Colombia Gift Cards Market to Grow at a CAGR of 13.4% During 2024-2032, Aided by the Growing Popularity of E-Commerce Platforms

Gift cards are prepaid cards containing a set amount of money, and facilitate transactions in various sectors like e-commerce, retail, and dining. They offer flexibility with minimum and maximum loading amounts, enhancing purchasing convenience. Commonly used for gifting during occasions like birthdays, they grant recipients the freedom to choose their desired items.

In Colombia gift cards market, a notable trend is the rising popularity of e-gift cards, providing enhanced convenience by direct delivery to recipients and facilitating diverse usage across travel, dining, and apparel sectors. The growing popularity of e-commerce websites like Amazon.com, Inc. (NASDAQ: AMZN), Grupo Éxito S.A. (exito.com), Colombiana de Comercio S.A. (alkosto.com), Sodimac Colombia S.A. (homecenter.com.co), and Falabella de Colombia S.A. (falabella.com.co), among others, is playing a crucial role in leveraging e-cards as a marketing tool. Further, growing high-speed internet penetration in Colombia is supporting the growth of e-commerce. According to the World Bank, about 73% of the population in Colombia had access to the internet in 2022, which was only 56% in 2015.

In addition, gift cards serve as a prominent B2B and B2C customer retention strategy for companies. Providing e-gift cards can be advantageous for B2B enterprises as it can set them apart from competitors. It can also help in building a friendly relationship with customers and impact their purchasing habits.

Further, various companies are using this as a marketing tool to bolster brand awareness and to launch new products.  For instance, in Feb 2022, Givex and iFood launched the successful iFood Card program in Colombia, leveraging Givex's omnichannel processing capabilities. The iFood Card, exclusively redeemable for food, is accepted in 40,000 establishments across Colombia. With Givex's technology and support, iFood aims to replicate the success achieved in Brazil, with plans to sell 100,000 gift cards. This partnership reflects a commitment to innovation and customer satisfaction.

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Market Breakup by Type, Functional Attribute, Business Type, Application, and End User:

• The market is bifurcated based on type into virtual card and physical card.

• Based on the functional attribute, the market can be divided into closed-loop card and open-loop card.

• The market is segmented based on business type into B2B and B2C.

• The market is segmented based on application into apparel, footwear and accessories, consumer goods, health, wellness, and beauty, restaurants, café, and bars, travel, tourism, and hospitality, books, media, and entertainment, grocery, and e-commerce stores, among others.

• Based on end user, the market is bifurcated into retail and corporate institutions.

• Region-wise, the global market for Colombia gift cards can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Gift cards are prevalent in various sectors like e-commerce, retail, and dining, offering flexibility in loading amounts and enhancing purchasing convenience. These cards play a crucial role in establishing a strong relationship with clients and businesses, impacting their purchasing habits.

• There is a surge in popularity of e-gift cards in Colombia, offering direct delivery and convenience of usage across sectors like travel, dining, and apparel.

• Major e-commerce platforms are driving the adoption of e-gift cards as a marketing tool, leveraging the growing trend of online shopping.

• Increasing adoption of high-speed internet in Colombia is driving the demand for virtual/e-gift cards.

Key Offerings of the Report:

• The EMR report gives an overview of the Colombia gift cards market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the type, functional attribute, business type, application, and end user of gift cards in Colombia.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the Colombia gift cards market are Amazon.com Inc., Apple Inc., MercadoLibre Colombia LTDA., Bixxus Colombia, AIRFILL PREPAID AB, Éxito, Payless ShoeSource PSS de Colombia S.A.S, Falabella.com SAS, El Kiosco del Regalo, Columbia Sportswear Company, El Corral Gourmet, Gift Card Colombia SAS, and ARTURO CALLE SAS, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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