You’ve chosen your site, hired your team, and set prices for your services and products—now it’s time to open for business. The holiday season is rapidly approaching, and do you understand what it entails? It’s the ideal time of year to get your business ready for a new revenue stream by selling gift cards both online and in person.
Did you know that gift cards are a $160 billion industry? That means gift card sales can account for a significant portion of your fitness studio, spa, or salon’s annual revenue around the holidays and throughout the year. Gift card sales are at their peak in October, November, and December, so don’t wait. Now is the time to update your website and design and order your gift cards.
Gift cards are an excellent method to encourage repeat purchases from existing customers while also attracting new visitors to your eCommerce site or store.
Have trouble deciding where to begin? Reach out to us to learn about the 99minds Easy to use Gift Card Platform.
- Gain business:
Gift cards are an excellent method to increase your consumer base. Gift cards are frequently purchased by current customers for their friends and family, with the goal of converting them into repeat customers. According to a large study conducted by First Data, 11% of gift card customers are making their first visit to a firm.
- Boost sales:
According to First Data, gift card purchases result in a large uplift, with 72 percent of customers spending more than the value of the gift card.
- Shift sales to slower times of year:
Gift cards have a long-term effect. Consider all of the cards sold during the Christmas season; redemption generally occurs during the slower business season, weeks or months later. As a result, gift cards are a useful tool for establishing a more predictable business and inventory cycle. You promote sales, make sure to feature gift cards as a prominent item, especially during the holiday season.
- Encourage repeat visits:
Customers will return to your online store if you offer gift cards that may be used several times. To encourage customers to return for more purchases, offer gift cards in denominations that are higher than the price points for a single item.
How to Use Gift Cards to Increase Sales of Your Business
Your company delivers a service that people require. Whether you manage a retail business, a cleaning service, or a travel agency, the product or service you provide is one-of-a-kind and meets a need.
Let’s pretend you’re the owner of a cleaning service. The house owners exhale a sigh of relief when they enter through the door and view their dazzling floors and gleaming counter tops.
You’ve not only given your customer a clean, fresh home, but you’ve also relieved their worry and taken a significant responsibility off their plate. Perhaps the consumer is so happy with the clean house that they want to tell a friend about it.
As a result, they inquire if they can buy a gift card or certificate from you.
You’ve doubled your sales from one consumer in this case. Consider how much more money you could make if others did the same.
This kind of dream sales scenario doesn’t happen without your help. You must provide the most excellent experience possible to truly amaze your customers and inspire them to acquire that gift card. One of the finest methods to help establish client loyalty and produce a positive buzz in your neighborhood is to provide exceptional experiences.
Which Kind Of Gift Card Should You Select?
Once you’ve made the decision to offer gift cards, you must select whether you want actual, plastic cards or digital certificates. While it is a personal taste, digital gift cards can be more convenient for you and for your customers.
An eGift card is purchased in the same way as any other item in an online store. Customers buy gift cards to send to a recipient by email, and they hold a certain amount of money. They can be redeemed and applied to purchase during the checkout process. An eGift card has the advantage of being able to be provided quickly and printed as many times as needed until it is fully redeemed.
Because digital gift cards do not need to be shipped or printed, the cost to you is much cheaper. Additionally, maintaining digital gift cards can be connected directly into your eCommerce platform, allowing you to keep track of how much each card is worth.
Another perk for customers? The same gift cards that you sell digitally can also be utilised in your physical store
The impact of gift cards on your monthly income.
According to the National Retail Federation’s holiday study, 58.8% of customers want to receive a gift card as a present, making gift cards the most popular gift item for the third year in a row.
According to Paytronix’s Annual Gift Card Sales Report, vouchers are redeemed more frequently, and they contribute to a 6% rise in check size on orders placed and paid, in whole or in part, with an e-card.
Consider the following scenario: an order in your store costs $25 on average, and you receive 1,000 orders per month. That works up to $25,000 every month. At the very least, you can gain an extra $1,500 per month. Not to mention the potential for recruiting new clients and converting them into loyal customers.
99minds Gift Cards might help you increase your profits.
Are you looking for a more effective approach to engage with your website’s visitors?
99minds gift cards could be the answer if you’re looking a simple approach to enhance profits for your company. With API-powered Promotions, Loyalty, and Gift Card Programs, 99minds can help you generate more revenue. Gift cards have even more applications for e-commerce Businesses. They’re not only necessary to meet customers’ expectations, but they’re also part of a marketing strategy to boost conversion rates. Remember that to persuade clients to purchase those cards, you must first provide them with a memorable experience.