The State of Retail Loyalty in India — 2026
80 pages of operator-grade research from 1.33Cr+ loyalty members, 912+ stores, and ₹2,329Cr+ in tracked GMV across fashion, F&B, beauty, hospitality, malls and pharmacy.
80 pages
14 industries
120+ KPIs
What's inside the report
8 chapters. Operator-grade analysis. Real Indian retail data — no fluff.
01
The State of Indian Retail Loyalty
Market size, programme penetration, and the gap between earn-burn and AI-native platforms.
02
How AI is Reshaping Customer Retention
From 30-day churn prediction to autonomous campaign agents — the operator-level shift.
03
Mall Coalition Loyalty Benchmarks
ADSR ratios, tenant performance, footfall conversion across 50+ Indian malls.
04
WhatsApp + RCS — The New Loyalty Channel
97% open rates, conversational rewards, two-way commerce. Real campaign data.
05
Points Economics & Liability Management
Earn-burn ratios, breakage, expiry, and the financial framework that actually works.
06
Industry Deep-Dives
Fashion, F&B, beauty, hospitality, pharmacy — what works where, with numbers.
07
Vendor Selection — A 2026 Buyers Guide
Fundle vs Antavo vs Capillary vs MoEngage. Honest, opinionated comparison.
08
The Next 24 Months
GenAI agents, agentic commerce, retail media networks, and what to build now.
“The most rigorous picture of how Indian retail loyalty actually works — not how vendors say it should.”
— Fundle Strategy Team, 2026