March 28, 2020
Gift Cards

Gift Cards Market 2026 | Top Leading players are National Gift Card, InComm Holdings, QwikCilver Solutions, Edge Loyalty Systems and many more

The global market for gift cards is projected to reach USD 750 billion by 2026. Gift Cards have emerged as an effective way to wish someone a great time on festive occasions or to thank someone for their work. It makes it easier for the recipient to make purchases of their choice. Gift Cards are prepaid payment cards that contain a specific amount of money and play the same role as paper gift cards. Earlier, the use of gift cards was mostly confined to North America and Europe. However, with increasing consumer awareness, its use has expanded beyond its traditional markets and is now popular in regions such as Asia Pacific and Latin America. Countries like China and India have experienced a boom in the gift card market in recent years due to increasing consumer awareness and purchase options. Starbucks was one of the major brands that revolutionized the concept of gift cards in the U.S. and has grown in popularity over the years.

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One of the most important factors contributing to the growth of the market is the increasing demand for gift cards in the corporate sector. In recognition of the employee’s contribution to the firm, corporate houses are presenting gift cards. This trend has become widespread in recent times and has therefore had a positive effect on market growth. Another important factor contributing to the growth of the market is the advent of e-commerce. E-commerce websites, such as Amazon, Alibaba, eBay and Flipkart, among others, offer gift cards to customers. With the increasing penetration of the internet and smartphones, people are in a better position to access e-commerce portals than ever before, a factor that complements the growth of the market for gift cards. Moreover, the fact that giving cash as a gift is considered socially inappropriate further complements the growth of the gift card market. Moreover, as gift cards enable the recipient to purchase any product of his / her choice, the acceptance of the card will therefore increase by the day.

The key strategy of market players includes the use of gift cards as promotional tools for their companies. In addition, they are actively involved in partnerships with the other companies to offer gift cards to their products. This strategy has helped companies to increase their volume sales.

The demand for gift cards in the corporate sector has seen a significant increase worldwide. Companies are inclined to motivate their employees in the form of gift cards as recognition of their contributions and achievements. Gift cards are convenient and safe, and have proven to be a novel means of rewarding employees for their performance. Most of the important players in the gift card market are primarily engaged in offering gift cards through their own online sales channel, physical stores and third party e-commerce. Selling gift cards through physical stores as well as online channels helps companies target customers all over the world. The omni channel concept is therefore expected to help companies see significant value-added growth during the forecast period.

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Market Watch:—01-jul-2019-2019-07-01

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