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United Kingdom Loyalty Programs Market Report 2024: 50+ KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics and Consumer Demographics

Published

3 months ago

February 14, 2024

The “United Kingdom 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 2024 Update” report has been added to ResearchAndMarkets.com’s offering.
The UK loyalty market is forecast to grow by 10.2% on an annual basis to reach US$9.02 billion in 2024. In value terms, the UK loyalty market has recorded a CAGR of 11.7% during 2019-2023. The loyalty market in the UK will continue to grow over the forecast period and is expected to record a CAGR of 8.9% during 2024-2028. The UK loyalty market will increase from US$8.18 billion in 2023 to reach US$12.67 billion by 2028.The adoption of loyalty and reward programs has increased in the United Kingdom over the last few years. Amid the rising inflation and interest rate environment, many shoppers have turned to loyalty programs as they look for deals and discounts. This trend is projected to continue further in 2024, subsequently driving the adoption of loyalty programs over the medium term.With the rising demand, new firms and retailers are also planning to launch loyalty and reward programs in the United Kingdom. This, in turn, is expected to aid the competitive landscape and innovation in the loyalty programs market. Overall, the publisher maintains a robust growth outlook for the loyalty and reward programs industry in the United Kingdom over the next three to four years.Brits are reliant on loyalty and reward programs to lessen the impact of economic pressure on their spending powerDespite inflationary pressure, spending has remained reliant across the United Kingdom, as majority of the consumers are leveraging loyalty programs to save money and boost their spending power during the year-end holiday season.
According to a YouGov survey, commissioned by Commerce tools, 66% of the consumers were planning to utilize loyalty programs to save on their purchases in the United Kingdom. The trend is much higher among millennial consumers, whereas consumers aged 55 and above were least likely to use their reward accounts for purchases.
In response to the growing demand for loyalty programs, especially among young generation shoppers, many businesses are expected to increase their investment in loyalty programs to offer personalized offers. This will aid innovation and industry growth over the medium term in the United Kingdom.New loyalty program launches to support industry growth over the medium term in the United KingdomAmid higher adoption and the fact that more and more consumers are seeking to leverage loyalty programs to lessen the impact of worsening economic conditions, the number of new program launches has been rising. In the United Kingdom, the trend of new loyalty program launches is projected to continue in 2024. Regulators have launched an investigation to review loyalty scheme prices offered by supermarketLoyalty program offerings have proved highly successful for supermarkets in the United Kingdom. By offering products at a much cheaper rate to their members, supermarkets like Tesco have reported strong growth in sales volume.The Competition and Market Authority said that the growing usage of loyalty schemes meant that discounts were available only to members. The review will consider whether it is fair to offer cheaper product prices only to loyalty card holders or not.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.Reoprt ScopeThis report provides in-depth, data-centric analysis of loyalty programs in United Kingdom. Below is a summary of key market segments:United Kingdom Retail Sector Spend Value Trend Analysis

Ecommerce Spend
POS Spend

United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Key Performance Indicators
Value Accumulated and Value Redemption Rate of Loyalty programs in United Kingdom
United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains

Loyalty Schemes
Loyalty Platforms

United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Program Type

Points programs
Tier-based programs
Mission-driven programs
Spend-based programs
Gaming programs
Free perks programs
Subscription programs
Community programs
Refer a friend program
Paid programs
Cashback programs

United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Channel

In-Store
Online
Mobile

United Kingdom Loyalty Schemes Spend Market Size and Future Growth Dynamics by Business Model

Seller Driven
Payment Instrument Driven
Others

United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Key Sectors

Retail
Financial Services
Healthcare & Wellness
Restaurants & Food Delivery
Travel & Hospitality (Cabs, Hotels, Airlines)
Telecoms
Media & Entertainment
Others

United Kingdom Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by Online

Retail
Financial Services
Healthcare & Wellness
Restaurants & Food Delivery
Travel & Hospitality (Cabs, Hotels, Airlines)
Telecoms
Media & Entertainment
Others

United Kingdom Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by In-Store

Retail
Financial Services
Healthcare & Wellness
Restaurants & Food Delivery
Travel & Hospitality (Cabs, Hotels, Airlines)
Telecoms
Media & Entertainment
Others

United Kingdom Loyalty Spend Market Size and Future Growth Dynamics in Key Sectors by Mobile App

Retail
Financial Services
Healthcare & Wellness
Restaurants & Food Delivery
Travel & Hospitality (Cabs, Hotels, Airlines)
Telecoms
Media & Entertainment
Others

United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Retail

Diversified Retailers
Department Stores
Specialty Stores
Clothing, Footwear & Accessories
Toy & Hobby Shops
Supermarket and Convenience Store
Home Merchandise
Other

United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Accessibility

Card Based Access
Digital Access

United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type

B2C Consumers
B2B Consumers

United Kingdom Loyalty Schemes Spend Market Size and Future Growth Dynamics by Membership Type

Free
Free + Premium
Premium

United Kingdom Loyalty Platform Spend Market Size and Future Growth Dynamics by Software Use Case

Analytics and AI Driven
Management Platform

United Kingdom Loyalty Platform Spend Market Size and Future Growth Dynamics by Vendor/Solution Partner

In House
Third Party Vendor

United Kingdom Loyalty Platform Spend Market Size and Future Growth Dynamics by Deployment

Cloud
On-Premise

United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms

Software
Services

United Kingdom Loyalty Spend Market Size and Future Growth Dynamics by Software Use Case Platforms

Custom Built Platform
Off the Shelf Platform

United Kingdom Loyalty Spend Market Size and Forecast by Consumer Demographics & Behaviour

By Age Group
By Income Level
By Gender

For more information about this report visit https://www.researchandmarkets.com/r/9gfkql
The post United Kingdom Loyalty Programs Market Report 2024: 50+ KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics and Consumer Demographics appeared first on HIPTHER Alerts.

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Unveiling the Complex Psychological Implications of Artificial Intelligence

Published

2 days ago

May 2, 2024

Peter Tolan

In today’s world, the realm of artificial intelligence (AI) presents us with fascinating possibilities and unsettling dilemmas. From engaging in nuanced conversations with humanoid robots to grappling with the consequences of deepfake technology, the advancements in AI have far-reaching implications that extend into the realm of human psychology, as noted by Joel Pearson, a cognitive neuroscientist at the University of New South Wales.
While AI holds the promise of simplifying our lives, Pearson emphasizes that these developments can also have profound effects on our mental well-being, challenging our perceptions and emotional responses in ways we may not fully comprehend. Despite our fears of killer robots and rogue self-driving cars, Pearson suggests that the psychological impacts of AI are equally if not more significant, albeit less tangible.
One area of concern highlighted by Pearson is the tendency for humans to anthropomorphize AI entities, attributing human-like qualities to non-human agents such as chatbots. This phenomenon can lead to emotional attachments and vulnerabilities, as evidenced by individuals who develop romantic feelings for AI companions like Replika. Pearson underscores the need for further research into the implications of these human-AI relationships, particularly regarding their impact on interpersonal dynamics and emotional health.
Furthermore, Pearson raises alarm about the proliferation of deepfake technology, which has the potential to distort our perception of reality and erode trust in media. Deepfake images and videos, often used for nefarious purposes like non-consensual pornography, can leave lasting impressions on our psyche, even after their falsity is exposed. Pearson warns of the long-term effects of exposure to such content, particularly on vulnerable populations like teenagers whose developing brains may be more susceptible to manipulation.
In response to these challenges, Pearson calls for a nuanced understanding of AI’s psychological impact and advocates for a proactive approach to addressing its potential harms. He stresses the importance of prioritizing human connection and well-being in the face of technological uncertainty, urging individuals to reflect on their values and embrace activities that foster genuine human interaction.
Ultimately, Pearson’s message serves as a reminder that while AI offers immense potential, we must remain vigilant about its unintended consequences and prioritize our mental and emotional resilience in navigating an increasingly AI-driven world. By acknowledging the psychological implications of AI and engaging in thoughtful dialogue, we can work towards harnessing its benefits while mitigating its risks.
Source: abc.net.au

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US official calls on China and Russia to affirm human, not AI, control over nuclear weapons

Published

2 days ago

May 2, 2024

Peter Tolan

Senior U.S. Official Urges China and Russia to Affirm Human Control Over Nuclear Weapons
In a recent online briefing, Paul Dean, an arms control official from the State Department, called on China and Russia to align their declarations with those of the United States and other nations. He stressed the importance of ensuring that only humans, not artificial intelligence, are responsible for decisions regarding the deployment of nuclear weapons.
Dean highlighted Washington’s firm commitment to maintaining human control over nuclear weapons, a commitment echoed by France and Britain. He expressed the hope that China and Russia would issue similar statements, emphasizing the significance of this norm of responsible behavior, especially within the context of the five permanent members of the United Nations Security Council.
These remarks coincide with efforts by the administration of U.S. President Joe Biden to engage in separate discussions with China on nuclear weapons policy and the development of artificial intelligence.
While the Chinese defense ministry has yet to respond to these comments, discussions on artificial intelligence emerged during recent talks between U.S. Secretary of State Antony Blinken and China’s Foreign Minister Wang Yi in Beijing. Both parties agreed to hold their first bilateral talks on artificial intelligence in the coming weeks, aiming to address concerns about the technology’s risks and safety.
Although U.S. and Chinese officials resumed nuclear weapons discussions in January as part of efforts to normalize military communications, formal arms control negotiations are not expected in the near future. Meanwhile, China, amid its expansion of nuclear capabilities, previously suggested that the largest nuclear powers should prioritize negotiating a no-first-use treaty between each other.
Source: reuters.com

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Enterprise AI Faces Looming Energy Crisis

Published

2 days ago

May 2, 2024

Peter Tolan

The widespread adoption of artificial intelligence (AI) has been remarkable, but it has come at a significant cost.
R K Anand, co-founder and chief product officer at Recogni, highlighted the exponential growth in data and compute power required to train modern AI systems. He emphasized that firms must invest substantial resources, both in terms of time and money, to train some of today’s largest foundational models.
Moreover, the expenditure doesn’t end once the models are trained. Meta, for instance, anticipates spending between $35 billion and $40 billion on AI and metaverse development this fiscal year. This substantial investment underscores the ongoing financial commitment necessary for AI development.
Given these challenges, Anand stressed the importance of developing next-generation AI inference solutions that prioritize performance and power efficiency while minimizing total ownership costs. He emphasized that inference is where the scale and demand of AI will be realized, making efficient technology essential from both a power cost and total cost of operations perspective.
AI inference, which follows AI training, is crucial for real-world applications of AI. Anand explained that while training builds the model, inference involves the AI system producing predictions or conclusions based on existing knowledge.
However, inference also represents a significant ongoing cost in terms of power and computing. To mitigate these expenses, Anand suggested methods such as weight pruning and precision reduction through quantization to design more efficient models.
Since a large portion of an AI model’s lifespan is spent in inference mode, optimizing inference efficiency becomes crucial for lowering the overall cost of AI operations.
Anand highlighted the importance of efficient inference for enterprises, noting that it enables higher productivity and returns on investment. However, he cautioned that without favorable unit economics, the AI industry could face challenges, especially considering the increasing volume of data.
Ultimately, Anand emphasized the need for AI solutions that increase productivity without significantly increasing operating costs. He predicted a shift towards allocating a larger portion of computing resources to inference as AI becomes more integrated into day-to-day work.
Source: pymnts.com

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