DUBLIN--(BUSINESS WIRE)--The "India Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Market Size and Forecast (2015-2024) - COVID-19 Update Q2 2020" report has been added to ResearchAndMarkets.com's offering.
This report provides a detailed data centric analysis of gift cards and corporate incentive cards market along with consumer behaviour and retail spend dynamics in India. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics. The report includes raw data along with structured dashboards, charts, and tables in an interactive Excel format.
Market and COVID-19 Related Insights
In India, the gift card market has recorded one strong growth in recent years, outperforming other comparable countries. With over 245 million gift cards sold in 2019, the gift card industry has attracted interest from start-ups, private equity players, and mobile payment companies as well. According to the Global Gift Card Q2 2020 Survey, gift card is gradually becoming a core component of growth strategy for players across the value chain in India.
India has faced one of the most stringent lockdowns globally. Growth of gift card industry is expected to be impacted in 2020 due to socio-economic environment created by COVID-19 outbreak, leading to fewer celebrations. However, the pandemic has positively impacted growth of ecommerce industry, a trend which will be sustained in coming quarters as lockdown relaxations increase. Consequently, this is expected to drive demand for gift cards, especially digital gift cards (e-gift cards).
In value terms, the gift card market in India has recorded a CAGR of 25.5% during 2015-2019. The gift card industry in India will continue to grow over the forecast period and is expected to record a CAGR of 19.8% during 2020-2024. Gift card market in the country will increase from US$ 4,632.6 million in 2019 to reach US$ 9,340.6 million by 2024.
Qwikcilver, who is the leading gift card issuer in the country, has over 75% market share in the gift card segment. Majority of Indians prefer physical cards over digital gift cards (e-gift cards). However, the adoption of digital gift card (e-gift card) has been increasing, driven by adoption in self-use segment in retail and in consumer incentives in corporate segment.
Another factor that is driving the growth of the digital gift card market is the rising e-commerce industry in the country. High smartphone penetration rate in India has also played a significant role in getting customers to make use of digital gift cards.
With a large population base and several gifting occasions, the growth potential for the gift card market is humongous in India. The gift card adoption has been increasing in Tier 2 and Tier 3 cities though it is still dominated by Tier 1 cities.
Apart from this, the wide acceptance of corporate gift cards in the form of rewards and sales incentives to recognize employee performance is further boosting the market growth in India.
Below is a summary of country level trend analyses covered across gift card segments:
- Total gift market: This report provides detailed view of overall spend on gifts, broken down by retail and consumer segments. For both retail and consumer segments, this report provides a breakdown of spend on gifts by product categories (13 segments) and retail sectors (7 segments).
- Gift cards: Drawing from proprietary survey results, this report provides in-depth analysis of opportunities in both open loop and closed loop prepaid gift card categories. Assesses consumer behaviour by type of consumer (retail and corporate - SMB, Mid-Tier, Large Enterprise), gifting occasion, digital gift card (e-gift card), and market share by retail sectors.
- Details six essential KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction, and value of transactions.
- Corporate incentive & loyalty cards: This report provides detailed market dynamics of corporate incentive cards, broadly segmented in three categories - consumer incentive card, employee incentive card, and sales/partner incentive card. It details market size and forecast at category level, by functional attribute (open loop and closed loop), and by corporate consumer segments (small scale business, mid-size business, and enterprise business).
- Digital gift card (e-gift card) analysis: Provides market size and forecast for digital gift cards, broken down by retail and corporate buyers. It also includes gift card spend by occasion (retail - festivals & special celebration days, milestone celebration, self-use, other; Corporate incentive cards -consumer incentive card, employee incentive card, and sales/partner incentive card). The report also includes digital gift card adoption by company size.
- Open loop and closed loop: Provides market estimates and forecasts to assess opportunities in open loop and closed loop gift and incentive card segments across consumer segments.
- Consumer attitude and behaviour: Drawing from proprietary survey results, this report identifies and interprets key KPIs related to gift card dynamics including spend by age, gender, and income level.
- Retail spend: Breaks down retail spend across retail sectors (7 segments) to provide detailed insights on consumer behaviour and changing dynamics of gift card spend.
- Market share by retailer: Provides market share of closed loop gift cards by key retailers in India.
- Distribution channel analysis: Provides market share by distribution channel - online vs offline sales and 1st party vs 3rd party sales (sales through outlet of other retailers).
- Flipkart Online Services Pvt. Ltd.
- Jasper Infotech Pvt. Ltd.
- Tata Group
- Future Group
- Reliance Group
- Amazon.com Inc.
- Godrej Group
- Aditya Birla Group
- Dell Inc.
- K Raheja Corp
- ITC Group
- Landmark Group
- adidas Group
- Benetton Group S.p.A.
- Vijay Sales Ltd.
- LG Corp.
- Tribhovandas Bhimji Zaveri Delhi Pvt. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/z4gh0e