Loyalty Programs Market in Saudi Arabia Anticipated to Grow to US$1.61 Billion, with Strategic Partnerships and Government-Led Initiatives by 2028
DUBLIN, March 27, 2024 /PRNewswire/ -- 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 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The loyalty market in Saudi Arabia is to reach US$1.14 billion in 2024. In value terms, the Saudi Arabian loyalty market recorded a CAGR of 11.6% during 2019-2023 and is forecast to continue to grow to record a CAGR of 8.8% during 2024-2028. The loyalty market in Saudi Arabia is forecast to increase from US$1.04 billion in 2023 to reach US$1.61 billion by 2028.
The loyalty program market is expected to record steady growth over the medium term in Saudi Arabia. The rising adoption is prompting the launch of new product launches, as firms seek to leverage loyalty programs to drive sales and revenue in the Kingdom. Furthermore, firms are also entering into strategic partnerships to provide more value to their loyalty program members.
The trend is projected to continue further in 2024, aiding the competitive landscape and innovation in the loyalty programs sector. Global players are also expected to increase their investment in the sector to tap into the rising adoption among consumers in the Kingdom. Overall, the publisher maintains a positive growth outlook for the loyalty program market in Saudi Arabia over the next three to four years.
Government entities are launching loyalty programs to boost employee productivity and efficiency
To promote a culture of job excellence and drive employee productivity and engagement, government organizations are seeking to leverage loyalty programs in the Kingdom of Saudi Arabia.
- The Ministry of Human Resources and Social Development, in September 2023, launched the employee loyalty program DOAM. The loyalty program provides special deals for government employees, available through over 2,500 service providers across all areas of Saudi Arabia.
- Over 1.2 million male and female government sector workers benefit from these exclusive offers. The DOAM loyalty program is part of the government's commitment to enhance the public sector, aligning with the vision of Saudi Arabia for 2030. It aims to invest in and develop human resources while supporting government agencies, in line with the strategic objectives set by the leadership.
Firms to forging strategic alliances to boost value offerings for their loyalty program members
Loyalty programs are a significant revenue creator for airline providers globally, and it is no different in Saudi Arabia. Consequently, to attract more members and boost value offerings for existing ones, airline carriers are entering into strategic partnerships in the Kingdom of Saudi Arabia.
Saudi and Riyadh Air, in November 2023, entered into a strategic collaboration enabling members to benefit from shared loyalty points and synced-up booking arrangements. The agreement between the two airline carriers has enabled the provision to sell seats on each other flights. The strategic initiative is expected to enhance travel experiences across the sector, while also supporting the growth of the loyalty program market over the medium term.
Saudi Arabia-based e-commerce marketplaces are launching loyalty programs in other regional markets
With the popularity of the loyalty programs poised to grow across the Kingdom over the medium term, Saudi Arabia-based e-commerce marketplaces are launching loyalty programs in other regional markets.
- noon, one of the leading online marketplaces in the Middle East, expanded its loyalty program for shoppers in the United Arab Emirates in 2023. The noon One loyalty program encourages shoppers to make frequent purchases by offering free deliveries on food, non-food, and grocery product categories.
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.
Report Highlights
- Gain insights into the Saudi Arabia loyalty spend market: The report provides a comprehensive overview of the Saudi Arabia 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 Saudi Arabia 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 Saudi Arabia. Below is a summary of key market segments:
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
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
- Loyalty Schemes
- Loyalty Platforms
Saudi Arabia 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
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Channel
- In-Store
- Online
- Mobile
Saudi Arabia Loyalty Schemes Spend Market Size and Future Growth Dynamics by Business Model
- Seller Driven
- Payment Instrument Driven
- Others
Saudi Arabia 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
Saudi Arabia 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
Saudi Arabia 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
Saudi Arabia 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
Saudi Arabia 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
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Accessibility
- Card Based Access
- Digital Access
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type
- 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 Use Case
- Analytics and AI Driven
- Management Platform
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
- Software
- Services
Saudi Arabia Loyalty Spend Market Size and Future Growth Dynamics by Software Use Case Platforms
- Custom Built Platform
- Off the Shelf Platform
Saudi Arabia 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/qadxrl
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