At a CAGR of 10%, the gift card market will reach approximately $ 900 billion by 2027
SEATTLE, USA, November 19, 2021 /EINPresswire.com/ – The gift card industry is growing due to the rapid use of e-commerce due to the increasing penetration of smartphones. Consumers are installing online shopping apps like Flipkart, Amazon, and eBay to shop due to the increased use of smartphones as they offer easy transactions and allow faster navigation.
The main companies covered in this study include Apple Inc., Amazon.com Inc., Best Buy Co., Inc., Starbucks Corporation, Target Corporation, and Wal-Mart Stores, Inc.
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According to the India Brand Equity Foundation, India had nearly 502 million smartphone users in 2019, or nearly 77% of Indians connected to the Internet. In 2021, the number of smartphone users is expected to reach 780 million. In 2019, India’s share of the global smartphone market increased from 9% in 2016 to 16% in 2019.
1. In December 2020, USIO Inc. and eGifter joined forces to make it easier than ever to buy and send the perfect Fancard Gift Mastercard to the college sports fan.
2. In June 2021, LIC Cards Services Limited (LIC CSL) launched a contactless prepaid gift card – âShagunâ in collaboration with IDBI Bank on the RuPay platform. This card aims to expand the gift card market and promote ways of giving cashless gifts
3. In June 2020, Facebook and Instagram launch gift cards and food orders for SMEs
Gift cards are one of the most popular and versatile plastic gift cards available today, allowing users to shop online, make reservations at participating locations, and redeem cards. -gifts for making purchases at participating stores. Gift cards, in their most basic form, are stored value prepaid cards that can be used to make purchases in a store. They are usually issued by a bank or merchant. It can also be used to make payments at various merchants, making it a versatile and convenient method of spending money. Many people have taken advantage of gift cards by using them to shop online, saving them from having to carry extra cash.
During the projected period, Asia-Pacific is expected to occupy a dominant position in the global gift card market, owing to the growth of the e-commerce industry in the region. E-commerce has changed the way India does business, according to the India Brand Equity Foundation. From US $ 38.5 billion in 2017, India’s e-commerce industry is expected to reach US $ 200 billion by 2026. An increase in internet and smartphone use has triggered most of the growth in industry. The âDigital Indiaâ program is expected to bring the number of Internet connections in India to 776.45 million by September 2020.
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