Gift cards and incentive cards are both prepaid cards, however they have different uses. Employed by companies, incentive cards encourage actions like reaching objectives or increasing involvement. Gift cards are usually delivered to recipients in person, giving them the option to select what they want to buy. Although they both offer versatility, their intended functions and target audiences differ greatly. Gift cards are perfect for personal gifts because they are typically issued by shops for usage at their particular stores. On the other hand, incentive cards are given out by companies or organizations as a component of award schemes to encourage desired actions. Incentive cards are usually issued through continuous programs, whilst gift cards are frequently given on special occasions. While incentive cards may be restricted to certain goods, services, or recipient-selected personalized prizes, gift cards provide a wide range of alternatives for purchases within a store.
According to SPER market research, ‘Saudi Arabia Gift Card and Incentive Card Market Size- By Consumer, By Product, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Saudi Arabia Gift Card & Incentive Card Market is estimated to reach USD XX Billion by 2033 with a CAGR of 7.3%.
Drivers: There are many significant factors contributing to the industry’s growth. Due to the market’s limited use of cash payments during the COVID-19 pandemic, gift card demand has increased significantly. In addition, as more people shop online, they are using safer and more efficient payment methods. The Saudi Arabian gift card market has enormous growth potential due to the abundance of gift-giving occasions. The market is still dominated by Tier 1 cities, but acceptance of Tier 2 and Tier 3 cities has grown. In addition, the market is growing since corporate gift cards are widely accepted as sales incentives and awards for recognizing employee achievement. The main drivers of market expansion are the steady relationship between consumers and shopping, which is a result of the explosive rise of digital commerce and the proliferation of new technologies that offer consumers creative and easy ways to make payments. The market for gift cards is growing as a result of continuous technology advancements in gift cards that help businesses sell more by making their product offers more distinctive and appealing.
Restraints: The expansion of the Saudi Arabian gift card and incentive card business market is hampered by a number of obstacles. Among these, privacy and data security issues are crucial because they erode customer confidence in digital payment systems. Issuers are made more complex by regulatory compliance with stringent know-your-customer (KYC) and anti-money laundering (AML) standards. Card usage is limited by low merchant acceptance, particularly among traditional businesses, and adoption is further slowed by low awareness and digital literacy. Another obstacle to broader acceptance is cultural preferences for monetary or tangible gifts. Small and medium-sized businesses are also discouraged from implementing such programs due to the expensive installation and maintenance costs. Consumer confidence is further undermined by the risks of fraud, theft, and misuse, and accessibility is hampered by technology constraints in remote areas.
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Riyadh (Capital city of Saudi Arabia) is estimated to dominate the gift card and incentive card market due to the region’s status as the economic and political hub of the country, with a high concentration of corporate offices and government entities. Some significant market players are Alyce, Amazon, Givingli, Ininal, One4all and 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.
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Saudi Arabia Gift Card and Incentive Card Market Outlook
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