The latest report by IMARC Group, titled “Digital Gift Card Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global digital gift card market is expected to exhibit a CAGR of 15.8% during the forecast period (2022-2027). Digital gift cards, also known as gift certificates, e-gift cards, and vouchers, are electronic versions of regular gift cards issued by retailers. It is convenient and secure and assists in maximizing sales and revenue, boosting brand awareness and gaining customer loyalty. These cards function by using gift codes provided by retailers and can be delivered via mobile-based applications or e-mails. At present, digital gift cards are widely adopted across food and beverages (F&B), retail, hospitality, travel and tourism, and consumer electronics industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Digital Gift Card Market Trends:
The market is primarily driven by the expanding e-commerce sector and the increasing adoption of e-gift vouchers for providing unique and attractive product offerings. In addition, the rising penetration of smart devices and the growing utilization of gift cards as marketing tools is contributing to market growth. Moreover, the escalating product demand from commercial sectors, the increasing trend of e-purchasing, and rising digitalization represent other major growth-inducing factors. Besides this, the growing popularity of the gifting culture and technological advancements are accelerating product demand across the market. Additionally, with hectic work schedules and improving living standards, consumers are opting for convenient and easy gifting methods, irrespective of time-based and geographical limitations. This, coupled with the growing popularity of corporate gifting cultures during special occasions, such as incentives, festivals, and birthdays, is providing a positive thrust to the market growth. Apart from this, the emergence of customized e-gift cards with attached personal images and videos planned delivery options, and personalized gift preferences are creating a positive market outlook. Furthermore, the growing environmental concerns are leading to a gradual shift from paper-based cards toward digital alternatives, which is anticipated to propel market growth in the coming years.
- Based on the card type, the market has been bifurcated into open and closed-loop gift cards.
- On the basis of the business type, the market has been classified into business-to-business (B2B) and business-to-consumer (B2C).
- Based on the application, the market has been segregated into food and beverage, health, wellness and beauty, apparel, footwear and accessories, books and media products, consumer electronics, restaurants and bars, kids products, and others.
- On the basis of the end user, the market has been divided into retail (festival celebrations, special celebrations, self-use, and others) and corporate (corporate gift, employee prize, and incentive program).
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa (Turkey, Saudi Arabia, and others).
- The competitive landscape of the industry has also been examined in the report, with some of the key players being Amazon.com Inc., American Express Company, Apple Inc., Blackhawk Network Holdings Inc., First Data Corporation, Fiserv Inc., Givex Corporation, InComm Inc., Paytronix Systems, Inc., Qwikcilver Solutions Pvt Ltd (Pine Labs).
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