Dublin, Jan. 26, 2023 (GLOBE NEWSWIRE) — The “Global Digital Gift Card Market Size, Share & Industry Trends Analysis Report By Functional Attribute (Closed-loop Card and Open-loop Card), By End User (Retail and Corporate), By Application, By Regional Outlook and Forecast, 2022 – 2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Digital Gift Card Market size is expected to reach $724.3 billion by 2028, rising at a market growth of 14.2% CAGR during the forecast period.
The main advantage of selling eGift cards for one’s own company is that they are made to bring in new clients. eGift cards are often bought as gifts, as the name implies. They are often acquired by a returning customer who gives you the highest possible recommendation to their friends and relatives. This indicates that you are welcoming a variety of new buyers into your market.
Market Growth Factors
Increase In Adoption Of Advanced Payment Solutions
Gift cards are compared to prepaid debit cards in this regard. These cards are becoming increasingly widely used for payments by customers because of their ease, adaptability, dependability, and security.
These cards are a crucial component of online payments. Gift cards generate 2% of worldwide e-commerce and 1% of the point of sale (POS) spending, according to Worldpay’s 2018 report. This explosive growth in digital commerce, particularly on mobile devices, presents a chance for merchants and issuers to accept a rising number of new technologies which give their customers cutting-edge and seamless payment options.
Functional Attribute Outlook
Based on the functional attribute, the digital gift card market is classified into open-loop gift cards and close-loop gift cards. With the largest revenue share in 2021, the close-loop gift card category led the digital gift card market.
Based on end user, the digital gift card market is classified into retail and corporate. The corporate category significantly increased its sales shared in the digital gift card industry in 2021.
Based on application, the market is classified into Consumer goods, health & wellness, restaurants & bars, travel & tourism, media & entertainment, and others. Consumer goods held the highest revenue share in 2021 globally.
Based on geography, the digital gift card market is analyzed across North America, Europe, Asia Pacific, and LAMEA. With the highest revenue share in 2021, the North American region dominated the digital gift card market.
The most common kind of Christmas gift in the United States is a gift card, which is helping to fuel the nation’s expanding gift card industry. Additionally, in recent years, the demand for gift cards has skyrocketed for special occasions like Christmas and birthdays, which has boosted market expansion.
Strategies Deployed in Digital Gift Card Market
2022-Dec: Blackhawk Network partnered with IKEA, a provider of home furnishings solutions. With the partnership, the gift card portfolio of IKEA would be combined with the portfolio of Blackhawk, with an aim to connect around 300 million consumers a day across all channels. Furthermore, this partnership would empower the purchase of gift cards in the US market.
2022-Nov: Blackhawk Network acquired National Gift Card, a North American prepaid tech and card company. With this addition, Blackhawk would now able to deliver a complete issuance program management, global retail, fulfillment as well as business-to-business allocation. Furthermore, the addition of NGC capabilities to the Blackhawk portfolio would strengthen its position in the gift card and prepaid card market.
Key Market Players
PayPal Holdings, Inc.
Target Corporation (Target Brands, Inc.)
Loop Commerce, Inc (Synchrony Financial)
Blackhawk Network Holdings, Inc.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Strategies deployed in Digital Gift Card Market
Chapter 4. Global Digital Gift Card Market by Functional Attribute
Chapter 5. Global Digital Gift Card Market by End-User
Chapter 6. Global Digital Gift Card Market by Application
Chapter 7. Global Digital Gift Card Market by Region
Chapter 8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/qwms8b-digital?w=12
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