The growing use of smartphones– The growing use of smartphones leads to the growing innovation of gift cards. The surge in the penetration of smartphones has offered customers convenient and flexible payment options, boosting the market. Advancements in technology and several marketing strategies have made many ways possible for users to buy digital gift cards as the industry shifts from plastic cards to digital cards. Virtual gift cards promote the brand's messages with online customers. People can buy and instant deliver digital gift cards to friends and family on special occasions. It helps the brand in getting higher visibility and more customers. These cards can be used as an effective marketing tool. These factors are eventually driving the Digital Gift Cards market.
Fraudulent Issue– Hackers could buy digital gift cards and resell them using stolen credit card numbers. Afterwards, when the customer does not receive the product, a refund is requested, which creates a friendly fraud scenario, and the seller should pay the chargebacks. As these cards do not need buyers to add personal details, it is easy for fraudsters to get away with scams. These factors act as hindrances to the market.
Growing e-commerce sector and personalization features– The growing use of e-commerce platforms has substantially grown the digital gift card market. Online retailers and marketplaces offer digital gift cards as a good alternative for the gift, thus appealing to more consumers who prefer digital gift delivery and online shopping. These digital gift cards also provide customization and personalization options, encouraging users to include images, videos and personalized messages. These facilities help lift the gifting experience and are preferred by consumers looking for a more tailored touch in gift choices. Moreover, these digital gift cards also help in the cross-border gifting trends, as with digital gift cards, one can send gifts to loved ones living in different countries. All these factors will eventually propel the digital gift card market in the forecasting period.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Digital Gift Cards market based on below mentioned segments:
Global Digital Gift Cards Market by Card Type:
Global Digital Gift Cards Market by Business Type:
Global Digital Gift Cards Market by Application:
Global Digital Gift Cards Market by End User:
Global Digital Gift Cards by Region:
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