If you aren’t positioning your gift cards properly, you could be missing out on a rapidly growing industry. The gift card market is continuing to expand with gift card sales totaling over 160 billion in the United States during 2018, up 11 billion form the prior year.
The gift card market is continuing to grow, with gift cards now being the most requested gift during the holiday season. A survey done by creditcards.com shows that nearly 60% of survey respondants said they rather recieve a git card than a specific item. On top of that over 70% of customers will spend more than the value of a gift card in store when redeeming it.
With physical gift cards making up 75% of total gift card sales, according to a study by NGC Group, the positioning of your gift cards in store is still key to ensuring they are noticed and sold; however, if you are not offering gift cards online you could be missing out on 25% of potential customers.
With the growth in the electronic gift card market, ensuring customers can easily purchase gift cards online should be a priority for any B2C venture. Using an existing platform for gift cards such as DataCandy can allow you to quickly and easily set up both physical and digital gift cards.
It is important to treat gift cards the same way that any other item in a store is treated. When you are creating gift cards for your store or service, it is important to make sure the creative on the gift card is optimized for your customer as well as their current state of mind. Gift cards you promote during summer months should be different than the ones you promote during the winter holidays. Gift cards should also be available in different themes and colors so they can grab the attention of different personality types.
If gift cards aren’t currently part of your business venture, or if they aren’t performing well, you should take some time to analyse how you can include gift cards in your business, so that you can take advantage of the growing industry.
- Gift card sales topped 160 billion in the US last year
- 25% of gift card sales are e-gift cards
- Gift card designs should be as unique as your customers
- Over 70% of customers will spend more than the value of a gift card at redemption
Last modified: December 31, 2019