If you want to boost your revenue, build meaningful relationships with your customers, increase traffic, and grow your business; gift cards are one of the best ways to get started. They’re extremely cost-effective to produce and the potential revenue you can earn makes them vital to a growing business. Let’s look further into the benefits of offering gift cards within your business.
- Boost Revenue
Gift cards boost revenue since they’re extremely cost-effective to produce and people generally spend over the gift card limit. Since many people see the amount on the gift card as “free money”, two out of three consumers will spend 38% more than the gift cards value.
- Increase Traffic
Gift cards will increase traffic to your store since gift cards are generally being given to a different recipient than the buyer. This gives you two customers, the customer who bought the gift card and the person who received it.
- Point of Sale Matching
Gift cards are extremely handy because they integrate with your point of sale system. You can track gift card transactions and regular transactions all in one place; easily tracking your customers behavior.
- Reduces Fraud
The data breaches that have been happening the past year or so brought security of personal information to the forefront of people’s minds. Gift cards can reduce stealing personal information since gift cards don’t carry any, and they aren’t easily duplicated like paper gift certificates.
- Spreads Brand Awareness
One of the most cost-effective ways to spread brand awareness is by offering gift cards. As your customers love your products or services, they will want to share their experiences with their friends and family. Word-of mouth is one of the most powerful ways to advertise, and having gift cards available for purchase will do just that.
- Builds Relationships
Using gift cards in tandem with a reward program builds relationships with your customers. You can give gift cards away if they spend a certain amount on your products or services, or you could give them a gift card to settle disputes.
- Unused Cards are Pure Profit
This one speaks for itself, sometimes gift cards go by unused for whatever the reason may be. When this happens, it’s pure profit for your business.
Whether your goals include building relationships, generating more revenue, or increasing traffic to your business; gift cards can help you reach new business goals.