The third edition of the Gift Card Conclave conducted by Qwikcilver Solutions held at Bengaluru witnessed various stalwarts from the gift card industry having panel discussions on the future of gift cards and the role played by gift cards in customer loyalty under one roof.
This edition also saw leading business practitioners from across Asia-Pacific discuss the growing adoption of gift cards and how this is going to thrive in the years to come.
The theme for this year’s conclave was ‘Gifting Re-Imagined’ and 16 brands, including Zee 5, Tanishq, Kurl-on, Jockey and Speedo, launched their gift card programmes at the conclave.
A whitepaper released on the occasion, highlights quantitative and qualitative insights into the gifting market in India.
By the year 2024, the forecast for the global gifting industry is valued at $698 billion. India will be one of the strongest growth contributors to the global category, with the current gifting market estimated at $65-70 billion.
2018-19 witnessed almost 3x growth in gift and e-gift card issuance compared to 2017-18, with 270.86 million cards issued globally during this period.
The growing use of digital ‘storage container’ wallets among consumers makes it easy to track, manage and redeem e-gift cards.
Qwikcilver studies have shown that 93% Indians prefer sending/receiving e-gift cards as compared to physical cards. Furthermore, gift card redemption takes places within the first 30-40 days.
The finding showed that hospitality and spa experiences account for the highest value across categories, with an average load value of ₹5,639 and ₹5,192.33 respectively.
Qwikcilver Solutions, provides end-to-end gift card and stored-value-card solutions to retail and corporate customers through their unique SaaS model.
In April 2019, Singapore based Pine Labs, a merchant platform company, acquired Qwikcilver Solutions for $110 million.