India Gift Card and Incentive Card Market Size Expands at Accelerating CAGR of 12.1% to Surpass USD 83.2 Billion
India Gift Card and Incentive Card Market is flourishing due to the thriving e-commerce sector, increasingly high adoption of smartphones, evolving consumer preferences, and skyrocketing demand for cashless solutions.
Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated India Gift Card and Incentive Card Market size by value at USD 36 billion in 2023. During the forecast period between 2024 and 2030, Report Ocean expects India Gift Card and Incentive Card Market size to expand at a CAGR of 12.1% reaching a value of USD 83.2 billion by 2030. The Gift Card and Incentive Card in India is propelled by rich gifting traditions, the surge in digital engagement, and e-commerce growth. Gift cards are gaining traction due to their ease of use and versatility, appealing to tech-savvy millennials and Gen Z who favor cashless and personalized options. The thriving e-commerce sector enhances market potential, with companies in retail, travel, and dining offering attractive deals through gift cards. The rise of mobile payments and digital transactions further bolsters this growth trajectory.
Opportunity - Growing Trend of Corporate Gifting
Digital gift cards are surging in popularity due to their convenience and eco-friendly attributes. With 76% of consumers favoring eco-friendly options and 85% preferring personalized designs, businesses are adopting e-gift cards to enhance their corporate gifting strategies. Integration with mobile wallets has simplified usage, contributing to a 30% increase in transaction frequency. Additionally, the rise of experiential gift cards, accounting for 35% of the market, reflects a shift towards memorable experiences over material goods. These trends not only align with modern consumer preferences but also present significant opportunities for the expansion of India Gift Card and Incentive Card Market and innovations in corporate gifting solutions.
Online Segment Holds Larger Share in Indian Market
Online is a more popular distribution channel segment in India Gift Card and Incentive Card Market. The deepening penetration of internet and smartphone usage has significantly boosted online shopping, especially among younger consumers who prefer mobile transactions. The segment trend expected to drive substantial growth in digital gift cards over the coming quarters. Digital gift cards are gaining traction in industries like hospitality and spa services, with many restaurants employing them to reward loyal patrons. For businesses, gift cards serve as a strategic asset to enhance sales, achieve targets, and ensure consistent cash flow from returning customers. This market expansion is predominantly fueled by the increasing adoption of digital technologies in India.
Impact of Escalating Geopolitical Tensions on India Gift Card and Incentive Card Market
India Gift Card and Incentive Card Market may face significant challenges from intensifying geopolitical tensions across the world. Such tensions can disrupt global supply chains, affecting the availability of crucial technology and payment systems for gift card operations. Additionally, instability can lead to currency fluctuations, complicating transactions and pricing strategies. As a result, companies in this market may encounter increased costs and operational challenges, potentially causing delays and diminishing market confidence. These factors collectively constrain the growth of the Gift Card and Incentive Card Market in India.
Competitive Landscape
India Gift Card and Incentive Card Market is fragmented, with numerous players serving the market. The key players dominating India Gift Card and Incentive Card Market include EbixCash, QwikCilver, LivQuik, IGP, eVoucher India, Woohoo, Zingo, and GyFTR. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and India Gift Card and Incentive Card Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Gift Card and Incentive Card Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
