Gift Cards: A $2.7 Trillion Industry
Recent projections in the gift card industry have changed. An early analysis of the current market has been revised with a 15.5% annual growth rate within the next 7 years.
Amidst the COVID-19 pandemic, the global market for Gift Cards is estimated to have reached a whopping $1 Trillion USD, however, a reassessment of the industry has led top analysts to project that by 2027, the industry will reach $2.7 Trillion USD.
With current circumstances among business owners across the globe, some have been forced to pivot their market strategies to maintain profits. Companies like Amazon, Apple, Carrefour, McDonald’s, Starbucks (among others), have turned to a strategy where customers can stay true to their loyalty, while enjoying all the benefits of their preferred products.
In addition, growing technologies and online platforms during the lockdown phases have made it super easy for anyone to choose their gift cards and check out with a few clicks of a button without leaving their homes. More specifically, printing productions have been halted due to lockdown, forcing companies to offer their customers an alternative solution, eGift Cards.
eGift Cards are very much in the present, they’ve accelerated the growth of the Gift Card industry and helped brands maintain, and even overachieve, their performance.
At YouGotaGift we are proud to be the region’s first eGift Card platform leading the charge for the digitization of the Gift Card since 2014.
If you want to know more about how digitizing Gift Cards can support your brand, or about how eGift Cards can help you effectively reward and recognize customers and employees, get in touch with us here:
+971 4 4588244
Sources:Research and Markets - https://bit.ly/2SU0TQi
Allied Market Research - https://bit.ly/3qQLtJ5