Physical gift card sales were hindered by store closures across the country due to the COVID-19 outbreak. As a result of this, the focus of innovation has shifted to digital cards (e-gifting), sometimes known as e-cards. The gap between physical gift card penetration and virtual gift card sales is decreasing. The gift card market has been altered as a result of the COVID-19 outbreak. The coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. In March 2020, the World Health Organization declared COVID-19 as a pandemic, which resulted in restrictions on travel and disturbances in financial markets, as well as negatively impacted supply chains and production levels. They are sometimes referred to as cash cards since they are issued by merchants and marketers as part of a marketing campaign to persuade the receiver to come in or return to the store. Moreover, a gift card can be used as a substitute for cash at a specific store or business store for purchases of goods or services. Furthermore, gift cards are used as a marketing tactic to promote businesses, attract new consumers, raise brand awareness, decrease fraud, and boost sales by retailers and ecommerce business. Gift Cards Market OverviewĪ merchant or bank typically issues gift cards, which are also known as gift certificates, gift tokens, prepaid cards, or gift vouchers. However, the lack of security for gift cards might restrain the market growth during the forecast period.Īccording to the regional analysis of the market, the Asia-Pacific gift cards market share is anticipated to grow at a CAGR of 16.0%, by generating a revenue of $301.54 billion during the review period. Increase in the demand for online shopping with the increased use of smartphones might drive the global gift cards market growth. The global gift cards market size is predicted to garner a revenue of $1,396.01 billion in the 2021–2028 timeframe, growing from $437.78 billion in 2020, at a healthy CAGR of 15.4%.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |