The United Arab Emirates (UAE) has caught the e-gift bug and it’s a perfect way to create business, satisfy employees, and even contribute to goodwill, during these trying Coronavirus times.
UAE’s gift and incentive card market
Historically, the gift card market in the UAE recorded a steady growth of 19.2% from 2015 to 2019. Adoption of e-Gift cards is expected to increase significantly over the next 4-6 quarters and is expected to record a 13.3% growth during 2020-2024, from $1.27 billion in 2019 to over $2 bn by 2024.
In 2019, the UAE e-commerce market, a contributing factor to e-Gifts, accounted for over 30% of the retail trade in the GCC and expected to reach $30.6 bn this year.
Corporates get into the game
In April 2019, YouGotaGift, a digital gift card company, introduced an employee rewards solution, “Rewards ‘ ”. Corporates can use Rewards’ to recognize their employees for several achievements such as outstanding projects, excellent performance, innovation, safety rewards, and stellar track record. The company has seen a 225% increase in the number of businesses signing up for its loyalty and recognition digital programs during 2019.
With an objective to deliver happiness and help customers and businesses, Husain Makiya, CEO of YouGotaGift described his company as the region’s largest network of over 400 eGift Card brands across the GCC and over 180 top eGift Card brands in Saudi.
“We have seen almost 80% rise in online searches compared to last year and the number keeps growing month on month with March and April 2020 showing over 35% increase than February 2020,” Zawa reported him as saying.
The trend amongst corporates is choosing digital gift cards to incentivize, reward, motivate, and show appreciation to employees, customers, and business partners.
And corporates find it affordable to use e-gift cards option for their employees especially during difficult economic conditions when a raise in salary or bonus disbursal is not viable.
YouGotaGift has also seen a strong rise in eGift Cards being used for humanitarian purposes, with many families in need of daily essentials. YouGotaGift has initiated a ‘Care Card’ with brands from Carrefour, Lulu, Noon, Uber Eats, Talabat, Valucart, Etisalat, Du, and more, covering essentials like grocery, medicine, food delivery, and mobile recharge.
Branded e-Gift cards
In July 2019, Google Play launched its gift card in the UAE to purchase apps, movies, books, and to use as vouchers at leading retailers based in the UAE.
The five denominations available for the UAE are 30 Dirhams ($8), 50 Dirhams ($13.6), 100 Dirhams ($27), 300 Dirhams ($82), and 500 Dirhams ($136).
Similarly, Netflix launched a new gift card for the UAE subscribers in November 2019, ranging in price between $38 and $188, allowing consumers to become a Netflix member and pay for their subscriptions.
Amazon offers e-gift cards that never expire and carry no fees and are redeemable against the purchase of millions of items. Gift cards can carry any amount and are delivered via email with a personal message.
Once purchased, a gift certificate is sent to parents via email who have up to six months to shop more than 250,000 products. The entire amount need not be redeemed in one transaction during check out but rather deducted from the total bill. Delivery is free.
My List has partnered with more than 100 retailers and service providers in the UAE and Egypt to offer numerous options spanning categories such as fashion and beauty, children and toys, and leisure and luxury experiences. Gift cards are available in different denominations from 50 Dirhams to 5,000 Dirhams ($1360) and are valid for 12 months upon activation.
Jumbo offers online gift cards valued at 50 Dirhams, 100 Dirhams, 200 Dirhams, and 500 Dirhams and can be used to shop thousands of consumer tech products online, spanning mobile phones, TVs, computers, cameras, wearables, accessories, personal care gadgets, and more.
Geekay Games is offerings e-gift cards for PlayStation, Xbox, Steam, Google Play, or Nintendo eShop.