Hello merchants! This week we will be discussing the advantages of gift cards. While we have already gone into this topic before, this time we will be talking about how consumers are using gift cards in an increasing fashion. Why you ask? Well, because gift cards are taking over the world, of course! Now, moving onto the key points of this post…
According to a study released by Mercator Advisory Group states that half of the United States’ consumers are buying retailer gift cards. They additionally state that sales for every type of prepaid cards have more than doubled in the last six years. These cards include general purpose, transit, and mobile phone cards, among others. What this reveals is that gift cards are not only in season, but also growing in popularity every year. Their versatility in allowing a receiver to purchase whatever they like with it makes it the perfect gift. As we mentioned in a previous post, consumers are likely to spend more than what is loaded on the card when using gift cards. Paired with their ability to be reloaded for future use, gift cards provide a source of influencing consumers to continue spending more at your locations.
Another, separate study, revealed that of consumers that purchase gift cards, 74% stated that they consistently purchase these cards from smaller businesses. More specifically, the most common sources of these purchases were casual restaurants, coffee shops, and stores that sell specialty items. Small businesses are in a unique position to benefit the most from this increase in growth of gift cards. With three-fourths of all gift card purchases coming from small businesses, merchants can use this to their advantage by using customized cards. These cards offer a form of advertisement, where consumers are spreading your store’s brand wherever they use their card.
What is the Largest Takeaway?
Purchase stock in gift card printing companies.
On a more serious note, we encourage all of you to take advantage of the current market and begin using gift cards if you don’t already. Additionally, make sure that they are branded to ensure that your business is getting as much exposure as possible. With the trend showing no signs of slowing down, starting now will also allow you to reap the benefits of future growth, placing you into an even stronger position.
How Can I Begin?
Glad to see you too have accepted the gift card take over! The first step you need to take is contact FlashBanc and join the gift card program. We will help you identify whether your terminal is compatible, and if it isn’t, we can set you up with one that is! Afterwards, you can choose a design for your gift cards and place them front and center for your customers to see as soon as they arrive! You can contact FlashBanc by calling 1-800-808-1622 or your sales representative. We are all here to assist you!