The India Gift Card And Incentive Card Market size is estimated at USD 10.70 billion in 2023, and is expected to reach USD 28.56 billion by 2028, growing at a CAGR of 21.70% during the forecast period (2023-2028).
One of the major factors driving the growth of the gift card market in India is the robust growth of the e-commerce industry.
The Indian gift card and incentive card market could be more cohesive. New players are entering the market as it is lucrative. Market participants are aggressively growing their industry penetration in order to get a competitive advantage over others. Market participants are focusing on brand penetration through solid promotional techniques. Few competitors in the B2B sector promote their cards as tax-advantage cards. All the initiatives and actions by suppliers are likely to favorably influence the growth of gift card sales in both the personal and business categories.
In December 2022, eGift cards will be available on iHerb, an online store that sells vitamins, minerals, and other supplements.The site has also made it a priority to offer the best wellness, personal care, and health products at the best prices and have them delivered straight to customers' doors.
In November 2021, QwikCilver also entered into a strategic partnership with Airlink. Under the partnership, Airlink also launched gift cards for its customers that are redeemable against air tickets and several other services on its official website.
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