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In 2022, the gift card market was estimated to be worth USD 829.7 billion. The industry for gift cards is expected to expand at a compound annual growth rate (CAGR) of 18.20% between 2023 and 2032, from an estimated USD 980.7 billion in 2023 to USD 3,736.6 billion by 2032. The main factors propelling the market growth are consumers’ growing desire for digital gifting options, their use of gift cards as incentives and rewards, and their preference for experiences over tangible gifts.
Gift cards have become a ubiquitous presence in the retail landscape, transforming the way people give and receive presents. As the global economy continues to evolve, the gift cards market is adapting to new trends, technologies, and consumer preferences. In this blog post, we will explore the current state of the gift cards market and delve into the industry trends shaping its trajectory.
Digital Dominance:
The digital revolution has left an indelible mark on the gift cards market. E-gift cards, delivered through email, mobile apps, or online platforms, have gained immense popularity. This shift is fueled by the convenience of instant delivery and the rising preference for digital transactions. In an era where online shopping is the norm, digital gift cards offer a seamless and contactless gifting experience.
Personalization and Customization:
Consumers today crave personalized experiences, and the gift cards market is responding accordingly. The ability to customize gift cards with personal messages, images, or even the recipient’s name adds a thoughtful touch. Merchants are increasingly offering options for users to tailor their gift cards, making the act of giving feel more special and unique.
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Technological Innovations:
The integration of technology is revolutionizing how gift cards are utilized. Augmented reality (AR) and virtual reality (VR) applications are being incorporated into gift cards to enhance the user experience. QR codes and NFC technology are streamlining the redemption process, providing a seamless and efficient way for recipients to use their gift cards both in-store and online.
Mobile Wallet Integration:
With the proliferation of mobile wallets, gift cards are finding a new home in digital wallets. Consumers appreciate the convenience of having their gift cards stored alongside their payment methods in one centralized location. This integration not only simplifies the redemption process but also encourages repeat business as users are more likely to utilize their gift cards when they are readily accessible.
Loyalty Programs and Partnerships:
Gift cards are increasingly being utilized as part of loyalty programs by both retailers and financial institutions. This strategy not only fosters customer loyalty but also expands the reach of gift cards to a broader audience. Collaborations between different brands to offer joint gift cards or exclusive promotions further contribute to the dynamic nature of the gift cards market.
Sustainability and Ethical Gifting:
As environmental consciousness grows, consumers are seeking sustainable and ethically sourced products, extending to gift cards. Merchants are responding by offering eco-friendly gift card options, utilizing recycled materials, and incorporating sustainable practices in their production. Ethical gifting, such as supporting charitable causes through gift cards, is also gaining traction.
Regulatory Compliance and Security Measures:
With the increased reliance on digital transactions, ensuring the security of gift card transactions is paramount. Regulatory bodies are introducing measures to protect consumers from fraud and unauthorized use. Merchants are investing in robust security features, such as encryption and multi-factor authentication, to safeguard both the buyers and recipients of gift cards.
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Key Companies in the Gift Cards Market Include –
Fiserv, Inc.
Givex Corporation
Blackhawk Network
InComm Payments LLC
Walmart Inc.
com Inc.
American Express Company
Qwikcilver Solutions Pvt Ltd.
Paytronix Systems, Inc.
PayPal, Inc.
NATS Limited
Gift Cards Industry Developments
June 2022: Blackhawk Network and LibertyX expanded the reach of cryptocurrencies by allowing users to purchase bitcoin using their LibertyX accounts at participating US shops such as Fresco y Más, Harveys Supermarkets, Southeastern Grocers, Tops, Weis, and Winn-Dixie.
April 2022: Leading global provider of branded payments, Blackhawk Network, says that the first-ever NFT promotion will be distributed by buying a gift card with real and virtual (“Web3”) world value.
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