IMARC Group, a leading market research company, has released a report titled “Digital Gift Card Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global digital gift card market size reached US$ 343.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 827 Billion by 2028, exhibiting a growth rate (CAGR) of 15.23% during 2023-2028.
A digital gift card is a modern and electronic version of the traditional gift voucher, crafted to be used as an alternative to physical gift cards. It provides a versatile and secure means to gift a monetary value that can be redeemed through online platforms or at physical retail locations. It includes technology such as QR codes and secured digital credentials and can be delivered instantly via email or mobile applications, thus minimizing the waiting time and the potential loss or damage associated with physical cards. They cater to the rapidly growing preference for digital and cashless transactions and offer a tailored gifting solution that meets the expectations of the modern consumer. Digital gift cards have increasingly become an essential part of modern consumer behavior, appealing to a wide range of demographics and satisfying diverse purchasing needs. They eliminate the necessity for physical handling or shipping, thus saving time and reducing environmental impact. These cards can often be customized with personalized messages or themes, making them an attractive and thoughtful gift option. As a reflection of the growing technological trends and consumer preference for online shopping, digital gift cards are seamlessly fitting into the global shift towards digitalized retail and e-commerce practices.
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Digital Gift Card Market Trends and Drivers:
The global digital gift card market is witnessing remarkable growth, propelled by a convergence of factors that tap into technological advancements, changing consumer preferences, and strategic business interests. Firstly, the proliferation of smartphones and increased internet connectivity has made digital gift cards more accessible to a broader audience. these cards cater to the convenience-driven consumer behavior prevalent today due to the ease of purchase and instant delivery. In addition, businesses are leveraging digital gift cards to enhance customer engagement and retention strategies. They serve as a flexible tool for promotional activities, enabling businesses to attract new customers and incentivize repeat purchases. The introduction of secure and user-friendly payment options further builds consumer trust and promotes adoption. Additionally, the trend toward personalized and customized gift options is accelerating the attractiveness of digital gift cards. Furthermore, the rise in e-commerce platforms and the acceptance of digital payments across various industry sectors is contributing to the market’s steady expansion. These market dynamics, along with innovations in technology and increasing awareness of eco-friendly practices, are paving the way for continued growth in the global digital gift card market. The strategic alignment of these factors with business goals and consumer demands solidifies the position of digital gift cards as an integral component of the modern retail landscape.
Competitive Landscape with Key Player:
- 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)
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Card Type:
- Open Loop Gift Card
- Closed Loop Gift Card
Breakup by Business Type:
- Business to Business (B2B)
- Business to Consumer (B2C)
Breakup by Application:
- Food and Beverage
- Health, Wellness and Beauty
- Apparel, Footwear and Accessories
- Books and Media Products
- Consumer Electronics
- Restaurants and Bars
- Kids Products
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
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