Apr 26, 2021 (Market Insight Reports) -- Global Gift Cards Market Overview
Also referred to as gift vouchers, gift cards allow users to receive services or products from malls, shopping centers, showrooms, etc. These coupons are basically provided by merchant establishment, banks, and big organization of a particular product or service in the form of a festival offer. The gift cards are known to make the modes of transaction much more convenient for the user, and hence reduces the cost of printing bills. Gift card service makes the system more secure and traceable as compared to cash payment, for instance, gift cards consist of the PIN for transaction and even if it is misplaced, it will not be an issue because it can be blocked.
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The global gift cards market is projected to reach around US$ 900 billion over the forecast period (2019-2027), registering a CAGR of 10%.
Growing penetration of smartphones, along with the affordable data plans, has raised the adoption of m-Commerce, which is a significant factor projected to foster the global gift cards market growth over the forecast timeline. Consumers download mobile apps, such as Flipkart, Amazon, and eBay for online shopping, as they make browsing quicker and easier, while making purchases on-the-go.
E-commerce, which is gaining major traction worldwide, enables the user to use gift cards easily and explore more products with easy purchases. This factor is projected to supplement the global market development. In addition, online payments let consumers choose between digital and physical gift cards while making online purchases. Furthermore, easy purchasing option for gift card online is another growth propeller for the global market.
However, some gift cards have an expiry date and the recipient must use that card within the mentioned expiry date on the card, which is projected to hinder the market expansion in the near future. Also, some gifts cards are difficult to use, probably due to lack of awareness of the benefits of the gift cards, which is further expected to limit the global market growth.
Market Trends & Opportunities
The growing popularity of digital gift cards is increasingly attracting customers, and this factor is likely to propel the global market growth. Digital gift cards enable companies to track the consumer's buying behavior, as well as their use of redeem gift cards, which are said to provide accurate information. Therefore, the digital gift card lets marketers to record the data of the users and receivers, which is another important factor augmenting the adoption of digital gift cards.
Increasing penetration of innovative gift cards is gaining immense traction, which is expected to augment the global market growth in the forthcoming years. However, paper-based gift vouchers do not allow partial redemption. According to Coherent Market Insights' analysis, companies such as Amazon, are also said to offer top-up gift cards.
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The growing trend of using closed-loop gift cards, which have a prepaid amount, is fueling the global market growth majorly. Despite the easy availability of universal or open-loop gift cards, consumers still prefer closed-loop specialty gift cards as it is a convenient option during heavy sales. These gifts cards also offer specialty gift cards, which enable users to plan their spending budget in a particular store. Hence, this factor is expected to bolster the global market development.
Furthermore, rising focus of manufacturers to introduce lottery cards acts as a driving factor for the global market growth. For instance, in October 2015, Incomm, which is a prepaid card and payment solution provider, entered into a five-year contract with Scientific Games International, Inc., which is a technology-based product developer, to offer lottery gift cards in North America. However, these cards can only be redeemed by a person aged 18 years or older.
Among regions, North America, followed by Europe and Asia Pacific, led the global gift card market in 2018, garnering up to 34% share, in terms of value.
In 2018, the restaurant closed-loop segment accounted for the largest market share of 29%, in terms of value, in the global gift cards market.
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The key players operating in global gift card market are Apple Inc., Amazon.com Inc., Best Buy Co., Inc., Starbucks Corporation, Target Corporation, and Wal-Mart Stores, Inc.
Recent Market Developments
Blackhawk Network Holdings, Inc.:
In November 2015, Blackhawk Network Holdings, Inc. acquired DIDIX Gifting & Promotions Company, which is a leisure themed gift card and promotions providing Netherlands-based Company. This acquisition was aimed at providing new innovative gift cards and increasing the company's geographical presence.
In January 2016, Blackhawk Network Holdings, Inc. acquired GiftCards.com, LLC, which is a digital and physical prepaid gift card solutions provider. This partnership was aimed at enhancing the E-commerce market presence of gift cards by Blackhawk Network Holdings, Inc.
In October 2015, Blackhawk Network Holdings, Inc. and Stockpile, Inc., which offers e-Gift Cards for the stock, together launched gift cards as Stockpile's "Gift Cards for Stock". This prepaid gift card can be redeemed online to open and fund an account with stock.
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