Summary

According to PayNXT360, the loyalty market in the country is expected to grow by 12.0% on an annual basis to reach US$5,371.5 million in 2024.

In value terms, the loyalty market in the country has recorded a CAGR of 13.5% during 2019–2023. The loyalty market in the country will continue to grow over the forecast period and is expected to record a CAGR of 10.5% during 2024-2028. The loyalty market in the country will increase from US$4,795.6 million in 2023 to reach US$8,022.0 million by 2028.

The Indian loyalty programs market is poised for accelerated growth over the medium term in India. Rising consumption and income levels of the consumers will support the market growth. The industry will also receive growth support from the flourishing startup ecosystem in India. Digitalization, on the other, is expected to aid innovation and the competitive landscape in the sector.

Many new-age startups are tweaking their loyalty programs to boost adoption among Indian consumers. The trend is projected to continue further over the medium term in the Indian market. PayNXT360 also expects innovation to grow in the Web3 loyalty programs market in 2024. Overall, PayNXT360 maintains a robust growth outlook for the loyalty programs industry in India over the next three to four years.

Firms are tweaking their loyalty programs to boost adoption and increase market share in India

The food delivery sector is growing at a rapid rate in India and the market is poised to grow even further over the medium term. To tap into the fast-growing sector, firms are adopting different strategies to increase their market share.

• Swiggy, for instance, launched a cheaper version of its existing loyalty program to boost adoption among consumers. The new and affordable loyalty program, launched in October 2023, is already showing its effect with the firm garnering higher market share against rival Zomato. According to a report from IIFL Securities, Swiggy gained marginal market share compared to Zomato in 1HCY23, potentially due to the aggressive pricing of its revamped loyalty program and higher promotions.
• The new loyalty program, named Swiggy One Lite, has been made available for INR 99 for three months. Under the membership, Swiggy is offering 10 free food and Instamart deliveries. Furthermore, the One Lite program also offers a 30% discount at more than 20,000 restaurants in India. The report from IIFL Securities also revealed that Swiggy managed to report a growth of 17% in H1 2023, compared to the 13% growth recorded by Zomato.

The growing competition in the sector will lead to further innovation in loyalty programs, aiding the competitive landscape and adoption among consumers over the medium term. This will subsequently support the growth of the loyalty programs market in India over the next three to four years.

Firms are launching new loyalty and reward products to strengthen their foothold in India

The spending power of Indian consumers is poised to grow significantly over the next few years. This is prompting many global brands to launch new loyalty and reward products in the Indian market.
• American Express, in December 2023, announced the launch of the Reward Xcelerator program in India. The initiative, which offers Platinum Charge card members to earn higher rewards across premium brands, is aimed at strengthening the firm’s membership rewards program in the Indian market. Through the Reward Xcelerator program, American Express cardholders can boost the rewards they earn, whether they're shopping in-store or online. Plus, they have the freedom to redeem those rewards whenever it suits them.
Alongside global firms, domestic players are launching new and innovative products to strengthen their foothold in the Indian loyalty programs market. Zillion, the multi-brand loyalty programs firm, launched the Rewards-as-a-Service platform for brands in January 2024. With this, Zillion is targeting to onboard banks and large corporations, including those with extensive distribution networks. These innovative product launches are expected to drive the competitive landscape in the Indian loyalty programs industry over the medium term.

E-commerce firms are looking to scale their loyalty programs in the Indian market in 2024

Amid the higher adoption of loyalty programs among Indian consumers, firms across sectors are planning to scale their offerings to drive future business growth. This trend is also emerging in the Indian e-commerce market, which is set to grow at an accelerated pace over the next three to four years.
• Polygon Labs, in December 2023, revealed that Flipkart is planning to integrate CDK-deployed Layer 2 chain to boost FireDrops. Notably, FireDrops is a Web3 loyalty program that was launched by the e-commerce giant in 2023. Since its launch, the loyalty program has garnered widespread popularity among young Indian shoppers, with 3 million active wallets. With the new development in partnership with Polygon Labs, Flipkart is aiming to build an Ethereum-based zero-knowledge (ZK) L2 network to drive future growth.
Going forward, PayNXT360 expects more such strategic collaborations, aiding innovation in the Web3 loyalty programs sector. This will support the growth of the loyalty program market in India over the next three to four years.

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.

PayNXT360 research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.


• Gain insights into the India loyalty spend market: The report provides a comprehensive overview of the India 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 India 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.

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Table of Contents

1 About this Report
1.1 Summary
1.2 Methodology
1.3 Loyalty Programs Definitions
1.4 Disclaimer

2 India Retail Sector Market Size Analysis
2.1 India Retail Industry Market Size, 2019-2028
2.2 India Ecommerce Market Size, 2019-2028
2.3 India POS Spend Trend Analysis, 2019-2028

3 India Loyalty Spend Market Size and Future Growth Dynamics
3.1 India Loyalty Spend Market Size and Future Growth Dynamics, 2019-2028
3.2 India Loyalty Spend on Schemes by Value Accumulated and Value Redemption Rate, 2023
3.3 India Loyalty Spend Share by Functional Domains, 2019-2028
3.4 India Loyalty Spend by Loyalty Schemes, 2019-2028
3.5 India Loyalty Spend by Loyalty Platforms, 2019-2028

4 India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Loyalty Program Type
4.1 India Loyalty Schemes Spend Share by Loyalty Program Type, 2023
4.2 India Spend by Point-based Loyalty Program, 2019-2028
4.3 India Spend by Tiered Loyalty Program, 2019-2028
4.4 India Spend by Mission-driven Loyalty Program, 2019-2028
4.5 India Spend by Spend-based Loyalty Program, 2019-2028
4.6 India Spend by Gaming Loyalty Program, 2019-2028
4.7 India Spend by Free Perks Loyalty Program, 2019-2028
4.8 India Spend by Subscription Loyalty Program, 2019-2028
4.9 India Spend by Community Loyalty Program, 2019-2028
4.1 India Spend by Refer a Friend Loyalty Program, 2019-2028
4.11 India Spend by Paid Loyalty Program, 2019-2028
4.12 India Spend by Cashback Loyalty Program, 2019-2028

5 India Loyalty Schemes Market Size and Future Growth Dynamics by Channel
5.1 India Loyalty Schemes Spend Share by Channel, 2019-2028
5.2 India Loyalty Spend by In-Store, 2019-2028
5.3 India Loyalty Spend by Online, 2019-2028
5.4 India Loyalty Spend by Mobile, 2019-2028

6 India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Business Model
6.1 India Loyalty Schemes Spend Share by Business Model, 2019-2028
6.2 India Loyalty Spend by Seller Driven, 2019-2028
6.3 India Loyalty Spend by Payment Instrument Driven, 2019-2028
6.4 India Loyalty Spend by Other Segment, 2019-2028

7 India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Key Sectors
7.1 India Loyalty Schemes Spend Share by Key Sectors, 2019-2028
7.2 India Loyalty Schemes Spend in Retail, 2019-2028
7.3 India Loyalty Schemes Spend in Financial Services, 2019-2028
7.4 India Loyalty Schemes Spend in Healthcare & Wellness, 2019-2028
7.5 India Loyalty Schemes Spend in Restaurants & Food Delivery, 2019-2028
7.6 India Loyalty Schemes Spend in Travel & Hospitality (Cabs, Hotels, Airlines), 2019-2028
7.7 India Loyalty Schemes Spend in Telecoms, 2019-2028
7.8 India Loyalty Schemes Spend in Media & Entertainment, 2019-2028
7.9 India Loyalty Schemes Spend in Other, 2019-2028

8 India Loyalty Schemes Spend in Key Sectors by Online Channel, 2019-2028
8.1 India Online Loyalty Spend in Retail Segment, 2019-2028
8.2 India Online Loyalty Spend in Financial Services, 2019-2028
8.3 India Online Loyalty Spend in Healthcare & Wellness, 2019-2028
8.4 India Online Loyalty Spend in Restaurants & Food Delivery, 2019-2028
8.5 India Online Loyalty Spend in Travel & Hospitality (Cabs, Hotels, Airlines), 2019-2028
8.6 India Online Loyalty Spend in Telecoms, 2019-2028
8.7 India Online Loyalty Spend in Media & Entertainment, 2019-2028
8.8 India Online Loyalty Spend in Other Segment, 2019-2028

9 India In-Store Loyalty Schemes Spend in Key Sectors, 2019-2028
9.1 India In-Store Loyalty Spend in Retail Segment, 2019-2028
9.2 India In-Store Loyalty Spend in Healthcare & Wellness Segment, 2019-2028
9.3 India In-Store Loyalty Spend in Restaurants & Food Delivery Segment, 2019-2028
9.4 India In-Store Loyalty Spend in Travel & Hospitality (Cabs, Hotels, Airlines) Segment, 2019-2028
9.5 India In-Store Loyalty Spend in Media & Entertainment Segment, 2019-2028
9.6 India In-Store Loyalty Spend in Other Sector, 2019-2028

10 India Mobile App Loyalty Schemes Spend in Key Sectors, 2019-2028
10.1 India Mobile App Loyalty Spend in Retail Segment, 2019-2028
10.2 India Mobile App Loyalty Spend in Financial Services Segment, 2019-2028
10.3 India Mobile App Loyalty Spend in Healthcare & Wellness Segment, 2019-2028
10.4 India Mobile App Loyalty Spend in Restaurants & Food Delivery Segment, 2019-2028
10.5 India Mobile App Loyalty Spend in Travel & Hospitality (Cabs, Hotels, Airlines) Segment, 2019-2028
10.6 India Mobile App Loyalty Spend in Telecoms Segment, 2019-2028
10.7 India Mobile App Loyalty Spend in Media & Entertainment Segment, 2019-2028
10.8 India Mobile App Loyalty Spend in Other Segment, 2019-2028

11 India Retail Sector Loyalty Schemes Spend Market Size and Future Growth Dynamics
11.1 India Loyalty Schemes Spend Share by Retail Segments, 2019-2028
11.2 India Loyalty Retail Schemes Spend by Diversified Retailers, 2019-2028
11.3 India Loyalty Retail Schemes Spend by Department Stores, 2019-2028
11.4 India Loyalty Retail Schemes Spend by Specialty Stores, 2019-2028
11.5 India Loyalty Retail Schemes Spend by Clothing, Footwear & Accessories, 2019-2028
11.6 India Loyalty Retail Schemes Spend by Toy & Hobby Shops, 2019-2028
11.7 India Loyalty Retail Schemes Spend by Supermarket and Convenience Store, 2019-2028
11.8 India Loyalty Retail Schemes Spend by Home Merchandise, 2019-2028
11.9 India Loyalty Retail Schemes Spend by Other, 2019-2028

12 India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Accessibility
12.1 India Loyalty Schemes Spend Share by Accessibility, 2023 Vs 2028
12.2 India Loyalty Spend by Card Based Access, 2019-2028
12.3 India Loyalty Spend by Digital Access, 2019-2028

13 India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Consumer Type
13.1 India Loyalty Schemes Spend Share by Consumer Type, 2023 Vs 2028
13.2 India Loyalty Schemes Spend by B2B Consumers, 2019-2028
13.3 India Loyalty Spend by B2C Consumers, 2019-2028

14 India Loyalty Schemes Spend Market Size and Future Growth Dynamics by Membership Type
14.1 India Loyalty Schemes Spend Share by Membership Type, 2019-2028
14.2 India Loyalty Membership Type Schemes Spend by Free, 2019-2028
14.3 India Loyalty Membership Type Schemes Spend by Free + Premium, 2019-2028
14.4 India Loyalty Membership Type Schemes Spend by Premium, 2019-2028

15 India Loyalty Platform Spend Market Size and Future Growth Dynamics by Software Use case
15.1 India Loyalty Platform Spend Share by Software Use Case, 2023 Vs 2028
15.2 India Loyalty Software Platform Spend by Analytics and AI Driven, 2019-2028
15.3 India Loyalty Software Platform Spend by Management Platform, 2019-2028

16 India Loyalty Platform Spend Market Size and Future Growth Dynamics by Vendor/Solution Partner
16.1 India Loyalty Platform Spend Share by Vendor/Solution Partner, 2023 Vs 2028
16.2 India Loyalty Vendor/Solution Partner Platform Spend by In House, 2019-2028
16.3 India Loyalty Vendor/Solution Partner Platform Spend by Third-Party Vendor, 2019-2028

17 India Loyalty Platform Spend Market Size and Future Growth Dynamics by Deployment
17.1 India Loyalty Platform Spend Share by Deployment, 2023 Vs 2028
17.2 India Loyalty Deployment Platform Spend by Cloud, 2019-2028
17.3 India Loyalty Deployment Platform Spend by On-Premise, 2019-2028

18 India Loyalty Spend Market Size and Future Growth Dynamics by Software vs. Services
18.1 India Loyalty Spend Share by Software vs. Services, 2023 Vs 2028
18.2 India Loyalty Spend by Software, 2019-2028
18.3 India Loyalty Spend by Services, 2019-2028

19 India Loyalty Spend Market Size and Future Growth Dynamics by Custom vs. Off the Shelf Software Platforms
19.1 India Loyalty Spend Share by Custom vs. Off the Shelf Software Platforms, 2023 Vs 2028
19.2 India Loyalty Software Platforms Spend by Custom Built Platform, 2019-2028
19.3 India Loyalty Software Platforms Spend by Off the Shelf Platform, 2019-2028

20 India Loyalty Spend Market Size and Forecast by Consumer Demographics & Behaviour
20.1 India Loyalty Spend Share by Age Group, 2023
20.2 India Loyalty Spend Share by Income Level, 2023
20.3 India Loyalty Spend Share by Gender, 2023

21 Further Reading
21.1 About PayNXT360
21.2 Related Research

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List of Tables/Graphs

Table 1: India Retail Industry Market Size (US$ Million), 2019-2028
Table 2: India Ecommerce Market Size (US$ Million), 2019-2028
Table 3: India POS Spend Market Size (US$ Million), 2019-2028
Table 4: India Total Loyalty Spend (US$ Million), 2019-2028
Table 5: India Loyalty Spend by Loyalty Schemes (US$ Million), 2019-2028
Table 6: India Loyalty Spend by Loyalty Platforms (US$ Million), 2019-2028
Table 7: India Spend by Point-based Loyalty Program (US$ Million), 2019-2028
Table 8: India Spend by Tiered Loyalty Program (US$ Million), 2019-2028
Table 9: India Spend by Mission-driven Loyalty Program (US$ Million), 2019-2028
Table 10: India Spend by Spend-based Loyalty Program (US$ Million), 2019-2028
Table 11: India Spend by Gaming Loyalty Program (US$ Million), 2019-2028
Table 12: India Spend by Free Perks Loyalty Program (US$ Million), 2019-2028
Table 13: India Spend by Subscription Loyalty Program (US$ Million), 2019-2028
Table 14: India Spend by Community Loyalty Program (US$ Million), 2019-2028
Table 15: India Spend by Refer a Friend Loyalty Program (US$ Million), 2019-2028
Table 16: India Spend by Paid Loyalty Program (US$ Million), 2019-2028
Table 17: India Spend by Cashback Loyalty Program (US$ Million), 2019-2028
Table 18: India Loyalty Spend by In-Store (US$ Million), 2019-2028
Table 19: India Loyalty Spend by Online (US$ Million), 2019-2028
Table 20: India Loyalty Spend by Mobile (US$ Million), 2019-2028
Table 21: India Loyalty Business Model Schemes Spend by Seller Driven (US$ Million), 2019-2028
Table 22: India Loyalty Business Model Schemes Spend by Payment Instrument Driven (US$ Million), 2019-2028
Table 23: India Loyalty Business Model Schemes Spend by Other Segment (US$ Million), 2019-2028
Table 24: India Loyalty Schemes Spend in Retail (US$ Million), 2019-2028
Table 25: India Loyalty Schemes Spend in Financial Services (US$ Million), 2019-2028
Table 26: India Loyalty Schemes Spend in Healthcare & Wellness (US$ Million), 2019-2028
Table 27: India Loyalty Schemes Spend in Restaurants & Food Delivery (US$ Million), 2019-2028
Table 28: India Loyalty Schemes Spend in Travel & Hospitality (Cabs, Hotels, Airlines) (US$ Million), 2019-2028
Table 29: India Loyalty Schemes Spend in Telecoms (US$ Million), 2019-2028
Table 30: India Loyalty Schemes Spend in Media & Entertainment (US$ Million), 2019-2028
Table 31: India Loyalty Schemes Spend in Others (US$ Million), 2019-2028
Table 32: India Online Loyalty Spend in Retail Segment (US$ Million), 2019-2028
Table 33: India Online Loyalty Spend in Financial Services (US$ Million), 2019-2028
Table 34: India Online Loyalty Spend in Healthcare & Wellness (US$ Million), 2019-2028
Table 35: India Online Loyalty Spend in Restaurants & Food Delivery (US$ Million), 2019-2028
Table 36: India Online Loyalty Spend in Travel & Hospitality (Cabs, Hotels, Airlines) (US$ Million), 2019-2028
Table 37: India Online Loyalty Spend in Telecoms (US$ Million), 2019-2028
Table 38: India Online Loyalty Spend in Media & Entertainment (US$ Million), 2019-2028
Table 39: India Online Loyalty Spend in Other Segments (US$ Million), 2019-2028
Table 40: India In-Store Loyalty Spend in Retail Segment (US$ Million), 2019-2028
Table 41: India In-Store Loyalty Spend in Healthcare & Wellness Segment (US$ Million), 2019-2028
Table 42: India In-Store Loyalty Spend in Restaurants & Food Delivery Segment (US$ Million), 2019-2028
Table 43: India In-Store Loyalty Spend in Travel & Hospitality (Cabs, Hotels, Airlines) Segment (US$ Million), 2019-2028
Table 44: India In-Store Loyalty Spend in Media & Entertainment Segment (US$ Million), 2019-2028
Table 45: India In-Store Loyalty Spend in Other Sector (US$ Million), 2019-2028
Table 46: India Mobile App Loyalty Spend in Retail Segment (US$ Million), 2019-2028
Table 47: India Mobile App Loyalty Spend in Financial Services Segment (US$ Million), 2019-2028
Table 48: India Mobile App Loyalty Spend in Healthcare & Wellness Segment (US$ Million), 2019-2028
Table 49: India Mobile App Loyalty Spend in Restaurants & Food Delivery Segment (US$ Million), 2019-2028
Table 50: India Loyalty Spend in Travel & Hospitality (Cabs, Hotels, Airlines) Segment (US$ Million), 2019-2028
Table 51: India Mobile App Loyalty Spend in Telecoms Segment (US$ Million), 2019-2028
Table 52: India Mobile App Loyalty Spend in Media & Entertainment Segment (US$ Million), 2019-2028
Table 53: India Mobile App Loyalty Spend in Other Segment (US$ Million), 2019-2028
Table 54: India Loyalty Retail Schemes Spend by Diversified Retailers (US$ Million), 2019-2028
Table 55: India Loyalty Retail Schemes Spend by Department Stores (US$ Million), 2019-2028
Table 56: India Loyalty Retail Schemes Spend by Specialty Stores (US$ Million), 2019-2028
Table 57: India Loyalty Retail Schemes Spend by Clothing, Footwear & Accessories (US$ Million), 2019-2028
Table 58: India Loyalty Retail Schemes Spend by Toy & Hobby Shops (US$ Million), 2019-2028
Table 59: India Loyalty Retail Schemes Spend by Supermarket and Convenience Store (US$ Million), 2019-2028
Table 60: India Loyalty Retail Schemes Spend by Home Merchandise (US$ Million), 2019-2028
Table 61: India Loyalty Retail Schemes Spend by Other (US$ Million), 2019-2028
Table 62: India Loyalty Spend by Card Based Access (US$ Million), 2019-2028
Table 63: India Loyalty Spend by Digital Access (US$ Million), 2019-2028
Table 64: India Loyalty Schemes Spend by B2B Consumers (US$ Million), 2019-2028
Table 65: India Loyalty Schemes Spend by B2C Consumers (US$ Million), 2019-2028
Table 66: India Loyalty Membership Type Schemes Spend by Free (US$ Million), 2019-2028
Table 67: India Loyalty Membership Type Schemes Spend by Free + Premium (US$ Million), 2019-2028
Table 68: India Loyalty Membership Type Schemes Spend by Premium (US$ Million), 2019-2028
Table 69: India Loyalty Software Platform Spend by Analytics and AI Driven (US$ Million), 2019-2028
Table 70: India Loyalty Software Platform Spend by Management Platform (US$ Million), 2019-2028
Table 71: India Loyalty Vendor/Solution Partner Platform Spend by In-House (US$ Million), 2019-2028
Table 72: India Loyalty Vendor/Solution Partner Platform Spend by Third-Party Vendor (US$ Million), 2019-2028
Table 73: India Loyalty Deployment Platform Spend by Cloud (US$ Million), 2019-2028
Table 74: India Loyalty Deployment Platform Spend by On-Premise (US$ Million), 2019-2028
Table 75: India Loyalty Spend by Software (US$ Million), 2019-2028
Table 76: India Loyalty Spend by Services (US$ Million), 2019-2028
Table 77: India Loyalty Software Platforms Spend by Custom Built Platform (US$ Million), 2019-2028
Table 78: India Loyalty Software Platforms Spend by Off the Shelf Platform (US$ Million), 2019-2028