99minds Blog
  • Solutions
  • Integrations
  • About Us
Archives
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • April 2020
  • March 2020
  • January 2020
Categories
  • Artificial Intelligence
  • BigCommerce
  • Customer Engagement
  • Customer Loyalty
  • Customer Retention
  • Gift Card
  • Machine Learning
  • Product Updates
  • Uncategorized
  • Facebook
  • Twitter
Subscribe
99minds Blog
99minds Blog
  • Solutions
  • Integrations
  • About Us
Total
4
Shares
4
0
0
Total
4
Shares
Share 4
Tweet 0
Share 0
Share 0

A gift card is a prepaid store-value money card issued by the retailer or a bank and can be used instead of cash when purchasing from that particular store. Most gift cards are redeemable only in the specific retailer unless otherwise explicitly stated so. While customers usually buy gift cards for friends and family as a gift, its popularity has surged during the pandemic. The increase in sales of gift cards can be attributed to the fact that they are convenient, easy to buy, and passed on to the recipient.

The rise in the global gift cards market is also influenced by several factors that include the demand for prepaid cards, people preferring advanced payment solutions, increase in the number of smartphone users, its application in diverse stores,

Here are some of the most popular players in the gift card market:

  • Amazon
  • Google Play
  • Sephora
  • iTunes
  • Walgreens
  • Walmart
  • Carrefour
  • Zara
  • JD
  • IKEA
  • Macy’s
  • Best Buy
  • JCB Gift Card
  • HandM
  • Sainsbury’s

Gift cards are an effective way to show to your loved ones that you care about them. Earlier, gift cards used to be popular in North America and Europe. But you will find that it is not the case anymore as consumer behavior has changed drastically in other parts of the world, thanks to disposable income. They are now getting popular in the Asia Pacific and Latin America. Countries like China and India especially have witnessed a boom in the gift card market.

There has been a massive shift from physical gift cards to digital gift vouchers. With more and more customers purchasing online, digital gift vouchers seem like the most viable option. When it is a digital voucher, you can immediately gift them to your loved ones. There is no waiting, just a simple email, and you are done.

The gift card industry is expected to be worth $2.7 trillion by 2027, based on a report titled ‘Gift Card- Global Market Trajectory & Analytics’ by ResearchandMarkets.com. This prediction is despite Covid-19 and its repercussions. This is a telling statement on the kind of impact gift cards have had on consumer behavior.

Here are some interesting statistics from the ReserachandMarkets.com report

1. The US gift cards market is currently estimated at $278.8 billion.
2. China is forecasted to reach a projected market size of $608.1 billion by 2027
3. Germany’s gift card market is expected to grow at approximately 11.4% CAGR.
4. The open-loop gift card segment is projected to grow at 15.4% CAGR and reach $747.3 billion by 2027
5. The Asia-Pacific market (led by India, Australia, and South Korea) is expected to reach $404.8 billion by 2027

The presence of many online payment options has positively affected the gift card industry since it allows more people to do online shopping. Thanks to a thriving eCommerce industry, the global gift card market will expand rapidly.

Sarah Babra

You May Also Like
View Post
  • Gift Card

What is the future of e commerce in the next 5-10 years

  • Sarah Babra
  • February 22, 2021
How-to-Make-This-your-most-successful-valentine-day-yet (1)
View Post
  • Gift Card

How to Make This Your Most Successful Valentine’s Day Yet

  • Sarah Babra
  • February 11, 2021
7-Valentines-Day-marketing-ideas1
View Post
  • Gift Card

7 Valentine’s Day Marketing Ideas

  • Sarah Babra
  • February 10, 2021
Why-your-business-needs-Gift-Cards-this-Valentine’s
View Post
  • Gift Card

Why your business needs Gift Cards this Valentine’s

  • Sarah Babra
  • February 4, 2021
View Post
  • Gift Card

How to drive sales through promotional cards

  • Mrudul Tarwatkar
  • January 16, 2021
View Post
  • Gift Card

The future of Ecommerce in 2021

  • Pravin Kamble
  • January 13, 2021
View Post
  • Gift Card

Gift Cards: The Perfect Reward For Your Workforce

  • Sarah Babra
  • January 8, 2021
View Post
  • Gift Card

Best Ways To Elevate Your Gift Card Marketing In 2021

  • Pravin Kamble
  • December 31, 2020

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories
  • Artificial Intelligence (4)
  • BigCommerce (4)
  • Customer Engagement (5)
  • Customer Loyalty (11)
  • Customer Retention (2)
  • Gift Card (17)
  • Machine Learning (2)
  • Product Updates (2)
  • Uncategorized (1)
Recent Posts
  • What are the benefits of Loyalty Programs
  • What is the future of e commerce in the next 5-10 years
  • Why should every business be a digital business
  • How to Make This Your Most Successful Valentine’s Day Yet
  • 7 Valentine’s Day Marketing Ideas
99Minds Blog
  • Facebook
  • Twitter
API-based all-in-one Loyalty & Promotion Engine.

Input your search keywords and press Enter.