Online Sales – Significant Growth Driver for Gift Cards
Globally, the trend of gift cards has grown significantly and this trend is mostly seen in the corporate sector. Giving gift cards is very effective in the corporate sector, as helps in encouraging employees and helps in different financial aspect. Moreover, the growing adoption of smartphones and e-commerce has fueled demand for online shopping that enhanced the use of gift cards. People in both developed and developing regions are relying more on the online platform, which makes their work easier, cheaper, and they have multiple options to choose. The high popularity of ease-of-shopping boosted m-commerce platform, along with the cheaper availability of internet plans. Due to these factors, the global gift card market skyrocketed and is also expected to grow at a significant rate in the near future.
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Another factor unlocking opportunities for the global gift card market is the introduction of various innovative ways used by vendors and gift card providers. For examples, reloadable gift cards have is a new addition that is expected to benefit both customer and merchants. Addition of rewards and incentives, on the other hand, can spike benefits for merchants to a greater level. If proper and cost-effective schemes and incentives are provided, customers tend to spend a little extra then they have planned, which turns out to be highly favorable for the merchants.
Reaching Out to New Customers – Expanding Potential for Merchant
Extensive use of gift cards is contributing to expand the customer base. As the gift card market is experiencing unprecedented growth, various player in the market are now coming up new ways and means to provide lucrative offer to get attract customers at a large scale. They are specifically focusing on establishing their strong presence on social media, as today’s customer is highly active on various social media platforms. Let us take the example of Starbucks, who is one of the most active players on social media by offering different types of e-gifts. The company uses e-mail, Facebook, and Starbucks mobile app or physical mail to send its customer gift cards. On similar grounds, various other companies have also started implementing these techniques to expand their customer base.
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Holiday Mega Blast Offers for Market Growth
Holiday seasons offer the best opportunity for merchants, as the use and sale of gift cards increase drastically in this time. People especially wait for this time of the year to purchase different products and travel, where gift cards turn up very effective. Festival seasons that includes Christmas, Diwali, etc have shown significant use of gift cards in the United States and India respectively. All the top retailers such as Amazon, iTunes, Walmart, and others in the specific region introduce a different and large number of gift cards during this time. The increasing popularity of gift cards and continuously expanding consumer base is likely to boost the global gift card market in the forthcoming years.
Asian Countries Offering New Growth Opportunities in the Gift Card Market
Countries in Asia Pacific are coming up with new opportunities that will help in expanding the global gift card market. As more and more people are joining social media and online platforms, the use of gift cards is growing tremendously in this region. Moreover, leading retailers such as Amazon, Flipkart, and others introduce new and innovative offer to lure and attract a large customer base. Online sale has also grown stupendously in this region, which is also expected to further trigger growth in the Asia Pacific gift card market.
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