Loyalty Programs & Revenue Growth

1. Overview of the Top 20 Companies & Their Loyalty Programs

The research in this report aims to explore if there is a correlation between the highest revenue-growth consumer-facing companies and their loyalty programs. This report aims to identify the impact of loyalty programs on revenue growth. Using AI research capabilities, we decided to analyse twenty of the fastest global consumer-facing companies over a ten-year (2013–2022) period. We also provided annexed information post the AI date range limits by providing our insights, especially if it had a material impact on the insights. An example of our 2025 insights revolves around the company Tesla. The shift by Tesla towards introducing a loyalty mechanism after the impact on revenues from increased competition and lower demand when the company's CEO, Elon Musk, became politically active. We will provide more on this topic later in the report.

Many of the world's fastest-growing consumer-facing companies achieved explosive revenue growth. The table below lists the top twenty global consumer companies by approximate revenue growth (2013–2022), along with the presence and type of any customer loyalty program:

Company	10-Year Revenue Growth	Loyalty Program?	Program Type & Features
Amazon	+590% (2013–2022)	Yes – Amazon Prime	Paid membership (free shipping, streaming, etc.). Prime reached 200+ million members globally by 2021, with free 1-day shipping and media perks driving higher purchase frequency and retention.
Alibaba	+2590% (FY2013–FY2022)	Yes – 88VIP	Paid premium membership across Alibaba's ecosystem. 88VIP launched 2018 offers 5% discounts on Tmall/Taobao, free shipping, and VIP access to Alibaba's video/music services. High-spending members (¥100k+ annually) spend twice as much as non-members.
JD.com	+1280% (2013–2022)	Yes – JD Plus	Paid loyalty membership (since 2015) with exclusive 5% discounts, VIP customer service, free returns, and unlimited free shipping. JD Plus members are "triple-high" users – spending 10× more than others, with 150% higher annual spend post-subscription.
Pinduoduo	~(huge) (from 2015)	Indirect (Gamified)	No traditional program, but heavy gamification fosters loyalty. Users earn rewards via daily check-ins, group-buy deals, and mini-games for discounts. This social commerce model and game-like rewards have driven a loyal, engaged user base despite no points or tiers.
Tesla	+3970% (2013–2022)	No (Referral Incentives)	No formal loyalty program. Tesla's growth came from product innovation and brand evangelism. A referral program rewarded advocates with perks like 1,000 miles of free Supercharging for both referrer and buyer, effectively leveraging customer loyalty without points or tiers. This evolved in 2024 to become a new referral program that provides referrers $500 credits, while the user of the code receives $1,000 off a new Tesla. The maximum amount redeemable is $5,000
Meta (Facebook)	+1380% (2013–2022)	No	Facebook/Meta has no consumer loyalty or points program. User retention is driven by network effects and constant engagement (social connections and content), rather than an explicit rewards scheme.
Alphabet (Google)	+399% (2013–2022)	No	Google offers no points or membership program for users. Its ecosystem (Gmail, Android, YouTube, etc.) encourages "lock-in" via utility, but not through a formal loyalty rewards structure.
Uber	+15,800% (2013–2022)	Yes – Uber Rewards/One	Launched Uber Rewards (2018) with tiered points (Blue, Gold, Platinum, Diamond) for ride and UberEats spend. Perks included fee waivers, upgrades, and premium support to keep users on Uber's platform. In 2022, Uber phased this out in favour of Uber One, a paid monthly subscription for discounts on rides and deliveries.
Airbnb	+3260% (est. 2013–2022)	No	Airbnb notably has no loyalty or rewards program for guests. Despite speculation about a "Superguest" program, the CEO indicated a points-based scheme isn't planned. Airbnb's massive growth has been achieved via unique inventory and brand community without traditional loyalty incentives.
Netflix	+623% (2013–2022)	No	No loyalty program. Netflix relies on compelling content and a subscription model to retain customers. There are no points or tiers for long-term subscribers – customer loyalty is driven purely by entertainment value and habit.
MercadoLibre	+2192% (2013–2022)	Yes – Mercado Puntos (Meli+)	Multi-tier loyalty system was introduced in 2017. Users earn Mercado Puntos for purchases and fintech use, unlocking Levels 1–6 with perks like free shipping and streaming service bundles. Recently rebranded as Meli+, it also offers a paid subscription option (~$3/month) to obtain top-tier benefits (akin to Amazon Prime).
Meituan	+4880% (2015–2022)	Yes – Meituan Membership	Comprehensive rewards & membership program spanning its services. Users earn points for food orders, hotel bookings, etc., redeemable for discounts. Meituan's unified cross-category VIP membership ("Shen Hui Yuan") was rolled out to deepen user engagement across food delivery, travel, and entertainment offerings.
Xiaomi	+843% (2013–2022)	Yes – Mi VIP Club	Free tiered rewards club (Silver, Gold, Platinum, Diamond) with points on purchases. Members get early product access, birthday gifts, event invites, and extra reward points for engaging in Xiaomi's online store ecosystem. This encourages fans to remain within the Mi ecosystem for upgrades and accessories.
Starbucks	+116% (2013–2022)	Yes – Starbucks Rewards	Points-based loyalty (Stars) with tiered benefits (e.g. free items). A cornerstone of Starbucks' strategy, Rewards members drove 53% of U.S. revenue in 2022. The app-based program (28.7 million U.S. members in 2022) incentivises frequent visits and higher spend per customer through free drinks and exclusive offers.
Costco	+116% (2013–2022)	Yes – Membership Model	The entire business is built on paid membership (Gold Star, Executive tiers). Costco had ~72 million paid members globally in 2023 with a ~90% renewal rate. Members pay an annual fee to shop, yielding intense loyalty and recurring income. While growth is steady (not explosive), the loyalty model ensures very high customer lifetime value and retention.
Lululemon	+357% (2013–2022)	Yes – Essential & Studio	In 2022–2023, Lululemon expanded its loyalty offerings. Essential membership is a free program with perks like early product access and receipt-free returns. Studio membership is a $39/month paid tier (bundled with its Mirror home gym), granting unlimited workout classes and 10% discounts on Lululemon products. This two-tier program aims to increase brand engagement both in-store and at-home.
Tencent	+728% (2013–2022)	Yes – QQ VIP, etc.	Tencent monetises user loyalty via numerous VIP subscriptions. For example, QQ instant messenger has offered paid VIP levels for enhanced features for years. In 2019, Tencent launched QQ "Big VIP" (￥35/month) with eight levels of perks and "growth value" points for activity. Similarly, Tencent's video streaming, music, and literature services each have VIP membership plans. These paid loyalty offerings encourage continued use of Tencent's vast ecosystem.
Zalando	+627% (2012–2022)	Yes – Zalando Plus	Europe's fashion e-commerce leader launched Zalando Plus as a paid subscription for premium benefits. Members enjoyed unlimited free 1–2 day express delivery, extended returns, and early sales access. Zalando reported 2.5+ million Plus members by 2023, who visit twice as often and spend 3× more than non-members. (Note: In 2025, Zalando began evolving Plus into a free tiered points program to widen its reach.)
Spotify	+1556% (2013–2022)	No	The music streaming giant does not have a loyalty or rewards program. Its model is subscription-based (Free vs. Premium tier for $9.99/month) – essentially a service tier rather than a rewards system. User "loyalty" is maintained via personalised features (playlists, yearly Wrapped reports) and network effects (social sharing), rather than points.
DoorDash	(∞) from ~0 to $6.6B	Yes – DashPass	The food delivery platform's DashPass membership (launched 2018) is a paid loyalty program. For ~$9.99/month, members get $0 delivery fees and lower service fees on orders. It has grown rapidly to 15+ million subscribers by end-2022, improving order frequency and retention. Like Amazon Prime for delivery, DashPass has become a key driver of repeat usage (DoorDash noted ~50% DashPass growth in 2022 alone).

Key: Paid membership = customer pays a fee for benefits; Points-based = earn points per purchase to redeem rewards; Tiered = structured elite levels; No program = no formal loyalty or rewards system.

2. Correlation Analysis: Loyalty Programs Vs Revenue Growth

To assess whether having a loyalty program correlates with higher revenue growth, we compare these 20 companies statistically and visually. Out of the 20 companies, 14 have established customer loyalty programs of some form, while six do not.

Statistical finding: The average 10-year revenue growth for companies with loyalty programs is about 36x (+3600%), versus 19x (+1865%) for those without (median values show a similar gap). On the surface, companies with loyalty initiatives appear to have grown faster. However, this result is skewed by a few extreme outliers on both sides. A simple correlation coefficient between the presence of a loyalty program (yes/no) and revenue growth is only +0.16 (on a scale from -1 to 1), indicating a very weak positive correlation. In other words, having a loyalty program has not guaranteed faster growth – some of the fastest-growing firms had none, while many high-growth firms did implement loyalty strategies.

Visualisation: The chart below plots each company's revenue growth over the decade, with blue bars for companies with loyalty programs and orange bars for those without:

10-year revenue growth (2013–2022) of the top 20 consumer-facing companies. Blue indicates the company had a loyalty program; orange indicates no loyalty program.

As shown above, both categories (blue and orange) are represented among the top performers. For example, Pinduoduo and Uber (blue) had astronomical growth and employed membership or reward tactics, while Tesla and Airbnb (orange) achieved extraordinary growth without any formal loyalty program. Meanwhile, in the lower-growth range (right side of the chart), we see both loyalty companies (e.g. Starbucks, Costco) and non-loyalty companies (e.g. Alphabet/Google, Netflix) clustering with more modest growth. This mixed pattern reinforces that loyalty programs alone are not a determining factor for outsized revenue growth, but they can be an accelerant when aligned with a strong business model.

We can interpret the results as demonstrating that the presence of a loyalty program does not cause high growth by itself – many other factors (market fit, innovation, network effects, etc.) drove these companies' success. However, loyalty programs can enhance growth and sustainability by boosting customer lifetime value, repeat purchase rates, and brand differentiation. Below, we qualitatively examine select cases to see how loyalty initiatives contributed to performance, or how some firms grew without them.

3. Case Study Insights

Amazon Prime: Loyalty as a Growth Engine

Amazon's revenue surged nearly 7× in ten years, and its Prime loyalty program is widely credited as a major growth engine. Prime, which costs $139/year, creates a virtuous cycle: customers get fast "free" shipping, streaming media and other perks, which in turn encourages them to do more of their shopping with Amazon. By 2021 Prime had over 200 million members worldwide. These members exhibit higher purchase frequency and stickiness. Prime effectively locks in customers – once you've paid your annual fee, you're incentivised to "get your money's worth" by ordering often. This program has helped Amazon steadily gain wallet share from customers. During the pandemic, for instance, Prime's value (fast delivery, online entertainment) drove record sign-ups, fueling Amazon's 2020–2021 sales jump. Amazon Prime demonstrates how a well-designed paid loyalty program can bolster growth by increasing customer retention and spending.

Starbucks Rewards: Driving Frequency and Spend

Starbucks doubled its revenues in the decade, aided in no small part by its Starbucks Rewards program. This app-based, points-for-purchases system has become integral to Starbucks' customer experience. By 2022, Starbucks Rewards had 28.7 million active U.S. members, who drove 53% of U.S. store revenue. The program rewards users with "Stars" for each dollar spent, redeemable for free drinks/food, and offers tiers (Green, Gold) that confer benefits like free add-ons. The impact is twofold: increased visit frequency (members visit ~3 times more often than non-members, per company data) and higher ticket size (members tend to preload funds and buy more to earn rewards). Starbucks' loyalty strategy also leverages personalised offers via the app to nudge behaviours (e.g. Double Star Days, Birthday rewards). This deep engagement insulates Starbucks from competition, even when facing inflation. Starbucks noted that its "deep customer engagement and loyalty" helped maintain sales. Qualitative correlation: Starbucks Rewards has clearly boosted customer lifetime value, contributing to steady revenue growth and a valuation premium relative to peers.

Alibaba & JD: Loyalty in Chinese E-Commerce

China's two e-commerce giants, Alibaba and Jd.com, each grew revenue well over 10× in the decade. Both companies introduced loyalty membership programs mid-way through this growth period to further cement their dominance:

• Alibaba's 88VIP: Launched in 2018, this paid program targeted Alibaba's top spenders. Users with high past-year loyalty points can join for just ¥88 (others for ¥888). 88VIP packs tremendous cross-platform value – 5% discounts on Tmall supermarket and select brands year-round (even during big sales), exclusive customer service, plus bundled VIP subscriptions to Alibaba's video, music, and travel services. Essentially, it is both a discount card and an ecosystem pass. Alibaba reported that 88VIP members exhibit significantly higher engagement: on average, spending twice as much as non-members and adopting new Alibaba services (e.g. Youku video, Ele.me delivery) at a much higher rate. By turning its best customers into "super members," Alibaba increases their loyalty and share of spend. This likely helped Alibaba sustain strong growth in the late 2010s by boosting average revenue per user in a maturing market.
• JD Plus: JD.com pioneered paid e-commerce memberships in China in 2015 with JD Plus. For ¥149/year, members receive 5% off select products, unlimited free shipping, priority support, and exclusive partner benefits (e.g. video streaming memberships bundled). JD has disclosed impressive stats: after subscribing, JD Plus members increased their annual spending by +150% and shop over 120% more frequently. Additionally, JD Plus members' average spend is 10× that of non-members. These figures indicate that JD Plus successfully locked in high-value customers, encouraging them to consolidate purchases on JD's platform. During China's big shopping festivals (like Singles' Day), JD Plus members also contribute disproportionately to sales. In summary, JD's loyalty program helped drive higher spend per customer, amplifying JD's already rapid growth.

Both Alibaba and JD used loyalty programs not necessarily to create their initial hyper-growth (which was driven by overall e-commerce adoption), but to sustain growth and defend market share by increasing user retention and cross-selling. Their loyalty programs have become strategic tools in the fierce competition for Chinese consumers.

4. High Growth Without Formal Loyalty: Tesla & Airbnb

Some of the fastest-growing companies achieved their success without any traditional loyalty schemes, underscoring that other factors can substitute for or negate the need for a program:

• Tesla, with an astounding ~40x revenue growth, built its brand around innovation and a mission that inspired zealotry among customers. Tesla's customers exhibit strong emotional loyalty – many are repeat buyers or brand advocates – yet Tesla did this without points or tiers. Aside from a referral program (granting small rewards like free Supercharging miles for bringing in new buyers), Tesla did not need to incentivise customers when it first launched; the unique product and Elon Musk's former cult of personality created organic loyalty. Its growth came from creating breakthrough products (electric vehicles) that consumers passionately wanted, leading to waitlists and word-of-mouth that money can't buy. This highlights that product-market fit and brand passion can yield loyalty inherently because demand is strong, even without structured rewards, if there is strong demand.

The story of Tesla is very different in 2025. The decline in EV sales due to competition and the backlash of Elon Musk's involvement with the Department of Government Efficiency (D.O.G.E.) has led to a 13% decline in revenues in the first quarter of 2025. As a result of dwindling demand for Tesla cars, the company introduced in 2024 a new referral program that provides referrers $500 credits, while the user of the code receives $1,000 off a new Tesla. Although this is not a formal loyalty program, this "refer and earn" program is an example of the importance of implementing a loyalty mechanism when the market matures and demand is declining.

Airbnb similarly skyrocketed in revenue by disrupting travel lodging. It has no guest loyalty program – a rarity in the travel industry, where hotels and airlines heavily use rewards. Airbnb's model relies on a vast, unique inventory of homes and the network effect of hosts and guests. The variety and community on the platform keep users coming back, rather than points. In interviews, Airbnb's CEO has argued that a loyalty program doesn't make sense for their business. The data seems to back this: despite offering no points or elite status, Airbnb became one of the world's top travel brands, growing bookings aggressively through the 2010s. Its growth was fuelled by expanding globally and benefiting from a consumer shift toward home rentals, not by repeat-stay incentives. Guests remain loyal because of Airbnb's distinct value proposition (living like a local, more space for the price, etc.), showing that a compelling value and experience can substitute for artificial loyalty incentives.

5. Do Loyalty Programs Directly Correlate to Growth?

In qualitative terms, the relationship between loyalty programs and revenue growth appears context-dependent:

• For mature businesses in competitive markets (e.g. Starbucks, Costco, Zalando), loyalty programs clearly enhanced growth and resilience. They provided a means to retain customers and increase share of wallet, which translated into stronger sales growth than might have occurred otherwise. For instance, Starbucks outpaced many peers in growth, and management attributes this to its Rewards program driving traffic. Similarly, loyalty offerings at Alibaba, JD, and MercadoLibre likely helped them sustain high growth in later years by deepening engagement of their large user bases.
• For disruptive, innovative companies in hyper-growth mode (Tesla, Airbnb, Meta), loyalty programs were not necessary to achieve their growth. In some cases, growth was so rapid (due to novelty or network effects) that adding a loyalty program might not have significantly accelerated it, and the focus was on scaling the core product. Without a formal program, these companies generated loyalty through other means (product love, community, switching costs). Their success shows that a breakthrough product can yield high growth even in the absence of any rewards scheme – loyalty programs are just one tool of many to drive customer retention.
• There are also companies like Amazon and Uber that were disruptive innovators and implemented loyalty programs. In these cases, the loyalty program was introduced not at the very start, but once the platform had gained traction, to spur further growth and defend against competition. Amazon Prime came a decade after Amazon's founding, helping accelerate growth in the mid-2000s and especially bolstering the later surge in the 2010s. Uber launched Uber Rewards in 2018 when ride-share competition with Lyft was fierce – a defensive move to prevent customer churn by rewarding them for staying within Uber's ecosystem. This suggests loyalty programs often become valuable in the scale-up and retention phase of growth, rather than in the initial hyper-growth phase driven by innovation.

To summarise, loyalty programs have a nuanced impact on revenue growth. The data does not show a simple direct correlation – some companies grew explosively without loyalty schemes, and not all loyalty-focused firms were the fastest growers. However, a well-executed loyalty program can significantly contribute to a company's success by boosting repeat sales, increasing customer lifetime value, and fortifying the customer base against competitors. Many of the top 20 companies leveraged loyalty strategies as a growth multiplier: Amazon Prime turned customer convenience into sustained spending, Starbucks Rewards turned habit into increased wallet share, and Alibaba/JD's memberships turned top customers into super-users. In tandem with strong core offerings, these programs created ecosystems that drive reliable revenue streams.

The opportunity for new and legacy loyalty programs is to transform them using AI, machine learning and predictive analytics to ensure highly personalised and relevant content. The use of AI in loyalty program management can vastly increase the impact on customer behaviour and help boost sales and overall loyalty.

From a qualitative standpoint, companies with loyalty programs tend to show better customer retention and higher spend per customer, which likely helped fuel their revenue climbs. Meanwhile, companies without loyalty programs relied on other strengths to grow, but they might be foregoing some incremental growth or stability that a loyalty program could provide. Ultimately, the presence of a loyalty program is not a guarantee of high growth, but when aligned with a company's strategy, it can be a powerful lever to accelerate and sustain growth. The most successful companies tailor their approach: some double down on loyalty programs to deepen their bond with customers, while others achieve loyalty through their product and network, delaying or avoiding formal programs. The varied paths of these top 20 firms underscore that loyalty programs are one of several factors impacting growth, effective when used right, but not a substitute for a great product-market fit.