Businesses are increasingly using gift cards to strengthen brand loyalty and enhance their product offerings. That is one of the findings of a new study published by Research and Markets. The report, titled "Global Gift Cards and Incentive Cards Market Intelligence, Innovation, Strategy, and Future Growth Dynamics - Market Size and Forecast (2012-2021)," looks at the growing application of gift cards -- for use in stock, lottery, and donations, for example -- with a particular focus on its use in corporate incentives.
The report, whose results are available for purchase, details the market dynamics of corporate incentive cards, which it segments into the categories of consumer incentive cards and employee/partner incentive cards. For each of the incentive gift card category types, the report details the size of the market and presents forecasts based on category level, functional attribute (open loop versus closed loop), and by corporate consumer segments (small, mid-sized, and enterprise business).
"In the past few years, usage of gift cards has gone beyond the traditional boundaries and new value proposition is emerging both for retail and corporate customers," writes the report's authors. "While in retail segment, gift cards are increasingly being used for self-use by Millennials; the card category is being utilized by businesses to strengthen brand loyalty, increase market share, and enhance product and service offering."
Drawing from its proprietary survey results, the report also provides analysis of consumer behavior by consumer type (retail versus corporate), card type (digital versus plastic), gifting occasion, and the market share by retail categories. It also delves into 20 individual countries, examining the market dynamics not just of the United States, but of Australia, Brazil, Chile, China, Colombia, France, India, Indonesia, Italy, Mexico, Nigeria, Philippines, Russia, Nigeria, South Africa, Thailand, Turkey, United Arab Emirates, and the United Kingdom.