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A New Trending Market for China
The development and adoption of new technology is paving the way for the next generation of retail. As one of the leading retail markets in the world, China is no stranger to high-tech advances or busy shopping avenues.
In a recent guest blog in Paybefore, Shoney Yuan, vice president at Stored Value Solutions (SVS), Asia, described gift cards as the new trend in China that has the potential to change the way Chinese consumers shop. According to the article, the size of the Chinese gift card market reached $160 billion USD in 2012 and is continuing to expand as more supermarket and department stores implement gift cards into their employee reward and incentive programs.
Although gift cards are still a relatively new concept to Asia, Yuan shares that current trends are indicating that gift cards are beginning to be used more by Chinese consumers on grocery and retail purchases. With an appetite for the flexibility and sophistication of gift cards increasing among young urban dwellers, Yuan pointed out that many international brands with a presence in China are beginning to launch Chinese versions of their gift card programs.
As the leading global provider of stored value, Yuan noted that SVS recently established a bureau in Shanghai to help local and multinational retail companies in China and Asia launch successful prepaid programs of their own. Although gift cards are not replacing cash as gifts any time soon, Yuan expects that gift cards will be the gift of choice in China within the next few years.