Online gift cards with personalized video messages trending as part of e-commerce gift card programs; to capture essential consumer interest and promote growth in the use of gift cards

ABOUT THIS REPORT

OVERVIEW

Gift Card Market is expected to reach USD 1033.8 billion by the end of 2026.

Bizlytik analysts forecast the global Gift Card market to grow at a CAGR of 11.3% during the forecast period, according to their latest market research report.

Gift cards are vouchers offered by retail outlets and commercial brands that hold a certain amount of money and can be redeemed by anyone for purchase. Gift cards have gradually become a prominent feature at weddings and other joyous celebrations as a token of the offering.

The increased product demand from merchants and retailers, development of e-commerce gift card offerings, and growth in demand for prepaid cards are the influential primary factors that would bolster prospects of market growth during the forecast period. The aggressive marketing strategy of most significant retailers offering flexible payment options for the purchase of gift cards has increased the sales of end-products, ensuring complete consumer-oriented prospects of investment. The merchants and vendors operating in the consumer goods, apparel, retail, and electronic goods segments recognize the need to expand sales volume through innovative advertising and marketing strategies, and gift cards provide a cost-effective medium of brand promotion. The growth in product adoption in the corporate sector would offer crucial vendors with new opportunities for product sales and business expansion over the forecast period.

Open Loop and Closed Loop are covered in the Functional Attribute segment of the market. In contrast, the Industry Vertical segment is categorized into Retail and Corporate Institutions. The report covers the overall value of the market, both in terms of Functional Attribute and Industry Vertical.

The Retail segment by Industry Vertical is prominent in terms of overall market share, owing to its rapid adoption in the retail industry as several shoppers have started using gift cards for their retail purchases. An increasing number of retailers are offering unique gift cards to accommodate a variety of customer’s needs and wants, owing to an emerging trend in shopping. The advent of online gift cards would further enhance the growth prospects of the segment in the coming years.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration while arriving at the global volume and value figures. While North America is further categorized into the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America is a leading region of the market and holds a substantial market share. The established practice of using gift cards among the regional corporate organizations as part of the employee incentive programs and festival bonuses is a vital element that would influence the growth prospects of the market positively.

The Gift Card market is relatively fragmented, with the presence of several companies with the expanded product portfolio and diversified global reach looking to strengthen the business position. The upcoming mergers & acquisitions among companies to combine financial resources and technical capabilities and launch of new product solutions are the primary business strategies of top players.