Do you wish to boost your revenue, develop meaningful bonds with your potential clients and customers, spike your store’s footfall, increase website traffic, and grow your overall business? If the answer is yes, then there is nothing better than kick-starting everything with gift cards. In India where each tradition, festival, and special moment thrives on gift exchange, you should essentially leverage this gift-focused culture to create the buzz you’ve always dreamt of. Certainly! Gift cards are exceptionally cost-effective and lucrative means to achieve these goals.
To ease your stress, we have compiled some of the top ways of why you must implement gift card strategy in your business.
1. Boost Revenue: Gift cards play a great role in boosting revenue as they encourage your potential customers and bring them to your website or your brick-and-mortar store. These days, almost 80% of individuals try to spend up to the gift card limit. As the amount of the gift card is often seen as “free money”, Indian consumers tend to spend 100-400 percent more than their gift card’s face value while redeeming them.
2. Increase Traffic Gift cards are the quickest and cheapest way to increase the footfall in your store. This is because, in India, people buy gift cards not just for themselves but also for their loved ones, friends, colleagues, or anyone who they want to please or wish for something special. This way, you get two clients- the customer who got that card and the one who received it.
3. Point of Sale Matching: To your knowledge, gift cards are truly handy as they easily blend with your point of sale time. Additionally, you can keep a track of gift card transactions and regular transactions all in one place. In short, you can track your customers’ shopping behavior.
4. Lessen Fraud: Well, the data breach that has been happening for the past couple of years around the world has raised tons of questions in people’s minds. Gift cards have reduced this major issue as they do not carry any personal information.
5. Spread Brand Awareness: What can be a better way to spread awareness than offering gift cards? If your potential clients love your products and services, they will certainly want to share their best experiences with mates and loved ones. No denial; word-of-mouth is one of the most powerful ways to promote or advertise, and having gift cards readily available for purchase will do them justice.
6. Build Relationships: Utilizing gift cards with a reward program can develop a great bond with your potential customers. You can also give gift cards if your clients spend a certain amount on your products or services, or you can hand them a gift card to settle down your disputes. This way, many consumers, who haven’t used gift cards before, get to know that gift cards are very hand, safe, and fun way for shopping. Hence, they will be more likely to buy your gift cards in the future.
7. Unused Cards are Pure Profit: This one speaks for itself! There are times when gift cards can go unused no matter what the reason is. And when this happens, it is nothing less than a pure profit to your business.