Fifty-nine percent of gift cards are now offered electronically, up 18 percent from 2010, according to a new Bankrate.com report. This is good news for Millennials, since they’re more than twice as likely to lose traditional plastic gift cards than older adults.
“Digital gift cards are rapidly disrupting the $130-billion gift card market,” says Ben Kaplan, president and CEO of CashStar, a digital gifting company. “The popularity of digital gift cards also extends into the B2B space. The benefits remain the same. We provide retailers with a rich e-commerce experience for their business clients, including the flexibility to personalize the experience of bulk ordering of B2B gift cards.”
Electronic or digital gift cards delivered via email or text incorporating an award code offer instant gratification — making them extremely popular in this always-connected world.