Loyalty and Reward in Canada Financial Service Sector: Current Trends and Market Scenario in 2017

Published on : Sep 08, 2017

Albany, New York, September 8, 2017: In a bid to repeat business, various commercial organisations are offering benefits including coupons, discounts on product, and additional points on the merchandise. Incorporating enhanced technology, the new start-ups have taken the loyalty and rewards participation program to the next level. New study titled Loyalty and Rewards in Canadian Financial Services, August 2017” offers insights on the status quo of the market along with the opportunities for loyalty and rewards market in the coming years. This report is added to the wide online repository of Market Research Hub. Through techniques of gamification, various commercial organisations and vendors offer limited discounts based on the analysis of data and individual profiles. These vendors also provide smartphone-based applications that offer rewards to the end users for ‘checking-in’ at the stores. Besides this, the vendors also offer loyalty programs rewards and sites for site-interaction.

The report offers an extensive insight regarding the market overview along with future growth prospects. The report published in the wide online repository of Market Research Hub further offers in-depth insights on factors impacting growth of the global market including trends, opportunity, restraints, and drivers.

As these loyalty programs are not bound to annual fees, people are encouraged to join and earn rewards and points. At least nine out of ten people in Canada are enrolled in a retailer loyalty program. The loyalty and rewards program continues to underscore significant opportunity in Canada. In addition, developing technology has also enabled the small and medium organisations to extend the reach of their loyalty and reward programs to the customers. New start-ups are adopting techniques of gamification to attract participation in the loyalty and reward programs. However, the report reveals that nearly one in four prefer using apps as compared to carrying a loyalty cards. The report further highlights that nearly one-third of the population in Canada hold too many unused loyalty cards.

Piled up and unused loyalty cards among customers are posing significant challenges to the organisations extending rewarding programs. In an attempt to cater to these challenges, various organisations are adding enhanced features to their loyalty and rewards program. Several organisations enable the participants to exchange points for shares of the company sponsoring these programs.

This report also offers insights on various opportunities that could impact growth prospects of the global market. As per the key findings of the report, Air Canada will be launching their own loyalty program and will be replacing Aeroplan in the coming years. After signing an agreement with Aimia, aeroplane’s parent company, Air Canada revealed that the new program will offer the participants redemption and additional earning opportunities. The Air Canada customers will be offered a better digital experience and more personalized services. Moreover, several airlines are offering multi-currency convenience features to the frequent flyer card holders, which will enable the customers to make purchases anywhere globally. Furthermore, the frequent flyer card holders will benefit with air miles rewards and loyalty points.

The final section of the report offers insights on key factors that could inhibit growth of the global market. In the current scenario, the report reveals that various loyalty programs have been subject to data breaches. Bound to continuous data breaches, the customers are compelled to reset their passwords several times, which adds to the frustration of the customers. Customers have previously levelled up complaints against Air Miles and Aeroplanes attributed to lack of quality and variety in services related to booking flights and securing merchandise. Despite these setbacks, the customers in Canada continue to participate in these programs. The loyalty and reward programs in Canada have not lost traction, and will continue to witness surge in participation.

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