4 minute read
Gift cards are a versatile and convenient option for gift-giving. And they're getting more popular every year as the global gift card industry is projected to reach $640 billion USD by 2028—up nearly 4% from 2021. Small businesses can capitalize on this growth by revisiting their gift card strategies.
Gift cards—they're not just for the holidays
Many small businesses only promote gift cards during the holidays or on special occasions such as Valentine's Day or graduation. But promoting gift cards year-round benefits your business in many ways. They help you:
- Drive traffic to your business when recipients come to spend their "gift."
- Increase brand awareness by displaying your logo on every gift card.
- Increase revenue. Recipients often spend more than the face value of their gift cards when they shop.
- Provide easy-to-gift digital options. Digital gift cards are easy to buy online—and even easier to receive via email or text—sparking new possibilities for digital promotions and sales.
The global gift card industry is projected to reach $640 billion USD by 2028—up nearly 4 percent from 2021.
Grow your gift card business
Here are six ideas to help your small business sell more gift cards.
1. Get social
Your social media channels are the perfect way to showcase what's important to your business. They're also a great way to drive sales: Global social commerce sales reached $492 billion USD in 2021, set to nearly triple by 2025 to $1.2 trillion USD.
Social commerce lets customers buy digital gift cards directly through social media platforms. Instantly create payment links and QR codes to share with your customers—through any channel you choose. And social commerce makes it easy for you to reach and convert local audiences quickly and more affordably than other marketing channels.
2. Get connected
Another way to reach your customers is to connect with them in person. Events are a great way to advertise your small business and your products. If you participate in local outdoor markets, trade shows or other events, be sure to display and promote your gift cards.
You can also boost exposure to your gift cards by connecting with other business owners in your area. Communities sometimes have a “Shop Local" page on their website. Use your space on the page to introduce your business and link to digital gift cards for sale.
3. "Give away" your gift cards
Gift cards are a great incentive tool for getting customers to come back to your business. Consider changing your normal discount strategy, and use gift cards instead of special discounts.
Instead of running a "percentage off" sale, sell your goods at the regular price while offering customers a complementary gift card. Customers can redeem the gift card during their next visit. It's a win-win. Your customers get a gift, and you get repeat business.
4. Launch "refer-and-earn" offers
Just as gift cards can help bring customers back to your business, they can also incentivize those same customers to refer their friends and family. Use gift cards in your referral program, and spark new opportunities to broaden your customer base. Create a program that rewards shoppers who bring in new customers who make a purchase.
5. Focus on location, location, location
Effective merchandising drives up product sales, and the same is true for gift cards. Use well-placed, eye-catching displays and signage to advertise your gift cards—in store and on your small business website.
Once you have displays and signage in place, consider ways to supplement gift card purchases to drive revenue. Offer greeting cards, gift card boxes and gift wrapping designed for gift cards to create up-sell opportunities.
6. Offer gift bundles
Gift cards can obviously be used to buy your products. But who's to say the two shouldn't come packaged together? A smart way to make gift cards more gift-worthy is to bundle them with your signature products. By picking up one of these bundled gift baskets for their loved ones, hurried gift-givers get a pre-made present in no time. And you've ensured a future visit to your business.
Unlock new ways to boost revenue—all year-round
Gift cards are a great way for your small business to increase traffic and revenue year-round. And gift cards are a perennial favorite among consumers. Promoting gift cards throughout the year unlocks new ways to boost revenue.
The right payment partner can help you maximize your small business gift card strategy. Learn more about our gift card programs or contact us today.
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