The loyalty management market is set to grow at a CAGR of 17.3% between 2024 and 2029, more than doubling its value from $11.4 billion to $25.4 billion. The growth will be driven by gamification of loyalty programs, the spread of loyalty management mobile apps and, of course, the need to reduce churn. Going forward, loyalty management will increasingly be characterized by personalization.
The contradictory trends in martech this year are the need to consolidate (cut costs and prove value) and the need to innovate (especially around AI). The latest MartechMap shows the space has grown by 18.5% since May last year. The “Martech for 2024” report and the new map were published on Martech Day (May 7).
Salesforce has announced a new solution, Unified Knowledge, that will pull data from third-party systems thus supplementing Salesforce Data Cloud with external information sources. Initially, this is mainly aimed at helping Service Cloud users in combination with Einstein for Service’s generative AI. It was developed through a strategic partnership with AI vendor Zoomin.
Retail and hospitality customer engagement platform Givex has added the ability to create comprehensive customer profiles that include interaction data from other systems. The new product, GivexEngageAI, also develops customer segments, executes marketing campaigns, and recommends next best actions. The company refers to it as a CDP and it does appear to tick all of our boxes.