Key Points

• Giftify’s (NASDAQ:GIFT) CardCash processed 112,084 buy orders through March 22, up from 6.2% YoY.
• The week ending March 16, 2026 saw buy-to-sell ratio reach 2.07x and buy orders hit their strongest one-week volume since 2020.
• The strong buy order results follow CardCash’s recent news that showed 14% YoY increase in sell orders and 19% more sellers in the marketplace over the last year.

Giftify (NASDAQ:GIFT) has reported another strong update from its CardCash platform, this time on the demand side, and it helps complete the picture of how the marketplace is evolving.

Through March 22, CardCash processed 112,084 buy orders, up from 105,583 in the same period last year, pointing to growing buyer activity across the platform.

One week in particular stood out. The week ending March 16 recorded 10,386 buy orders, among the highest weekly volumes the platform has seen since 2020.

Looking at its recent updates holistically, today’s news shows more people are not just selling gift cards - there are more of them buying them too.

A closer look at demand strength

One of the more telling metrics here is the buy-to-sell ratio.

During its strongest week in the period, CardCash recorded a ratio of 2.07 to 1, meaning there were more than two buy transactions for every sell order.

That’s important because it gives a clearer view into underlying demand.

A higher ratio typically suggests that inventory is being absorbed quickly, and that buyer interest is strong relative to supply. In other words, the marketplace isn’t just growing, it’s active.

Good returns from marketing spend

Another interesting part of this update is how that demand is being generated.

The company highlighted that paid marketing channels are still delivering solid returns with return on ad spend (ROAS) ranging between 2.75x and 3.14x through Q1.

At the same time the affiliate channel continues to grow, with increasing average order volumes through Rakuten. This is great news of the strength of CardCash’s partner channels, building on this week’s news on a new partnership with Capital One Shopping.

It suggests CardCash is able to grow buyer activity without significantly increasing customer acquisition costs, something challenging for many marketplace businesses as they scale.

Why this could matter heading into Q2

There’s also a timing element here.

The rise in buyer activity is happening just as CardCash enters the spring period, when demand for discounted gift cards typically increases.

At the same time, the company has been expanding its distribution channels, including its recent Capital One Shopping partnership, which places CardCash offers directly in front of high-intent users.

Taken together, stronger supply, growing demand, and expanded distribution could start to reinforce each other as the year progresses.

What investors should watch next

This update adds another piece to the story, but the focus now shifts to consistency.

Investors will likely be watching:

1. Whether buy-side momentum continues through Q2
2. How the buy-to-sell ratio evolves over time
3. Whether marketing efficiency remains stable as the platform scales

If CardCash can continue growing both supply and demand while maintaining efficiency, it could move closer to a more durable and scalable marketplace model.

The bigger picture for Giftify

Giftify (NASDAQ:GIFT) operates a portfolio of digital platforms across incentives, rewards, and marketplace commerce, with CardCash sitting at the center of that model.

It connects sellers looking to liquidate unused gift cards with buyers looking for discounted options across more than 1,100 retailers, acting as a two-sided marketplace.

Restaurant.com and Takeout7 complement this by expanding into dining, entertainment, and restaurant technology, giving the company broader exposure to consumer spending trends.

Simply Wall St analyst Bailey and Simply Wall St have no position in any of the companies mentioned. This article is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.