- Universal Accepted Open Loop
- Sports Gift Card
- Restaurant Closed Loop
- Retail Closed Loop
- Miscellaneous Closed Loop
Gift Cards Market is valued at USD 414.2 billion in 2022 and is poised to grow at a significant CAGR of 1.9% from 2023-2029. They are increasing in demand for improved products and technology improvements linked with payment solutions in recent years. As a result of the COVID-19 epidemic, the gift card industry has changed. The disparity between virtual and actual gift card penetration is narrowing. As a result, the focus of innovation has switched to digital cards (also known as e-cards) and e-gifting. Many business sectors are becoming increasingly imaginative in their ways of expanding their operations due to increased economic challenges. In this instance, gift cards are likely to be utilized as a promotional tool. For companies like restaurants and cafeterias, gift cards are considered an essential source of immediate cash. The key growth factors of the market include consistent consumer engagement with shopping, owing to rapid expansion in digital commerce and an increase in the number of new technologies that provide customers with creative and smooth payment options.
Furthermore, as technology improves gift cards, businesses can enhance sales by making their product offerings more unique and appealing, moving the gift cards market ahead. Also, gift cards are an excellent way for companies to show their appreciation for their employees. This type of workplace acknowledgment promotes diversity and inclusion. Gift cards assist merchants, and marketers raise brand exposure, increasing holiday sales, improving customer interaction, producing meaningful customer behavioral data, simplifying distribution, and enhancing cash flow. Due to millennial brides' growing propensity for online purchases, E-gift cards are becoming a significant business. Wedding e-gift cards are becoming more popular as internet-savvy women get more comfortable online shopping. With consumers appreciating the many benefits of gift cards, selling gift cards is emerging as a new sales flavor in online retail. Furthermore, during the forecast period, the increased use of smartphones and digital wallets is likely to provide the gift cards market chances.
Gift Card Market Key Developments:
Fastest Growing Market
Rise in demand for improved payment options, high adoption rate of smartphones, and increase in demand for creative products drive the growth of the global digital gift cards market. However, a lack of security stifles industry expansion. The rise in demand for digital gift cards in underdeveloped countries, on the other hand, promises fresh potential in the coming years.
Middle East and Africa (MEA)
The Gift card market size was valued at USD 414.2 billion in 2022.
The Gift card market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
The Gift card market key players are First Data Corporation, QwikCilver Solutions Pvt. Ltd., National Gift Card Corporation, Blackhawk Network Holdings, Inc., Plastek Card Solutions, Inc., Duracard Documax Inc., Vantiv, Inc. (Worldpay, Inc.), TenderCrop LLC., TransGate Solutions