Dublin, Oct. 02, 2020 (GLOBE NEWSWIRE) — The “Indonesia Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) – Market Size and Forecast (2015-2024) – Covid-19 Update Q2 2020” report has been added to ResearchAndMarkets.com’s offering.
Covid-19 outbreak is expected to impact growth of gift card industry in Indonesia though it remains one of the least affected sectors. In recent years, growth in the gift card industry in Indonesia can be primarily attributed to the e-commerce market growth, rising adoption of gift cards by the corporate houses, and increasing smartphone penetration in the country.
According to the Global Gift Card Q2 2020 Survey, adoption of open loop gift cards and digital gift cards (e-gift cards) is expected to drive growth in near term as more consumers adopt gift card for self-use and gifting.
In value terms, the gift card market in Indonesia has recorded a CAGR of 23.7% during 2015-2019.The gift card industry in Indonesia will continue to grow over the forecast period and is expected to record a CAGR of 12.2% during 2020-2024. Gift card market in the country will increase from US$ 1,384.5 million in 2019 to reach US$ 2,160.5 million by 2024.
The rising smartphone uses and increasing internet penetration is creating growth opportunities for the gift card industry. As much as 70% of the population in the country owns a smartphone. As the number continues to rise, it is expanding the growth opportunities of gift card issuers. For instance, in December 2019, Ultra Voucher, an Indonesian gift card issuer launched UV Gift Card in the country. This gift card can be accessed through the Ultra Voucher mobile application. The new card allows its users to shop more than 200 brands from 38,000 outlets .
Corporate spending on the gift card is also driving further growth for the market. Corporates such as BRI Prioritas, Fuji Xerox, Toluna Hong Kong, AXA Mandiri, and Astra International are widely using gift cards to offer rewards and incentives to their employees. Leading food and beverage retailers such as Starbucks offer customized gift cards for corporates .
The Gift Card Indonesia (GCI), is a leading gift card provider in the country, which has partnered with leading organizations and several others to power their incentive and reward programs. To further drive the growth in the Indonesian market, the gift card company also partnered with hypermarkets and other retailers in the country. Moreover, Google, Amazon, and iTunes from Apple has a strong presence in the Indonesian gift card market .
Another emerging trend that will boost the growth of the gift card market is the ability to purchase bitcoin and other altcoins through gift cards. Some of the key third-party players include paxful.com and ipayyou.io.
This report provides a detailed data centric analysis of gift cards and corporate incentive cards market along with consumer behaviour and retail spend dynamics in Indonesia. With over 200 KPIs at country level, this report provides comprehensive understanding of gift and incentive card market dynamics.
Closed Loop Gift Card Market Share by Key Retailers. Key Retailers Covered Include:
- Salim Group
- Trans Retail Indonesia PT
- Matahari Putra Prima Tbk PT
- Sumber Alfaria Trijaya Tbk PT
- Delhaize Group Sa
- Kompas Gramedia Group
- Ace Hardware Corp
- Lotte Group
- Sophie Martin Indonesia PT
For more information about this report visit https://www.researchandmarkets.com/r/51fzwl
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