DUBLIN, March 19, 2024 /PRNewswire/ — The “Australia 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 2024 Update” report has been added to ResearchAndMarkets.com’s offering.
The Australian loyalty market is expected to grow by 10.7% on an annual basis to reach US$4.03 billion in 2024.
In value terms, the Australian loyalty market has recorded a CAGR of 12% during 2019-2023. The loyalty market in Australia will continue to grow over the forecast period and is expected to record a CAGR of 9.5% during 2024-2028 and is forecast to increase from US$3.64 billion in 2023 to reach US$5.79 billion by 2028.
The Australian loyalty program market is poised for accelerated growth over the medium term. The rising adoption among consumers is prompting businesses to launch new programs. This trend is expected to continue throughout 2024, aiding the competitive landscape in the sector over the next few quarters. Firms are also revamping their existing loyalty programs to better suit the needs of their members.
Global players are also expected to launch loyalty programs in the Australian market in 2024. As the loyalty program continues to become vital for Australian businesses, the market is poised to record strong growth from the short to medium-term perspective. Overall, the publisher maintains a robust growth outlook for the Australian loyalty programs industry over the next three to four years.
Loyalty programs are becoming increasingly important for the success of Australian retailers
In Australia, businesses are leveraging data analytics to learn more about their customers and provide them with personalized offers. Loyalty programs have emerged as a vital tool for the success of retail businesses.
Myer has strengthened its MYER One member reward program by teaming up with American Express, Commonwealth Bank, and Virgin’s Velocity program. Out of the 7.3 million MYER One members, 4.2 million were actively engaged in the program in the 2022/23 period. Additionally, almost 75% of all purchases made at Myer during this time were linked to a MYER One account.
Myer sees the loyalty program as a key factor driving the business growth in Australia. The firm is using data analytics and machine learning models to drive its business decisions while building more engagement with its loyal customers. Other retailers, including Big W, are also resorting to loyalty programs to drive business growth. The firm introduced members-only discount pricing to nudge shoppers into scanning their Everyday Rewards cards. A similar initiative has been launched by Woolworths in August 2023.
Australian firms are launching new loyalty programs as well as revamping their existing ones to drive growth
With the growing demand for loyalty programs among shoppers in Australia, businesses are launching programs, while the trend of revamping the existing ones is also gaining strong momentum in the domestic market.
Rex, the regional airline carrier, announced the launch of a new loyalty program for frequent flyers in October 2023. Since the launch of the program, more than 60,000 travellers registered in the first seven weeks, as it has been made available for free initially. Notably, the Rex Flyer program is the third loyalty program in Australia, with Velocity and Qantas Frequent Flyer programs attempting to outcompete in the sector.
Rebel, the Australian sporting retailer, revised the loyalty program to drive growth in the domestic market. The revamped program is offering more benefits to its members. For 100 points, the firm is offering A$5, which can be used for future purchases. The program is aimed at driving accelerated revenue for the Australian retailer over the medium term.
Chinese brands are seeking to leverage loyalty programs to better engage with Australian customers
The EV industry is poised to grow at a significant pace in the Australian market over the medium term. With competition in the sector growing, Chinese brands are seeking to leverage loyalty programs to drive growth.
- BYD, one of the leading EV firms globally, is planning to launch a loyalty program in the Australian market. This program is part of the firm’s strategy to better engage with its customers while generating new leads to gain market share in the fast-growing sector.
- The loyalty program, created in collaboration with BYD’s Australian distributor EV Direct and the specialized company Loyalty & Reward Co, aims to provide users with opportunities to earn points and status. Members can receive benefits and redeem items based on their engagement with the program.
With more global firms launching their loyalty programs in the Australian market, the competitive landscape is poised to grow significantly over the medium term. This will aid innovation and support industry growth over the next three to four years in Australia.
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.
Key Report Highlights:
- Gain insights into the Australia loyalty spend market: The report provides a comprehensive overview of the Australia 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 Australia 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.
Report Scope
This report provides in-depth, data-centric analysis of loyalty programs in Australia. Below is a summary of key market segments:
Australia Retail Sector Spend Value Trend Analysis
- Ecommerce Spend
- POS Spend
Australia Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators
Value Accumulated and Value Redemption Rate of Loyalty programs in Australia
Australia Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains
- Loyalty Schemes
- Loyalty Platforms
Australia 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
Australia Loyalty Spend Market Size and Future Growth Dynamics by Channel
- In-Store
- Online
- Mobile
Australia Loyalty Schemes Spend Market Size and Future Growth Dynamics by Business Model
- Seller Driven
- Payment Instrument Driven
- Others
Australia 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
Australia 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
Australia 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
Australia 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
Australia 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
Australia Loyalty Spend Market Size and Future Growth Dynamics by Accessibility
- Card Based Access
- Digital Access
Australia Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type
- B2C Consumers
- B2B Consumers
Australia Loyalty Schemes Spend Market Size and Future Growth Dynamics by Membership Type
- Free
- Free + Premium
- Premium
Australia Loyalty Platform Spend Market Size and Future Growth Dynamics by Software Use Case
- Analytics and AI Driven
- Management Platform
Australia Loyalty Platform Spend Market Size and Future Growth Dynamics by Vendor/Solution Partner
- In House
- Third Party Vendor
Australia Loyalty Platform Spend Market Size and Future Growth Dynamics by Deployment
- Cloud
- On-Premise
Australia Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms
- Software
- Services
Australia Loyalty Spend Market Size and Future Growth Dynamics by Software Use Case Platforms
- Custom Built Platform
- Off the Shelf Platform
Australia Loyalty Spend Market Size and Forecast by Consumer Demographics & Behaviour
- By Age Group
- By Income Level
- By Gender
For more information about this report visit https://www.researchandmarkets.com/r/6lza0z
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