The new report by Expert Market Research titled, ‘India Gift Cards Market Size, Share, Growth, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the India gift cards market, assessing the market based on its segments like card types, products, business types, applications, and distribution channels.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 18%
The gift cards market is being driven by the rising demand for gift cards in the corporate sector. As it is crucial to construct a strong business strategy by engaging customers and bolstering the company-employee relationship in the corporate sector, gift cards are being increasingly preferred. Gift cards are immune to loss, theft, and duplication, due to which they are safe and convenient, which is propelling the market growth. Moreover, the growing digitalisation in the food and beverage, health, wellness and beauty, and media products industries, among others, is likely to propel the demand for digital gift cards. Gift cards enhance the cash flow in comparison to other marketing techniques and allow sellers to generate revenue in advance, which is anticipated to aid the market growth in the forecast period.
India Gift Cards Industry Definition and Major Segments
Gift cards refer to debut cards in the form of a smart cards that can be exchanged for a specified cash value of goods or services or products. They contain a specific amount of money available for use for variety of purchases. They are extensively utilised by various businesses to bolster the cash flow and enhance revenue generation.
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On the basis of card type, the market is divided into:
- Closed-Loop Card
- Open-Loop Card
Based on product, the industry is segmented into:
- Digital Gift Card
- Physical Gift Card
The industry, based on business type, can be divided into:
- Business to Business (B2B)
- Business to Consumer (B2C)
The significant applications of gift cards include:
- Food and Beverages
- Health, Wellness, and Beauty
- Apparel, Footwear, and Accessories
- Books and Media Products
- Consumer Electronics
- Restaurant and Bars
- Kids Products
- Others
The different distribution channels of the product include:
- Retail
- Corporate
- Others
India Gift Cards Market Trends
Rapid technological advancements in the information technology sector in tier-1 and tier-2 cities of India is likely to be a key trend in the market for gift cards. The easy transfer of gift vouchers and fluent cash flow offered by technological advancements are projected to fuel the market growth. The increasing penetration of artificial intelligence (AI) in the corporate sector is likely to be another key trend in the market for gift cards in India. Moreover, the rising investments in the corporate sector in tier-1 Indian cities such as Bangalore, Delhi and Mumbai are anticipated to propel the market growth over the forecast period.
Key Market Players
The major players in the market are Plasto Cards Private Limited, Creative Cards & Solutions, Creation Technics India Private Limited, Plastic Loyalty Cards, and Arahan Infotech among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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