Dublin, May 18, 2022 (GLOBE NEWSWIRE) -- The "Malaysia 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" report has been added to ResearchAndMarkets.com's offering.
Loyalty Programs Market in Malaysia is expected to grow by 12.5% on annual basis to reach US$ 534.1 million in 2022
In value terms, the Loyalty Programs Market in Malaysia has recorded a CAGR of 12.9% during 2017-2021. The Loyalty Programs Market in Malaysia will continue to grow over the forecast period and is expected to record a CAGR of 12.3% during 2022-2026. Loyalty Programs Market in the country will increase from US$ 474.7 million in 2021 to reach US$ 848.0 million by 2026.
The loyalty and rewards programs industry is growing market across Southeast Asia. The demand for loyalty programs has surged significantly among consumers throughout the region, including in Malaysia. As a result of this increasing demand among Malaysian consumers, loyalty and rewards programs are being adopted by several brands across various industry verticals, who are using it as a tool for consumer retention and further developing a sustainable relationship with customers in the country.
While the growth of the loyalty and rewards programs industry in Southeast Asia is driven by the markets in Vietnam and Thailand, the market in Malaysia has also recorded strong growth over the last three to four years on the back of growing consumer demand for loyalty programs. This has also led to a number of different brands launching innovative solutions to further drive the growth of their business in Malaysia. From government-owned businesses to retail chain outlets and e-commerce platforms, loyalty solution adoption has surged in the country.
Moreover, new-age fintech firms such as buy now pay later providers are also jumping on the loyalty and rewards programs solution to retain existing users while attracting new consumers to their deferred payment solution in Malaysia. In recent years, retail loyalty programs have grown substantially in the country and have also played a significant role in influencing the choices of consumers in Malaysia.
In Malaysia, there is an increasing demand among consumers for loyalty and rewards programs. According to the Q1 2022 Global Loyalty and Rewards Market Survey, nearly 85% of the consumers have stated that they prefer to shop for products and goods from a store that offers a loyalty and rewards program. Moreover, consumers are also willing to travel to a physical store to make purchases if they are able to collect and redeem their loyalty points.
This shows the demand and popularity of loyalty programs among Malaysian consumers. Notably, the demand for loyalty programs is also high among online shoppers in the country. The survey also revealed that around 84.5% of the consumers would frequently shop from the same online store if they were offered a loyalty and rewards program. With this growing popularity of loyalty programs among both online and offline shoppers, the publisher expects substantial market growth over the next two to three years in Malaysia.
Strategic partnerships are rising between loyalty card program providers to expand their market in Malaysia
With the changing technological landscape, loyalty card program providers are also seeking to adopt and implement new tools for better customer engagement, which can help them drive their growth. Consequently, these providers are entering into strategic partnerships with leading SaaS providers in the country.
In June 2021, BonusLink, the multiparty loyalty card program provider, announced that it had entered into a strategic partnership with Netcore Cloud, the leading full-stack SaaS firm. Under the strategic partnership, Netcore Cloud is expected to help BonusLink in replacing its traditional marketing tools with the intelligent platform offered by Netcore. This is expected to allow BonusLink to offer enhanced and personalized experiences to its loyal members while encouraging repeat purchases.
The publisher expects more such strategic partnerships between loyalty program providers and SaaS-based firms, thereby helping providers in delivering AI-powered customer experiences. This will also boost the growth of loyalty program providers from the short to medium-term perspective in Malaysia.
Car manufacturers are launching innovative loyalty programs to lure more buyers in Malaysia
Loyalty programs are finding use-cases across different industries in Malaysia. Notably, car manufacturers are using the tool as a way to lure more buyers as well as to ensure that they remain loyal to the brand. Moreover, through the launch of a loyalty program, car manufacturers are seeking to enhance customer experience.
In April 2021, Hyundai-Sime Darby Motors announced that the firm had launched two after-sales loyalty programs in Malaysia. The two loyalty programs include the i-Care Plus and a Loyalty Card, which offers freebies and discounts only to Hyundai customers. Notably, the i-Care Plus program is only available for vehicles that are four years or older. The customers can sign up for the program at any authorized center across the country for just RM20. The loyalty program provides a 10% discount on selected parts, a 5% discount on labor charges, and two free engine oils bottles and an oil filter.
On the other hand, the Loyalty Card program offered by Hyundai comes with the ownership of any Hyundai model. The exclusive benefits offered under the program include a 20% discount on KLIMA Fresh and BlueChem products if bought during the month of April 2021. Notably, customers are expected to receive more benefits in the future, including discounts on merchandise and higher trade-in value when the customer purchases another Hyundai vehicle.
Malaysia Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators, 2017-2026
Malaysia Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains, 2017-2026
Malaysia Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Program Type, 2017-2026
Point-based Loyalty Program
Tiered Loyalty Program
Subscription Loyalty Program
Perks Loyalty Program
Coalition Loyalty Program
Hybrid Loyalty Program
Malaysia Loyalty Spend Market Size and Future Growth Dynamics by Channel, 2017-2026
Malaysia Loyalty Spend Market Size and Future Growth Dynamics by Key Sectors, 2017-2026
Healthcare & Wellness
Restaurants & Food Delivery
Travel & Hospitality (Cabs, Hotels, Airlines)
Media & Entertainment
Malaysia Loyalty Spend Market Size and Future Growth Dynamics by Retail, 2017-2026
Clothing, Footwear & Accessories
Toy & Hobby Shops
Supermarket and Convenience Store
Malaysia Loyalty Spend Market Size and Future Growth Dynamics by Accessibility, 2017-2026
Card Based Access
Malaysia Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type, 2017-2026
Malaysia Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms, 2017-2026
Malaysia Loyalty Spend Market Size and Future Growth Dynamics by Software Platforms, 2017-2026
Custom Built Platform
Off the Shelf Platform
Malaysia Loyalty Spend Market Size and Forecast by Consumer Demographics & Behavior, 2021
By Age Group
By Income Level
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