For the past 8 years, gift cards have been the single most requested item on holiday wish-lists. With Holiday shoppers scrambling in a frenzy for last minute gifts, shoppers are utilizing instant ways to deliver their gifts to their friends and family.
A lot of merchants today offer physical gift cards in their brick and mortar store. However, what happens when Carol from Los Angeles wants to send her friend Julie, in New York, a gift to Julie’s favorite restaurant?
Enter the electronic gift card! While plastic gift cards are growing at an annual rate of 6%, digital gift cards are growing at an annual rate of 200%. Many merchants miss the online buyer simply because they don’t offer eGift cards on their website. Consumers today rarely physically go into businesses to make gift card purchases. They would rather buy a gift card in the comfort of their own home while on their computer.
Most importantly, the main reason why businesses (small or large) should adopt a gift card program is the additional revenue that is from gift card sales. Studies show that 61% of gift card holders spend more than the amount of their gift card, and 75% of those who overspend spend 60% more than the value of their card. Customers who are looking for a gift card to your business already love what you do, give them an easy way to do so by offering mobile gift cards to a place they love!
So, how did a “last-minute gift” idea turn into a $100 billion industry? Simple. They’re instant, they’re easy to use, and they MAKE YOU MONEY! The average gift card user ends up spending an extra 20% beyond the value of the card. Not only can businesses get extra visits from gift cards, business owners also use this source of new traffic as a great way to upsell new customers. Businesses need to take advantage of this time of the Holiday Season because current projections on this year’s digital spending would increase by 14.3% to $70.1 billion.
Merchants this Holiday Season should be looking into eGift cards as a way to keep foot traffic high. Not only is it an affordable option, it’s also an option that doesn’t require much work. Because Yiftee eGift Cards partners up with MasterCard, our eGift cards work exactly like a regular credit card transaction would so that your employees do not have to learn any special accounting for your gift cards. Best of all, you get paid out instantly like a regular credit card transaction.
Want to see what the recipient experience is like for a Yiftee?
Click here to get a test gift!