Learn about gift cards
What is a gift card?
Also known as brand vouchers, gift vouchers and brand cards, gift cards are a digital mode of payment which carries a amount along with a pin / card no. You can buy these gift cards and use them to pay on 300+ brand online and offline as well.
Why should I use a gift card?
Gift cards help you get great value on your purchase with a brand. They simplify giving, help with budgeting, and are easily sent across distances, ensuring your thoughtful gesture brings joy and value.
How to use a gift card?
To use a gift card, simply present it at the time of purchase in-store or enter the card’s unique code at checkout when shopping online. The amount of your purchase will be deducted from the card's balance.

What Are the Upcoming Trends in the Gift Card Market in India?

Last updated :
March 10, 2024
/

minutes read

Table of Contents

The gift card industry in India is experiencing significant growth, with increasing adoption and innovative programs catering to changing consumer behaviour. As the market expands, it is essential to stay updated on the upcoming trends that are shaping the gift card industry in India.

The digitization of gifting is a major trend that is revolutionising the way Indians gift. With the growth of e-commerce and the convenience of online shopping, digital gift cards are becoming increasingly popular. These digital gift cards are not only practical but also offer a wide range of options for gifting across various industry verticals.

Person choosing from a variety of gift cards in a virtual store.
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Furthermore, the impact of digitization can also be seen in the rise of online gaming gift cards. With the booming online gaming industry in India, gamers can now purchase games and digital gift cards in their local currencies through dedicated marketplaces.

In addition, the growing popularity of cryptocurrencies among millennials and Gen Z Indians has led to the emergence of cryptocurrency exchanges offering gift card features. This allows users to gift cryptocurrencies to their loved ones during festive seasons.

The COVID-19 pandemic has further accelerated the adoption of digital gift cards, as consumers look for safe and convenient gifting options. E-commerce ventures have witnessed a surge in gift card sales and are offering attractive discounts to attract customers.

Not only e-commerce ventures, but other sectors like OTT and content platforms, travel companies, and food and beverage establishments are actively promoting gift cards as an attractive gifting option. They offer discounts and coupons to entice customers, making gift cards a preferred choice for festivals and holidays in India.

Stay tuned to discover more upcoming trends in the Indian gift card market and how digitization is shaping the future of gifting in India.

Digitization Shaping the Future of Gifting in India

The impact of digitization is revolutionising the gifting landscape in India. With the rapid growth of e-commerce, there has been a significant shift towards digital gift cards. The convenience and practicality of online shopping have made digital gift cards increasingly popular across various industry verticals.

One area that has experienced tremendous growth is the online gaming gift card market. With the rise of the online gaming industry in India and globally, online gaming gift card marketplaces are raising funding rounds to expand their offerings. These marketplaces enable gamers to purchase games and digital gift cards in their local currencies, catering to the growing demand for online gaming in the country.

Digitization has also led to the emergence of cryptocurrency exchanges offering gift card features during festive seasons in India. This capitalises on the growing popularity of cryptocurrencies among millennials and Gen Z Indians. With these features, users can now gift cryptocurrencies to their loved ones, providing a unique and innovative gifting option.

The pandemic has further accelerated the adoption of digital gift cards

The pandemic has further accelerated the adoption of digital gift cards. Consumers are actively seeking safe and convenient gifting options, making e-commerce ventures record significant growth in their gift card sales. These ventures often offer attractive discounts to attract customers, making digital gift cards an appealing choice in uncertain times.

Not only are traditional retail sectors embracing digitization, but OTT and content platforms, travel companies, and food and beverage establishments are also actively promoting gift cards as an attractive gifting option. By offering discounts and coupons, they are enticing customers to choose gift cards, further driving the growth of the digital gifting industry.

The future of gifting in India lies in digitization, as consumers increasingly embrace the convenience and flexibility that digital gift cards offer. As e-commerce continues to grow and evolve, we can expect even more innovative gifting options to emerge, catering to the changing preferences of the Indian market.

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Key Players in the Indian Gift Card Market

When it comes to the Indian gift card market, there are several key players who dominate the industry. These major retailers and e-commerce giants hold a significant market share and offer a wide range of gift card programs to cater to different consumer segments.

One of the leading players in the market is Flipkart Online Services Pvt Ltd. As one of India's largest e-commerce platforms, Flipkart has expanded its gift card offerings to target the growing online shopper segment. Another prominent player is Tata Group, which has launched innovative gift card programs to attract customers and boost sales. Future Group is also making waves in the industry with its unique gift card initiatives.

In addition to these players, other key players in the Indian gift card market include Reliance Group, Amazon.com Inc, Aditya Birla Group, and K Raheja Corp. These companies focus on brand penetration and employ various promotional techniques to gain a competitive advantage in the market.

Major Retailers and E-commerce Giants:

  • Flipkart Online Services Pvt Ltd
  • Tata Group
  • Future Group
  • Reliance Group
  • Amazon.com Inc
  • Aditya Birla Group
  • K Raheja Corp

With their strong market presence and diverse gift card offerings, these key players play a crucial role in shaping the Indian gift card market and meeting the gifting needs of consumers across the country.

Market Size and Growth of the Gift Card Market in India

The gift card market in India is projected to reach a market size of US$ 10.70 billion by 2023, with a forecasted compound annual growth rate (CAGR) of 21.70% during the period of 2023-2030. This growth is driven by the increasing demand for gift cards across various sectors, including online retailers, corporate institutions, department stores, and coffee shops.

The market is segmented based on card types, including e-gift cards and physical cards, as well as distribution channels, such as online and offline sales. With North America and Europe holding a significant market share, the gift card market is led by key regions including North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

Major players in the gift card market in India include EbixCash, QwikCilver, LivQuik, igp, and eVoucher India Pvt Ltd. These players focus on strategies such as mergers and acquisitions, expansion plans, and new product launches to gain a competitive edge. The market is highly competitive, with players constantly striving to stay ahead in terms of market dynamics.

Looking ahead, the gift card market in India is set to witness significant growth, driven by the increasing popularity and convenience of gift cards as a gifting option. As more brands and businesses launch innovative gift card programs and customer-centric initiatives, the market is expected to flourish and provide consumers with a wide range of attractive gifting options.

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Shuaib Azam
Shuaib is a Marketing & Growth lead at Hubble. When he isn't working on growth initiatives, Shuaib writes fiction and doodles space monkeys.
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