Digital Gift Cards Market Key Opportunities, Strategic Assessment Forecast To 2022

Precision Business Insights published a research report on “Digital Gift Cards Market: By Functional Attribute (Open-loop Card, Closed-loop Card), By Application (Consumer Goods, Health & Wellness, Restaurants & Bars, Travel & Tourism, Media & Entertainment), By End User (Retail, Corporate) - Global/Region/Country Forecast to 2028”.

Digital gift cards, sometimes referred to as e-gift cards, gift certificates, and vouchers, are electronic counterparts of traditional gift cards provided by retailers. These cards work by utilising gift codes provided by retailers and can be sent via email or mobile applications. Digital gift cards are frequently used in development plans to promote businesses, raise brand recognition, reduce fraud, and attract new clients, among other things. As a result, these cards are used in a wide range of industries, include food and beverage, retail, hospitality, consumer electronics, and so on.

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The demand for digital gift cards is primarily driven by rising levels of digitization along with increased penetration of smart devices. Furthermore, as the e-commerce industry grows, e-gift cards are becoming more popular as a way to provide distinctive and appealing product offerings. Furthermore, rising consumer living standards and hectic work schedules are increasing the demand for convenient and easy giving solutions, regardless of geographic or temporal constraints. Furthermore, the growing popularity of corporate gifting cultures for special events like birthdays, incentives, festivals, and so on is driving up demand for e-gift cards. Aside from that, the advent of personalised e-gift cards with linked personal photographs and videos, scheduled delivery choices, customizable gift preferences, and so on is driving market expansion. Furthermore, rising environmental concerns about the depletion of natural forests for paper usage are causing a gradual move away from paper-based cards and toward digital alternatives, which will continue to drive the global market throughout the projection period.

The retail segment, which accounted for three-fifths of the global digital gift cards market in 2020 and is required to maintain its leadership status during the forecast period, had the greatest market share by end user. The consumer goods sector accounted for the highest share of the global digital gift cards market in 2020, accounting for more than one-fourth of the market, and is expected to continue its lead throughout the forecast period.

In terms of revenue 2020, North America had the largest market share, accounting for more than two-fifths of the global digital gift card industry. This is due to the growing popularity of corporate gifting cultures for special occasions like anniversaries, incentives, and festivals.

Furthermore, due to a boom in acceptance of these cards for online transactions, travel, and distribution among minors as a cash alternative, the Asia-Pacific region is predicted to see the quickest CAGR of 18.6% from 2021 to 2028.

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Some of the major key players in the Digital Gift Cards Market are Amazon Inc., Apple Inc., Blackhawk Network Holdings, Inc., Fiserv Inc., Loop Commerce, Inc., National Gift Card Corporation, PayPal Holdings Inc., Target Brands and Walmart Inc.

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