The Loyalty Management Market is Set to Grow as Businesses Focus on Consumer Retention

Wednesday, March 28, 2018 General News
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NEW YORK, March 28, 2018 /PRNewswire/ --

According to a research

report by Mordor Intelligence, the global loyalty management market was valued at USD 2.1 billion in 2017 and it is expected to reach a value of USD 6.8 billion by 2023 with a CAGR of 21.13%
during the forecast period (2018-2023). The increasing popularity of loyalty management programs are explained by the importance of client retention building of sustainable customer relationships. As a result, businesses across major industry verticals are gradually shifting toward customer-centric approaches. The report indicates that the high cost of customer acquisition is forcing companies to develop their own business model and focusing on client retention. As loyalty management revolves around rewarding an organization's repeat customers, developing customer-centric strategies have become necessary to keep the customer retention rate high. Snipp Interactive Inc. (OTC: SNIPF), SS&C Technologies Holdings, Inc. (NASDAQ: SSNC), Fiserv, Inc. (NASDAQ: FISV), Square, Inc. (NYSE: SQ), VeriFone Systems, Inc. (NYSE: PAY)

Data provided by Colloquy Loyalty Census shows that the market has approximately 3.8 billion users with memberships enrolled in loyalty programs in 2017, which signals continued growth. "In 25 years, rewards have arisen from marketing gimmick status to a paramount competitive force in financial services and other industries," says Gwenn Bézard, a Research Director with Aite Group and the author of the report. "The reward industry is shifting from pushing one-size-fits-all rewards to delivering highly personalized rewards through advanced segmentation. Junk goods manufacturers are out, and PhDs are in."

Snipp Interactive Inc. (OTCQB: SNIPF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: SPN). Just announced breaking news this morning that," it has secured a six-figure contract addition for Canada and the U.S. markets with a global household and personal care products consumer goods company for whom the Company has been running a program on its market-leading SnippCheck platform.

The customer originally engaged Snipp in March of 2016 and subsequently expanded the scope of the agreement twice, including an extension into the Canadian market. The customer signed this latest addition based primarily on the outstanding success of the recent promotion, which was launched in October 2017 on the Company's SnippCheck proprietary receipt processing and SnippRewards platforms in the U.S. and Canadian markets. The program drove over a 100,000 participants to purchase $15 worth of the client's products resulting in over $2MM of incremental revenue for the client per their estimate. This contract represents a prime example of the impact and scalability of Snipp's programs across multiple geographies and also for multiple industries.

"We are extremely pleased to receive additional recognition of the impact of Snipp's robust marketing platform from an existing client. This is becoming a welcome trend, with successive clients who have chosen to expand their relationship with Snipp, based on the success of past promotions. We look forward to delivering best in class marketing and technology solutions for this industry giant. With each contract extension, industry confidence and awareness of our platform continues to grow, as brands increasingly recognize our ability to deliver innovative solutions to help drive engagement and sales. Moreover, we are excited that these same platforms can be used in new markets ranging from the Hospitality to the Cannabis industry, both of which we have only just begun to focus on in a more serious way. For example, we recently launched our Cannabis Marketing Resource Center (CMRC) focused on helping players in this evolving industry take advantage of our deep knowledge of running promotions in the Alcohol, Pharma and Tobacco space. Since launching many leading industry players have been signing up at http://www.snipp.com/cmrc to take advantage of our knowledge in running effective and compliant programs in similar regulated industries. We are confident that over time many of these Cannabis players will graduate from taking advantage of the knowledge they will be acquiring from our CMRC to gaining competitive advantage in their markets by leveraging our platforms and technology," commented Atul Sabharwal, Snipp Chief Executive Officer, "In addition we look forward to sharing our Q4 2017 and full year audited financial performance with our investors in the coming days. We will be announcing a final date for our earnings release and conference call later this week." Visit the Snipp website at http://www.snipp.com/ for Snipp's full suite of solutions and examples of Snipp programs."

SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) is a global provider of investment and financial software-enabled services and software for the global financial services industry. Recently, the company announced that NorthCoast Asset Management LLC (NorthCoast) has chosen SS&C's leading cloud-based wealth management platform and outsourcing services to streamline its end-to-end investment process lifecycle. SS&C's Global Wealth Platform (GWP) provides NorthCoast with a system that will scale to support the firm's long-term growth. NorthCoast is a Connecticut-based, independently owned, RIA with $1.7 billion in assets under management. NorthCoast selected GWP for its fully integrated, cloud-based solution and unified managed account (UMA) capabilities to manage their internal and external money management business. Additionally, NorthCoast will leverage SS&C's world class data collection and reconciliation outsourcing services.

Fiserv, Inc. (NASDAQ: FISV) is a leading global provider of financial services technology solutions. Recently, the company announced it is offering Mastercard® Decision Intelligence™, a comprehensive decision and fraud detection service. Financial institutions working with Fiserv will benefit from this service, which helps them increase the accuracy of real-time approvals of genuine transactions, reduce the number of false declines and improve the overall cardholder experience. Fiserv is the first processor to offer Decision Intelligence to its financial institution clients. Decision Intelligence uses artificial intelligence technology to provide a predictive score by applying thousands of data points and sophisticated modeling techniques to each transaction - helping issuers make more informed authorization decisions.

Square, Inc. (NYSE: SQ) creates tools that help sellers start, run, and grow their businesses. Square enables sellers to accept card payments and also provides reporting and analytics, next-day settlement, and chargeback protection. Square's point-of-sale software and other business services help sellers manage inventory, locations, and employees; access financing; engage customers; and grow sales. Square Cash is an easy way for businesses and individuals to send and receive money, and Caviar is a food ordering service for popular restaurants. On January 25, 2018, the company announced that it has acquired certain assets of Entrees On-Trays, a premier restaurant delivery service that has served the Dallas-Fort Worth metroplex since 1986.

VeriFone Systems, Inc. (NYSE: PAY) is transforming every day transactions into new and engaging opportunities for merchants and consumers at the last inch of payments and commerce. Recently, the company and Ezetap, one of Asia's most innovative software and payment processing players, announced a partnership to enable merchants to more quickly and easily adopt both instore and online payment acceptance.The scope and scale of the collaboration will bring together Verifone's best-in-class payment solutions and services, and Ezetap's excellence in software and payment processing, to deliver simple and secure checkout experiences for merchants and their customers in any sector. Further, the partnership will make it simple and convenient for businesses in India to leverage the highly secure range of Verifone payment solutions including the PCI 5.x-certified Engage solutions and Carbon family of integrated point-of-sale systems, in addition to all mobile point-of-sale solutions.

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