Dublin, March 18, 2021 (GLOBE NEWSWIRE) – “Middle East and Africa Gift Card and Incentive Card Market Information and Future Growth Dynamics (Databook) – Digital / e-gift card consumption analysis, carriers Retail and Corporate, Major Retailers, Distribution Channel, Events, and Demographics – January 2021 Update “Added ResearchAndMarkets.com’s offering.
The strong growth in the e-commerce sector in particular supported the overall gift card industry in 2020, a move that is expected to last over the expected period. An increase in the movement of smartphones and consumer bias towards online shopping has had a positive impact on the e-commerce sector. In South Africa, for example, the growth in the e-commerce market is one of the factors driving the growth of the gift card market in the country. With the growth of online sales, the cost of gift cards in the country is also likely to rise.
The gift card market in Kenya has recorded significant growth in the last few years. As one of the largest economies in East Africa, technological advances in the payment industry have expanded the market space of gift cards in Kenya. Market growth has been largely supported by the growing acceptance of gift cards by the millennials and Gen Z users, expansion in the retail sector, and the growing popularity of cryptocurrencies.
Consumers are widely accepting other payment options such as mobile wallets and electronic money transfers, instead of cash. The presence of the international brands in Nigerian mobile payment system like Visa with mVisa platform makes the mobile payment system more competitive. In addition, the global economic slowdown is not expected to affect the African economy and the gift card market in the coming years.
Demand for gift cards is also going up in line with the demand for cryptocurrencies. The trend of converting gift cards into bitcoins and then into cash is becoming very popular among Nigerians and Kenyans. Cryptocurrencies and gift cards lead the transfer market in Africa, and especially in Nigeria. Major players such as Paxful allow Nigerians to trade gift cards offered by domestic players such as Konga or Blessing Computer for bitcoins. Other well-known players offering this service in the country are Cardnosh and Cardtonic. Also, the demand for cryptocurrencies is growing in Kenya which is otherwise driving the growth of gift cards. This is due to the ease with which gift cards can be purchased with cash and traded for cryptocurrencies, without revealing the user’s identity.
The gift card market in the Middle East region has seen strong growth over the last few years. Gift card acceptance has skyrocketed across sales and corporate sectors with a range of usage issues that go beyond “gifting”. One of the factors driving the growth of the e-commerce market. Buyers encourage customers to shop online and offer gift cards to increase sales and drive customer loyalty.
This report outlines the impact of economic slowdown coupled with industry change and consumer sentiment as a result of turmoil stemming from the Covid-19 revolution on the gift card industry.
This report includes country level trend analyzes across the following gift card regions:
- Total Gift Market: A detailed view of the total cost of gifts, broken down by sales segments and consumers.
- Gift Cards: An in-depth analysis of opportunities in both open loop and closed loop prepaid gift card categories.
- Details of six required KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction, and transaction value.
- Corporate Incentive & Loyalty Cards: Market dynamics of corporate incentive cards, broadly divided into three categories – consumer incentive card, employee incentive card, and sales / affiliate promotion card.
- Digital Gift Card Analysis: Provides size and market forecast for digital gift cards, broken down by retail and corporate buyers. It also includes occasional gift card wear.
- Open loop and closed loop: Provides market estimates and forecasts to assess opportunities in open loop and closed loop and incentive card sections across consumer segments.
- Consumer perception and behavior: Key KPIs related to gift card dynamics include consumption by age, gender, and income level. In addition, it provides an overview of how consumers currently use gift cards across key sales segments.
- Sales Spending: Breaks down retail spending across sales segments to provide detailed insights into consumer behavior and the changing dynamics of gift card spending.
- Market share by retailer: Market share of closed loop gift cards with major retailers.
- Circulation channel analysis: Market share by distribution channel – online vs offline sales and 1st party vs third party sales.
Companies mentioned
- Shufersal Limited
- Super-Pharm (Israel) Limited
- Rami Levi Shivuk Hashikma
- Yeynot Bitan Ltd.
- Hamashbir 365 Holdings Ltd.
- Dor Alon Israel Limited
- Systems Between Ikea BV
- Shoprite Holdings Ltd.
- Select ‘n’ Pay Stores Ltd.
- Internationale Spar Centrale BV
- Wal-Mart Inc. Store
- Woolworths Holdings Ltd (South Africa)
- BIM Birlesik Magazacilik AS
- Migros Tic AS
- LC Waikiki Magazacilik Hizemetleri Tic AS
- Koc holds AS
- Teknosa Ic ve Dis Ticaret AS
- Carrefour SA
- A101 Yeni Magazacilik MP
- Yildiz holds MP
- Collaborative Consumers Union (CCU)
- Landmark group
- Emke Group
- Damas International Ltd.
- T Choithram & Sons
- Sharaf DG LLC
- Savola Group
- Saudi Co. For Hardware (SACO)
- Jarir marketing company
- United Electronics Co.
- Inditex, Diseno Textile Industria SA
For more information about this report, visit https://www.researchandmarkets.com/r/rw918q
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