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08 October 2022

Douglas Insights Adds Gift Cards Market Research Reports to Its Comparison Engine

Douglas Insights powers has expanded its comparison engine with the Gift Cards Market research report to help market researchers, analysts, industry professionals, and companies identify market trends and growth drivers, as well as constraints, barriers, and forecasts. Douglas Insights is the world's first comparison engine for market research reports and provides access to the most comprehensive selection of private and public market reports. This digital tool also enables researchers and industry specialists to compare different reports by publisher ratings, list of contents, publication dates, and prices.

 

Gift cards are the closes alternative to giving cash. Since giving cash is often considered unthoughtful, gift cards help solve this problem by allowing the receiver to shop from their favourite stores in exchange for the gift card's value. This convenient and flexible gift-giving method is why the global gift card market is anticipated to grow in the upcoming years. This market is expected to grow at a CAGR of 15.4% between 2021 and 2028. 

 

The covid-19 pandemic resulted in travel restrictions and supply chain disruptions which hurt the gift cards market. However, as things have improved, the global gift card market is set to flourish as more people opt for convenient gift-giving solutions. 

 

The gift card market is projected to grow as more people use smartphones, giving them more flexibility and easy payment choices. For example, Gyft is one of the most popular options for gift cards as it's accessible to both iPhone and Android users. Users can load their gift cards using the software and utilise them when shopping. 

 

Another factor driving the gift card market is corporate firms' adoption of this convenient gift-giving method. Companies view gift cards as a form of expression, appreciation, and relationship-building with their clients, business partners, and employees. It also allows them to create an inclusive working environment by effectively employing recognition and reward systems. 

 

Moreover, gift cards also allow retailers and marketers to improve brand awareness, enhance customer engagement and monitor customer behaviours. Furthermore, some banks also offer their customers discounted gift cards, driving the gift card market. 

 

The desire for innovative products and technological advancements related to payment solutions has grown over the past few years. As mobile and internet usage continues to increase globally, the gift card business is transitioning from plastic gift cards to digital gift cards. Thus, the global gift card market is anticipated to grow in the upcoming years. 

 

Several businesses in the gift business are looking for creative ways to expand their operations and employ gift cards as a marketing tool. For service sector businesses such as restaurants and cafeterias, gift cards are considered a crucial source of immediate cash flow. The value of gift cards has significantly changed for these companies during the COVID-19 pandemic. Additionally, developments in gift card technologies have also helped businesses grow their sales by expanding their product offerings, further fuelling the global gift card market. 

 

However, one of the gift card market's biggest challenges is a lack of security. Gift cards are always at risk of getting hacked, which may hinder the growth of this market. In a rush to switch to e-gift cards, which are cheaper, flexible, and more convenient, companies have overlooked possible security threats. Another constraint is that there are many gift companies offering innovative gift ideas to customers considered more thoughtful. Due to this reason, some customers prefer sticking to the traditional gift-giving method. 

 

Some prominent global gift card market players include Amazon.com, Inc., American Express Company, Apple Inc., Target Corporation, Starbucks Corporation, Walmart Inc., and many others. 

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