The Forrester Wave™: Loyalty Platforms, Q4 2025

Loyalty Platforms Vendor Product Comparisons 2025

Key features and pros and cons of top Loyalty Platforms products:

Capillary Technologies - Leaders

Pros:

Clear vision for adaptive, AI-powered loyalty ecosystems
Standout roadmap emphasizing investments in generative and agentic AI to enable marketers to configure and optimize promotions conversationally
Excels across most capabilities including program flexibility, UX, and AI-driven insights
Platform supports complex programs, including coalition, subscription, and gamified formats
Extensive genAI capabilities, including aiRA (AI assistant) and Nudge Framework
Partnership depth and supporting services on par with competitors

Cons:

With recent company acquisitions (Persuade, Brierley, Kognitiv), must stay focused on integration strategy to ensure seamless and stable onboarding
Client access to privacy controls and advanced content management and personalization for email are on par with competitors but not differentiated
Some customers aren't ready to take on full genAI features today

Epsilon - Leaders

Pros:

Solid vision of cross-channel personalization at scale, supported by proprietary data assets
Links to Publicis Groupe's sister agencies unlock an extensive partner ecosystem
Superior capabilities in data management and identity resolution
Global scale capabilities
Focus on an integrated end-to-end solution lifts performance in fraud management and member experience optimization
Competitive predictive AI insights

Cons:

Roadmap and innovations take a pragmatic approach with targeted enhancements to UX/UI
Deeper AI integration with offers and promotions is on the roadmap but not yet fully realized
Customers note a desire for deeper AI-driven personalization
Customers cite need for smoother integrations between Epsilon's loyalty and messaging solutions
Most loyalty customers are in North America despite global reach

Kobie - Leaders

Pros:

Strategy anchored in belief that customers want 'human-level' personalization
Roadmap reflects desire to reimagine loyalty in an AI world with innovations like Bonnie (AI assistant) and Kobie Loyalty Interaction Cues
Differentiates with data unification and identity management through Panoramic Customer Profile
Unique agentic AI monitoring that reports accuracy across metrics to ensure AI models perform as expected
Proprietary Loyalty Health Monitor helps clients optimize member engagement and financial outcomes
References rate capabilities very highly and call out proactive guidance to optimize loyalty outcomes
Customer Favorite in this evaluation

Cons:

Global footprint lags competitors with most clients based in North America
Some customers note onboarding complexity leaves room for improvement
More than 35 years of experience but platform needs to maintain innovation pace

Bond Brand Loyalty - Strong Performers

Pros:

Strong partner and supporting services strategy offering robust resources including strategy design, creative, analytics, and experience design
Flexible and transparent pricing with multiple pricing models tied to modularity
Platform excels in data management with extensive access to third-party and proprietary data assets
Differentiators include emotional loyalty analytics, AI-powered insights, and robust API-first architecture
Customers value data-driven strategy, promotional flexibility, and responsiveness
Integrated data and marketing services offer strong value

Cons:

Global reach is limited compared to competitors, primarily serving North American clients with recent EU expansion
Adoption in terms of net-new enterprise clients and installs in the past year lags competitors
Global and local support lags competitors with focus on customized local solutions
Fewer examples of configurable global features native to the platform
Customers would like enhanced inline UI guidance and streamlined change management for new features

Comarch - Strong Performers

Pros:

Views loyalty technology as catalyst for CX and martech with roadmap focused on automation, AI, and modularity
Exceptionally busy live-event schedule and large online community for users
Multi-industry experience reflected in robust configuration and customization capabilities
Satisfies needs of both tech-savvy users and business marketers
Range of features on par with competitors including program definition, privacy controls, data management, member preference and profile management
Invested in UX overhaul with more modern interface available to all new clients
Customers like platform stability, configurability, and strong onboarding
Team understands business well and takes partnership approach

Cons:

Pay-per-use pricing model is not as flexible as composable model offered
More modern interface still rolling out to existing clients
Competitors offer more sophisticated emotional and engagement measurement
Strong install base in EMEA and APAC but varying presence in other regions
Recent sale to private equity firm CVC brings new leadership that needs to execute on M&A and AI strategy

Loyalty Juggernaut - Strong Performers

Pros:

Clear roadmap and innovation strategy for bringing vision to life
One of the most diverse partner ecosystems in this evaluation with over 8,000 pre-integrated connectors
Differentiates with robust privacy features including dedicated trust center and regional data residency controls
Promotions and offer engine are highly configurable, supporting both marketers and partners with flexible campaign design
Self-service offering on par with competitors
Customers praise reliability and strong partnership mindset
Support responsiveness and executive engagement exceeds expectations
Platform personalization and multipartner capabilities exceed customer expectations

Cons:

Continued success hinges on sustaining pace of AI-driven enhancements
Need to improve usability in measurement and reporting
Platform currently lags competitors in comprehensive KPI visualization
Customers cite dashboards and KPI reporting as improvement areas
Views loyalty as enterprise decisioning operating system but execution needs to match vision

Salesforce - Strong Performers

Pros:

Aims to transform loyalty by integrating martech and CX capabilities to enable two-way conversations across customer lifecycle
Standout innovation approach includes Agentforce providing AI intelligence layer across unified Customer 360 view
Demonstrates impressive content management capabilities as only provider offering embedded AI in email
Excels at personalized experiences and promotions with native cross-cloud interoperability
Global and local support capabilities
Extensive out-of-the-box industry-specific KPI dashboards
Extensive training resources including robust online community through Trailblazer program
Customers praise privacy controls, global readiness, and forward-looking innovation

Cons:

Relative newcomer to loyalty market (launched 2021) compared to other vendors
SKU complexity makes pricing less flexible than other providers
Platform UX and setup are on par with competitors but could be improved with more simplified user processes
Customers acknowledge opportunities to improve data management in high-volume scenarios
Need to make marketer interface easier to use
Invested in expanding add-on services but still building out service offerings

Marigold - Contenders

Pros:

Experience in QSR and retail industries and cross-channel communication capabilities enhance engagement-focused toolkit
Essentials version offers entry-level capabilities designed to scale with clients
Extensive out-of-the-box gamification mechanics like punch cards and challenges promoting engagement beyond earn-and-burn behaviors
Solid capabilities including preference management, member referral, and KPI measurement
Customers praise team dynamic, noting vendor's responsiveness and day-to-day engagement
Platform's extensive gamification features appreciated by customers
Client adoption is solid and retention rates are among the highest in the market

Cons:

Innovation trails in areas like advanced analytics, performance measurement, and fraud prevention
Content workflows and budgeting are less mature
Emotional loyalty measurement lags compared to others in evaluation
Additional opportunities to advance include recommended actionable insights with integration with promotions, rewards, and experiences
Customers cite UX/UI as an area to modernize
Roadmap includes quarterly updates but pace may not match market leaders

Merkle - Contenders

Pros:

Views loyalty as enterprise model translating to centralized data and technology solution integrating across every department and touchpoint
Roadmap supports vision with emphasis on AI-driven personalization, global multibrand support, and advancements in dentsu composable ecosystem
Supporting services is a strength with end-to-end managed services including strategy, creative, gamification, analytics, customer care, and reward management
Strong member engagement capabilities with specific focus on gamification, achievements, punch cards, and sweepstakes
On-par features include data management, privacy, experience management, and emotional loyalty and engagement measurement
Customers praise strategic thought leadership, partner-like approach, and breadth of marketing services

Cons:

Innovation speed, breadth of partner ecosystem, and recent launch activity lag others in evaluation
Several platform features including rewards, promotions, and insights/KPIs suffer from outdated UI and inconsistent UX
Lack of integrated AI support in key platform features
Customers cite areas for improvement including UX modernization and faster delivery of AI-driven personalization
Vision supports CX outcomes but lacks strong take on where loyalty platform market is headed

Oracle - Contenders

Pros:

Cloud-based loyalty and engagement platform focuses on rewarding both transactional and nontransactional activities via gamification
Delivers solid engagement tools, zero-party data collection, and access to loyalty marketing operations tools
Holds its own with capabilities including UX, privacy, fraud controls, referral management, and member engagement
Customers appreciate platform's flexibility and real-time access to 360-degree customer profiles
Ability to customize features to business model through configuration
Industry-specific CX solutions for retail and restaurants include verticalized CrowdTwist functionality

Cons:

Vision that loyalty is result of exceptional customer experiences supports CX outcomes but lacks strong take on where loyalty platform market is headed
Roadmap and innovations not aligned with company's historical pace
Has fallen behind in AI-enabled services to support loyalty marketers
Platform is not as feature rich as some competitors
Flexibility in breadth of program structures and self-service lags competitors
Oracle declined to participate in full evaluation process and did not provide customer feedback
Push toward AI-enhanced CX suite has not yet materialized in loyalty platform improvements

Phaedon - Contenders

Pros:

Program definition accommodates highly complex structures
Configurable customer and member profiles
Advanced financial modeling tools
Flexible member preference management
Broad range of reward partners
Customers value adaptability, transparency, and strong partnership culture
Roadmap reflects push to modernize Tally platform with focus on AI and genAI for personalization, fraud detection, and agentic automation

Cons:

Modest vision centered on emotional connections and brand advocacy rather than transactional rewards
Capabilities largely lag the competitive set
Roadmap does not address UI/UX deficits
Majority of innovations dedicated to keeping pace with peers rather than leading
Limited number of technology and services partners compared to peers
Areas for improvement include UI modernization and out-of-the-box gamification and content tools
Customers would like to see improvements to UI, faster delivery of new features, and more flexible promotion capabilities without customizations

FAQs

Q: Which vendors are Leaders in 2025?

A: Capillary Technologies, Epsilon, Kobie

Q: What does "Leader" mean in Forrester Wave terms?

A: Leaders in the Forrester Wave evaluation demonstrate strong current offerings and robust strategies. They excel across most evaluation criteria including program flexibility, user experience, AI-driven capabilities, data management, and strategic vision. Leaders typically show strong customer feedback, extensive feature sets out of the box, sophisticated program capabilities, and clear roadmaps for innovation. They are well-positioned to meet the evolving needs of enterprise brands seeking modern loyalty platforms that integrate seamlessly with complex martech stacks and deliver measurable business outcomes.

Q: How do I interpret a Forrester Wave?

A: https://www.forrester.com/policies/forrester-wave-methodology/

Report:

Top Vendor Products for Loyalty Platforms in 2025

Loyalty Platforms Vendor Product Comparisons 2025

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FAQs

Q: Which vendors are Leaders in 2025?

Q: What does "Leader" mean in Forrester Wave terms?

Q: How do I interpret a Forrester Wave?

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