KSA Gift Card and Incentive Card Market Share, Revenue, Trends, Demand, Key Players, Growth Drivers, Challenges and Business Opportunities Till 2033


KSA Gift Card and Incentive Card Market Share, Revenue, Trends, Demand, Key Players, Growth Drivers, Challenges and Business Opportunities Till 2033: SPER Market Research

 Category : Consumer & Retail

 Published: Feb-2024
 Author: SPER Analyst

Saudi Arabia Gift Card & Incentive Card Market is projected to be worth USD XX Billion by 2033 with a CAGR of 7.3%.

Prepaid cards with predetermined amounts on them, known as gift cards or incentive cards, can be used to pay for goods and services at participating merchants. Giving gifts that are convenient and flexible allows the recipients to select the goods or services that they want. Conversely, incentive cards are a tool that corporations use to thank and encourage individuals or staff for their accomplishments or commitment.

Saudi Arabia Gift Card & Incentive Card Market Driving Factors and Challenges
The Saudi Arabian gift card market has enormous growth potential due to the country's numerous gift-giving occasions. Although Tier 1 cities continue to dominate, the use of gift cards has been rising in Tier 2 and Tier 3 cities as well. In addition, the market is expanding due to the widespread use of corporate gift cards as incentives for sales and awards for recognising employee excellence. The primary drivers of the market's expansion are consumers' ongoing engagement with shopping, which is made possible by the swift expansion of digital commerce and the proliferation of new technologies that offer them convenient and inventive payment choices. 

Additionally, continuing technical advancements in gift cards allow businesses to sell more by making their product offers more distinctive and alluring, which fuels the expansion of the gift card market. The robust growth of the e-commerce industry is one of the main reasons propelling the growth of the gift card market in Saudi Arabia. Due to the extended lockdown limitation and the nation's growing internet and smartphone penetration rate, the number of customers who have resorted to online purchasing has climbed dramatically over the last four to eight quarters. The younger Indian generation of consumers would be the main force behind the online retail business since they prioritise mobile buying. Its expansion is also being aided by online purchasing choices from several e-commerce websites. Notably, in the upcoming years in Saudi Arabia, the expansion of the e-commerce sector will sustain the expansion of digital gift cards as well as the gift cards business as a whole.

However, one of the main things limiting the market growth is making sure that consumer data is managed securely and privately. Additionally, some customers may not know enough about reward and gift cards or may have false views about them, thinking they are impersonal or only useful in certain situations. Customers can be informed about the benefits and versatility of these cards to help overcome these challenges. Additionally, the gift card and incentive card industries are subject to regulations and compliance requirements. Compliance with these rules, which cover things like transparent terms and conditions and expiration dates, may be challenging for industry participants.

Impact of COVID-19 on Saudi Arabia Gift Card & Incentive Card Market
Saudi Arabia's gift card and incentive card markets have been significantly impacted by the Covid-19 outbreak. The market has been impacted by modifications in customer behaviour, lower consumer expenditure, and temporary store closures. But as customers looked for contactless giving options amid lockdowns and social distancing measures, the market has also seen a rise in the use of digital solutions and e-gift cards.

Saudi Arabia Gift Card & Incentive Card Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Alyce, Amazon, Givingli, Ininal, One4all, Qwikcliver, Riskified, Swile, Tango Card, Transcard, Others.

Saudi Arabia Gift Card & Incentive Card Market Segmentation:

Consumer: Based on the Consumer, Saudi Arabia Gift Card & Incentive Card Market is segmented as; Corporate, Individual.

By Product: Based on the Product, Saudi Arabia Gift Card & Incentive Card Market is segmented as; E-Gift Card, Physical Card.

By Distribution Channel: Based on the Distribution Channel, Saudi Arabia Gift Card & Incentive Card Market is segmented as; Offline, Online.

By Region: This research also includes data for Eastern Region, Northern Region, Southern Region, Western Region.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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