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American Express (AXP) Unveils eGift Cards This Holiday Season
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In an attempt to address the growing need of the Americans to purchase contactless gifts this holiday season, American Express Co. (AXP - Free Report) has come up with an innovative option of eGift Cards.
This latest product from the company will make it easy for consumers to virtually wrap gifts for Christmas celebrations. Ranging from $25 to maximum $3000, these cards can be bought at Amexgiftcard.com and on a number of major retailers’ websites including Target.com and Walmart.com with more retailers to be added gradually.
This new-age trend of gifting e-cards gathered much more steam amid COVID-19 breakout, which has so far relegated in-store shopping to a secondary position with online shopping and gifting in the driver's seat. This touchless option to share gifs this Yuletide is going to be a huge rage as per the New Amex Trendex data, 57% of U.S. shoppers (or an estimated 30 million people across the country) prefer a contactless gifting option for their loved ones in the upcoming festivities.
The easiness of delivering these egifts through emails and the same reaching the respective recipient’s inbox without any hitch made this digital option much sought-after this holiday season. The recipient can load his/her eGift Card into a participating digital wallet and doesn’t need to download a separate app. The card is immediately ready for use in store.
Small businesses, which constitute an important customer base for American Express, are also seeking eCards for thanking and rewarding employees plus customers this season. Per the company’s survey, nearly 47% of the U.S. small business owners plan to purchase gift cards for business purposes.
For corporate gifting or reward needs, the company launched the American Express Virtual Reward Card earlier this year. This card offers instant delivery and redemption across the country, all without waiting for a physical product to arrive.
Per Research and Markets, the digital gift markets in the United States saw a CAGR of 29.1% during the 2015-2019 forecast period. The e-gift card industry in the country will continue to grow and is expected to witness a CAGR of 18.1% during the 2020-2024 time frame. The e-gift card market in the region is estimated to reach $101.979 billion by 2024. The report cites the COVID-triggered socio-economic environmental factor that accelerated growth in this segment.
Notably, the adoption of this digital service increased significantly since the second quarter of 2020 and is here to stay.. As a result, spending on e-gift card platforms by retailers is expected to escalate substantially to tap the business opportunity. Those with strong e-commerce units and well-established e-gift card programs are therefore likely to gain a plum market share.
Other companies that provide eGift cards include PayPal Holdings, Inc. (PYPL - Free Report) and Square, Inc. (SQ - Free Report) .
In a year’s time, the stock has gained 5.6% against the industry’s decline of 18.5%.
The stock carries a Zacks Rank #3 (Hold), currently. A better-ranked stock in the same space is Evertec, Inc. (EVTC - Free Report) , presently holding a Zacks Rank #2 (Buy). Its earnings surpassed estimates in the last quarter by 54.76%.
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The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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American Express (AXP) Unveils eGift Cards This Holiday Season
In an attempt to address the growing need of the Americans to purchase contactless gifts this holiday season, American Express Co. (AXP - Free Report) has come up with an innovative option of eGift Cards.
This latest product from the company will make it easy for consumers to virtually wrap gifts for Christmas celebrations. Ranging from $25 to maximum $3000, these cards can be bought at Amexgiftcard.com and on a number of major retailers’ websites including Target.com and Walmart.com with more retailers to be added gradually.
This new-age trend of gifting e-cards gathered much more steam amid COVID-19 breakout, which has so far relegated in-store shopping to a secondary position with online shopping and gifting in the driver's seat. This touchless option to share gifs this Yuletide is going to be a huge rage as per the New Amex Trendex data, 57% of U.S. shoppers (or an estimated 30 million people across the country) prefer a contactless gifting option for their loved ones in the upcoming festivities.
The easiness of delivering these egifts through emails and the same reaching the respective recipient’s inbox without any hitch made this digital option much sought-after this holiday season. The recipient can load his/her eGift Card into a participating digital wallet and doesn’t need to download a separate app. The card is immediately ready for use in store.
Small businesses, which constitute an important customer base for American Express, are also seeking eCards for thanking and rewarding employees plus customers this season. Per the company’s survey, nearly 47% of the U.S. small business owners plan to purchase gift cards for business purposes.
For corporate gifting or reward needs, the company launched the American Express Virtual Reward Card earlier this year. This card offers instant delivery and redemption across the country, all without waiting for a physical product to arrive.
Per Research and Markets, the digital gift markets in the United States saw a CAGR of 29.1% during the 2015-2019 forecast period. The e-gift card industry in the country will continue to grow and is expected to witness a CAGR of 18.1% during the 2020-2024 time frame. The e-gift card market in the region is estimated to reach $101.979 billion by 2024. The report cites the COVID-triggered socio-economic environmental factor that accelerated growth in this segment.
Notably, the adoption of this digital service increased significantly since the second quarter of 2020 and is here to stay.. As a result, spending on e-gift card platforms by retailers is expected to escalate substantially to tap the business opportunity. Those with strong e-commerce units and well-established e-gift card programs are therefore likely to gain a plum market share.
Other companies that provide eGift cards include PayPal Holdings, Inc. (PYPL - Free Report) and Square, Inc. (SQ - Free Report) .
In a year’s time, the stock has gained 5.6% against the industry’s decline of 18.5%.
The stock carries a Zacks Rank #3 (Hold), currently. A better-ranked stock in the same space is Evertec, Inc. (EVTC - Free Report) , presently holding a Zacks Rank #2 (Buy). Its earnings surpassed estimates in the last quarter by 54.76%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>