Many people appreciate gift cards. People who get them will endorse a store even if they aren’t previous patrons of it. This creates business opportunities, as noted by Dom Morea, Senior Vice-President, Head of Gift Solutions at First Data.
“There is tremendous opportunity for businesses to drive sales and build brand loyalty by implementing gift card strategies and solutions…From employee rewards and customer service programs to social media promotions and marketing campaigns, gift cards are their own form of currency, offering convenient solutions for gift card purchasers and receivers alike.” Dom Morea Senior Vice President, First Data
Gift cards now can either be physical cards or digital ones. Physical cards are still the ones preferred by most people, though digital cards aren’t far behind. Digital cards are gaining in popularity, according to First Data’s 2017 Prepaid Consumer Insights Study. Another trend that is growing is mobile gift card apps.
Creating your own store currency
People also tend to get gift cards from gift card malls, or places where different gift cards are sold. This is instead of those sold in physical stores. Many people also get gift cards because of the incentives that they bring. This is the agreement that all gift card purchasers and users have regarding it.
These incentives might come in the form of a bonus gift card, a free item or a bonus amount added to the card.
This adds even more value, and is a reason why people would love to buy and receive them. With such incentives, it creates more business opportunities for many establishments, which in turn creates more goodwill between business and consumers.
This is a strategy that Amazon have done numerous times in the past, offering $25 gift cards for $20. They are taking a small hit but to guarantee that your $20 will get spent on Amazon.
As it is, gift cards are great to be given to people. Many people appreciate getting one. The benefits they bring are further incentives to get a gift card.
With this in mind how do you think you could implement gift cards into your business? Leave your comments below.