Gifting implies encountering situations where the giver often ends up being in a fix, as there can’t be a certainty regarding the “choice” of the gift. At times, it so happens that hours are spent in browsing through gifting websites or moving from one brick and mortar store to the other, just to come to terms with the fact that the thing gifted upon is already there with the recipient, or is not matching with the choice of recipient!
To avoid this, it’s advisable to go for something that would prove to be a win-win situation for both – the giver and the recipient. Gift cards come into picture over here. These cards are analogous to debit/credit cards. The sender could choose the card based on the amount of money he/she decides to gift the recipient, who could, in turn use it as per his/her convenience. As far as functionality is concerned, it is possible to swap gift cards at any POS terminals.
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Apart from convenience on the part of consumers, gift cards suffice as a part of developmental strategy to promote businesses, draw more customers, and also improvise on the business sales. PersistenceMarketResearch, through its study on “Gift Card Market” categorizes them by type (closed loop gift cards, open loop gift cards, e-gift cards) and merchandises (discount stores, coffee stops, food supermarkets, department stores, hotels). In all, it states that the global gift cards market will witness a CAGR of over 12% between 2020 and 2030.
PersistenceMarketResearch also emphasizes on the point that e-gift cards are being preferred to the plastic cards, especially after online sales channels taking over the physical stores. E-Gift cards, just like physical gift cards, could be looked upon as “cash” as it’s not possible to replace them if misplaced/stolen/lost. E-Commerce companies like Amazon, Flipkart are also offering e-Gift cards. DeBrand Stores is known for redemption of e-Gift cards.
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PersistenceMarketResearch has also thrown light on the reality that initially gift cards were confined only to the Europe and North America. However, the growing benevolence of the consumers has resulted in LATAM and the Asia-Pacific resorting to gift cards as well. In the Asia-Pacific, economies like India and China are witnessing an exponentiation in the demand for gift cards. In the US, Starbucks is the flag bearer. Also, gift cards help in doing away with the hesitation regarding gifting “cash”. This way, the gift cards market is expected to grow on a substantial note in the forecast period.
At the same time, PersistenceMarketResearch entails that gift card is subject to numerous security challenges. For example – “GiftGhostBot” was discovered by Distil Networks. It went on to attack close to 1,000 websites for finding gift cards that resulted in illegal access to the balance therein. Another bottleneck is that of security holes being overlooked by Starbucks and Target, due to which any shopper is able to use the money loaded into even the others’ gift cards. These challenges, if addressed well before time, are bound to instill a higher level of confidence in the consumers in the near future.
The other key market participants profiled by PersistenceMarketResearch include Apple, Inc., Best Buy Company, Inc., Target Corporation, Walmart Stores, Gyft, Edenred Group, The Up Group, Blackhawk Network Holdings Inc., Edge Loyalty Systems Pty. Ltd., InComm, National Gift Card Corporation, and QwickCilver Solutions.
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