Did you know that one in four consumers plan to spend more on gift cars this year than they did last year. Gift card programs are a simple and powerful way to create higher revenue and loyal customers. Customers love giving and receiving gift cards. Don’t miss out, offer gift cards this Christmas and make money the easy way.
Selling Gift Cards in your business increases sales and profits. Perfect for Salons, Retail Stores and Auto Shops.
Purchasing a gift card during the holiday season used to be an after thought. It was something you purchased for your Aunt Mildred at the last minute because you didn’t know what else to buy her. However today, seventy two percent of consumers say they purchase gift cards because they offer the recipient a choice (2). In fact, consumers prefer to give gift cards as opposed to a traditional gift. This may be the reason that the market for gift cards is expected to grow to $260 billion by 2026 (3) This is a powerful stat because it means that consumers are looking to purchase gift cards from your business. Do you have a gift card program? If not, me now.
Don’t miss out on a significant source of revenue. Selling gift cards is easy and profitable.
The U.S. Gift Card market is forecast to grow at 9% (1).
Implementing a gift card program is essential for every type of business. In the past, traditional retailers like clothing stores and coffee shops had gift cards available for purchase. With the advent of electronic gift cards, more and more businesses are implementing gift card programs to increase revenue and promote their businesses. From automotive repair shops to hair salons and everything in between, business owners realize the importance of having a robust gift card program. Below are some interesting statistics from the Q3 2023 Gift Card Gauge from Fiserv,
- 41% of consumers purchase gift cards because of convenience of ordering and the fact that you don’t have to wrap it!
- The majority of people (47%) expect to receive a gift card in the amount of $25 and 26% expect to receive a gift card for at least $50. Only 7 percent expect to receive a gift card for less than $25.
- 68% of consumers plan to purchase gift cards this holiday season, 65% will be purchased directly from the retailer where the card will be used.
- 27% of consumers plan to spend more on gift purchases this year.
The market for gift cards is growing, consumers are planning to spend more on gift card purchases and most consumers like receiving gift cards. As business owners, we should always be looking for opportunities to grow our businesses and implementing a branded gift card program is a easy way to increase revenue. Want to learn more, just contact Mike Daniel by pressing the button below.
Gift card programs are an easy and cost effective way to increase brand awareness and brand preference.
Small business owners don’t usually think of their businesses as brands, however that is simply not true. Your auto repair business or restaurant is successful because people prefer your product or service over your competitor. That is a simple example of brand preference. Consumers have a choice, they can buy a cup of coffee at a mega franchise or enjoy the ambiance of the corner boulangerie. Something about your business differentiates you from your competitors and consumer consciously or unconsciously view your brand as preferable. One way to increase brand awareness and brand preference is to have a robust gift card program.
- Gift cards reinforce a consumer’s brand preference. Every time someone purchases a gift card from your business, their brand preference is reinforced.
- A gift card program increases your brand’s reach. Your Aunt Mildred might not have ever tried your favorite bakery. Now, thanks to your gift card, she is a regular.
- Your gift card is an omni-channel marketing tool that increases brand awareness. By promoting your website on your gift card, the consumer can learn more about your products and services.
Create a buzzzz in your business: Sell gift cards and expand your market!
Marketing is all about creating a buzz about your product or services. So it important to create a buzz around your gift card program is critical for success. . If your customers like your products and services, they’ll want to give it to their friends and family. Whether you implement a digital gift card program or a more traditional plastic gift card program, shout it out to your customers.
- According to the Fiserv Q3 Gift Card Gauge, 46% will be looking for gift cards near the checkout counter.
- Promote your gift card program with a large poster at the checkout. Most merchant service programs offer a multitude of marketing material for your gift card program.
- Train your staff to promote your gift card program. Give employees incentives for selling gift cards. Be sure to train staff on how to run a gift card transaction.
- Promote your business by giving gift cards away at chamber of commerce events. Or canvas your neighborhood and give away gift cards to increase foot traffic in your business.
Gift card programs typically cost about $0.25 per plastic branded card. Many point of sale systems allow the business to sell digital gift cards. Both are easy to implement and well worth the investment. Gift card programs pay for themselves through increased sales, increased brand awareness and brand loyalty.
Consumers love giving and receiving gift cards.
The gift card has become the ubiquitous gift, with 55% of people’s budget going toward the purchase of gift cards this holiday season. This is good news for your business as consumers will spend an average of $59 more than the value of the gift card at your business. (2018 Fiserv U.S. Gift Card Consumer Insights Study, October 2018). Finally, gift cards can be customized for any holiday or occasion and its never too late to start a program. Need help, contact Mike Daniel to start a gift card program for your business.
