each purchase they make at Cenomi shopping centers and participating retail brands, which can then be redeemed for a variety of exclusive offers, promotions, and rewards across Cenomi brands.
Members of Cenomi Rewards will earn points for each riyal they spend at participating stores, and these points can be redeemed for discounts, exclusive offers, and special gifts on significant occasions. Additionally, as members progress through the program's membership tiers, such as Silver, Gold, and Platinum, they will have access to more tailored and privileged offers.
The firm is also allowing members to earn more points by engaging in various activities, such as referring friends, completing their profiles, and participating in challenges. From the short to medium-term perspective, The publisher expects more retailers to launch loyalty and rewards programs in Saudi Arabia, thereby aiding innovation and growth of the fast-growing sector in the Kingdom.
Loyalty providers are innovating by bringing gamification into play to drive engagement and increase sales
With the growing demand for personalized experiences, retailers are leveraging loyalty programs and customer data to add more value to their shoppers in Saudi Arabia. Consequently, loyalty providers are innovating by bringing gamification into the loyalty sector, thereby targeting higher engagement and increased sales.
In November 2022, Dsquares, a prominent company that specializes in providing loyalty programs and rewards solutions across the Middle East and Africa, decided to broaden its range of services by incorporating gamification into its extensive lineup of products and offerings.
The integration of gamification into its loyalty program is aimed at driving sales, enhancing customer engagement, reinforcing customer loyalty, and utilizing customer data to deliver highly personalized experiences that can enrich their clients' relationships with their consumers. This will be achieved by tailoring programs to match their customers' preferred brands and rewards, thereby adding value to their overall consumer experience.
Over the next three to four years, Dsquares is expected to further innovate with its loyalty offerings, thereby driving innovation in the sector. This will keep aiding the growth of the loyalty and rewards program industry in the Kingdom from the short to medium-term perspective.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 117 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $1 Billion |
| Forecasted Market Value (USD) by 2027 | $1.6 Billion |
| Compound Annual Growth Rate | 11.4% |
| Regions Covered | Saudi Arabia |
Scope
Saudi Arabia Retail Sector Spend Value Trend Analysis
- Ecommerce Spend
- POS Spend
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators, 2018-2027
Value Accumulated and Value Redemption Rate of Loyalty programs in Saudi Arabia
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains, 2018-2027
- Loyalty Schemes
- Loyalty Platforms
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Program Type, 2018-2027
- 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
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Channel, 2018-2027
- In-Store
- Online
- Mobile
Saudi Arabia Loyalty Schemes Spend Market Size and Future Growth Dynamics by Business Model
- Seller Driven
- Payment Instrument
- Others
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Key Sectors, 2018-2027
- Retail
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Telecoms
- Media & Entertainment
- Others
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by online, 2018-2027
- Retail
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Telecoms
- Media & Entertainment
- Others
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by In-Store, 2018-2027
- Retail
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Telecoms
- Media & Entertainment
- Others
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by Mobile App, 2018-2027
- Retail
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Telecoms
- Media & Entertainment
- Others
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Retail, 2018-2027
- Diversified Retailers
- Department Stores
- Specialty Stores
- Clothing, Footwear & Accessories
- Toy & Hobby Shops
- Supermarket and Convenience Store
- Home Merchandise
- Other
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Accessibility, 2018-2027
- Card Based Access
- Digital Access
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type, 2018-2027
- B2C Consumers
- B2B Consumers
Saudi Arabia Loyalty Schemes Spend Market Size and Future Growth Dynamics by Membership Type
- Free
- Free + Premium
- Premium
Saudi Arabia Loyalty Platform Spend Market Size and Future Growth Dynamics by Software
- Analytics and AI Driven
- Normal CRM
Saudi Arabia Loyalty Platform Spend Market Size and Future Growth Dynamics by Vendor/Solution Partner
- In House
- Third Party Vendor
Saudi Arabia Loyalty Platform Spend Market Size and Future Growth Dynamics by Deployment
- Cloud
- On-Premise
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms, 2018-2027
- Software
- Services
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Software Platforms, 2018-2027
- Custom Built Platform
- Off the Shelf Platform
Saudi Arabia Loyalty Spend Market Size and Forecast by Consumer Demographics & Behaviour, 2022
- By Age Group
- By Income Level
- By Gender
For more information about this report visit https://www.researchandmarkets.com/r/2sc94n
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