A multi-store gift card is a prepaid debit card with a predetermined amount of money on it that can be used for a variety of purchases. A retailer or bank typically issues multi-store gift cards, which are also known as gift certificates, gift vouchers, or gift tokens. Multi-store gift cards are also used as a development strategy to promote businesses, attract new customers, increase brand awareness, reduce fraud, and impoverish people.
Furthermore, a gift card can be used as a substitute for cash at a specific store or business store for purchases of goods or services. There will be a minimum and maximum initial loading amount on many gift cards. The standard minimum is $10, and the standard maximum is $500. They can be used to pay for a portion of purchase in some cases, with cash, debit, or credit being used to balance the bill. Moreover, many gift cards can be registered online as a precaution to reduce the risk of losses, allowing the remaining balance to be tracked and frozen if the card is lost. Some gift cards are thus safer than cash in this regard. Therefore, the surge in demand for gift cards is expected to boost the growth of the multi-gift card market during the forecast period.
The global multi-store gift card market is segmented on the basis of card type, application end-user and region. Based on card type, the market is divided into open loop gift card and closed loop gift card. In terms of application, the market is categorized into consumer goods, health & wellness, restaurants & bars, travel & tourism, media & entertainment, and others. On the basis of end-user, the market is divided into retail establishments and corporate institution. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global multi-store gift card industry include Amazon.com Inc., American Express Company, Fiserv Inc., InComm Payments, Walmart Inc., Blackhawk Network Holdings Inc., Givex Corporation, Paytronix Systems Inc., PayPal Inc. and Qwikcilver Solutions Pvt Ltd. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global multi-store gift card market.
COVID-19 Scenario Analysis
- The COVID-19 pandemic has had a significant impact on the multi-store gift card market trends, with increased demand, particularly for open-loop gift cards, being the primary driver of market growth. Because it is readily available and provides ease of use and purchase flexibility in the face of the COVID-19 pandemic.
- Furthermore, as governments in several countries have imposed lockdowns to prevent the spread of the virus, gift card adoption, particularly among businesses, has increased and is expected to continue to drive the gift card industry's growth momentum. As a result, during the global health crisis, this has become one of the major growth factors for the multi-store gift card market.
Top Impacting Factors
Increased penetration of smartphones and surge in demand for multi-store gift cards across developing economies are driving the growth of the market. In addition, the growing connection of consumers with shopping propels the growth of the market. However, ensuring secure management and privacy of consumer data might limit the market growth. On the contrary, technological advancements associated with payment solutions and an increase in demand for branded products are expected to provide lucrative opportunities to the multi store gift card market analysis in the upcoming years.
Increased Penetration of Smartphones
With the rapid advancement of smartphones, gift cards have become more innovative. Gift card lovers and smartphone users can now combine everything into one convenient package thanks to the use of modern technology and marketing strategies. The rise in smartphone adoption is expected to boost the gift card market by providing customers with more flexible and convenient payment options. Furthermore, there are many apps that allow users to load their gift cards and use them whenever they go shopping. The multi-store gift card market is expected to grow as a result of an increase in the number of such integrations. Therefore, the increased penetration of smartphones is driving the growth of the multi-store gift card during the forecast period.
Surge in Demand for Multi-Store Gift Cards Across Developing Economies
In recent years, there has been an increase in demand for advanced products and technological advancements associated with payment solutions. In a few developing economies, this growth is fueled by unmet needs and a surge in demand for better transactional solutions. Furthermore, the multi-store gift card industry is shifting from plastic to digital gift cards as the use of mobile phones and internet penetration grows globally. Therefore, the surge in demand for gift cards across developing economies is expected to boost the growth of the multi-store gift card market during the forecasted period.
Key Benefits of the Report
- This study presents an analytical depiction of the global multi-store gift card market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the multi-store gift card market share.
- The current market is quantitatively analyzed to highlight the global multi-store gift card market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed multi-store gift card market analysis depending on the present and future competitive intensity of the market.
Questions Answered in the Multi-Store Gift Card Market Research Report
- Which are the leading players active in the global multi-store gift card market?
- What would be the detailed impact of COVID-19 on the global multi-store gift card market size?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the global multi-store gift card market?
- What are the projections for the future that would help in taking further strategic steps?
Multi Store Gift Card Market Report Highlights
By Card Type
By End User
Key Market Players
Blackhawk Network Holdings Inc., Givex Corporation, Paytronix Systems Inc., American Express Company, Walmart Inc., Amazon.com Inc., InComm Payments, Qwikcilver Solutions Pvt Ltd, Fiserv Inc., PayPal Inc.