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For restaurants and retailers, gift cards and rewards programs offer a subtle yet powerful way to boost revenues.
Customers like gift and rewards programs, According to Wallethub.com, in 2017, sales of gift cards totaled an estimated $149 billion in the U.S. alone, and that figure is expected to reach $160 billion in 2018.
Holiday time, and any time
During the busy holiday season, and throughout the year, gift and reward/loyalty programs keep on giving back to the businesses that sell them. The initial sale provides instant cash flow, but the real value comes in redemption. Recipients of gift cards typically spend 40% above the face value, bringing additional revenue to the restaurant or store.
When that card can be replenished with stored value—think Starbucks cards—it has the potential to create a more loyal following for your business, especially if you create an incentive through rewards. The incentive can be small—discounts, points toward future purchases, a birthday freebie. Whatever you discover works for your customers, rewards drive purchases and encourage more frequent visits, as well as loyalty and word-of-mouth. When integrated into a custom app, especially one designed with a virtual reloadable gift card (stored value wallet), gift and rewards create the ultimate in convenience for consumers, and an ideal way to engage them.
Gift cards and rewards give back in other ways as well:
• Gift cards have lower per-transaction fees than debit or credit cards, saving you money. That’s a huge consideration for coffee shops and other businesses that tend to have smaller transactions.
• They help build brand awareness. They can introduce new customers to your business, and they act as miniature billboards.
• Rewards create goodwill among customers that lasts beyond the sale. They have the potential to encourage loyal followers to share their positive experiences with others.
• Gift cards are versatile and can serve many purposes: as a thank you, a reward for a job well done, an apology, a last-minute gift, a way to budget, and a prize.
• Gift cards are always the right size and color.
Getting started is easier than you think
Most gift cards are purchased as birthday gifts, but Christmas runs a close second. If you are looking for a way to boost revenue, and you don’t have a gift and rewards program yet, now could be a great time to get started. Because it takes time to plan and get a gift and rewards program up and running, there’s no time like the present to get a jump on the process. We put together this white paper to help you. In it, we’ve compiled tons of expert tips as well as the details you need to get started with your own gift and rewards program. Download the paper, Growing your Business with Gift, Loyalty, and Rewards, today.