It gives the customer something better than a refusal, and you’re likely to keep them satisfied and coming back to spend the amount later. This can also be an option if a customer wants to return an item after your regular grace period. If a customer wants to return an item to your store but doesn’t have a receipt, offering a gift card instead of a refund is a great way to keep their dollars in your business. And include gift card offers in your email marketing and social media campaigns. Use signage around the store that promotes your gift card options to shoppers as they browse. Display your gift cards near the cash register. Let your current customers know that you offer gift cards, so you’re top of mind when they’re in the market for a special gift. As noted, it can be sent either digitally or by mail. You’re able to personalize a gift card with the recipient’s name as well as your preferred design. Take notes from a retailer like Nordstrom.
That means smaller retailers that offer gift cards can compete with or even beat out large stores. Giving a gift card can feel impersonal, but when it’s from a giver’s favorite store, it feels like more thought went into the selection. Gift card sales grew 114% during the 2021 holiday season for retailers. Gift cards, however, often bring recipients through your doors during the lull as they spend their present after the holiday rush, thus increasing your first-quarter revenue. Retailers love the jump in sales that happens during the fourth quarter, but it can make January and February feel slow. Gift cards make great last-minute gift before Christmas brands report up to a 114% increase in gift card sales in November and December of 2021. Gift card sales, both physical and digital, tend to spike during the holiday season. READ MORE: 8 Ways to Use Gift Cards to Build Customer Loyalty Increase post-holiday sales For example, offer a free $10 gift card to customers who purchase $100 in gift cards. Gift card promotions, especially around the holidays, can be a great way to increase loyalty with your current customers. This is increasingly popular nearly 40% of consumers prefer digital gift cards that are scanned from their phone over a physical card, according to research by Gift Card Granny. The card is emailed to the recipient, eliminating the need for paper or plastic gift cards or certificates. The giver can conveniently purchase a gift card through your website, saving a trip to the store - perfect for last-minute gift purchases. Research shows that 52% of people bought a gift card to give someone else in the past 12 months. Providing gift cards to fundraisers also boosts your brand recognition and creates a reputation of your being a business owner who supports their community. By providing a gift card in lieu of a product or service, you open the door for the recipient to use their prize as they like and perhaps spend some extra money in the process. You can also give gift cards when you’re asked to make a donation to a local fundraising event. Customers who already know and love your business will purchase gift cards for friends, helping to grow your customer base. Gift cards can expose your business to people who may not have otherwise shopped in your store. More than half of consumers spend more than the value of a gift card when they use it. And here’s another fun revenue fact: 61% of consumers spend more than the value of the gift card, overspending by $31.75 on average. Shoppers with gift cards are also more likely to purchase some of your higher-priced items since they see the gift card as being “free money” to spend. That's why retailers like Amazon, Adidas, Michael's, Macy's, Best Buy, Home Depot, and Lowe's all incorporate gift cards into their sales strategy. Gift card sales bring in money when they’re purchased, but they also offer an opportunity for additional revenue when they’re redeemed. Tips for optimizing your gift card programīenefits of accepting gift cards as payment Increase revenue.
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How to process gift cards for small business.How to accept gift cards at your retail business.Benefits of accepting gift cards as payment.
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