With the holidays upon us, gift giving is top of mind. And with more customers opting to give gift cards, businesses like yours have another opportunity to boost revenue before the new year.
However, gift cards aren’t just for the holidays. Whether it’s a birthday, anniversary or graduation, gift cards offer a flexible option for both gift-givers and receivers alike. With a simple strategy in place, you can capitalize on their popularity and create an additional stream of revenue throughout the year.
Here’s how to get started:
By providing customers a variety of ways to purchase gift cards, they are much more likely to buy them in the first place. Offer both physical cards in-store as well as digital ones on your website, mobile app and social media pages.
You can promote in-store gift cards with signage at your checkout and throughout your space. Your staff is also key to implementing a successful gift card strategy — encourage them to suggest gift cards to customers year-round and especially around popular holidays.
Convenience is key. Offering gift cards both physically and digitally is a great first step. Next, you’ll want to incorporate these strategies to make your offering as convenient as possible:
Everyone loves to receive a little something for themselves and that’s no exception with gift cards. To further promote sales, offer perks for gift card buyers like discounted rates, exclusive services or even a buy-one-get-one promotion. A recent study found that 59 percent of people spent more than the value of the gift card itself, so it’s likely you’ll be able to upsell and boost revenue once it’s redeemed.
Gift cards are both a great gift option for customers and a simple way to increase profits at your business. By promoting your gift card offering in-person and online, ensuring convenience and offering perks for those gifting them to friends and family, you will reap the rewards of a gift card strategy, not just in December, but all year long.