It seems that no matter what the good ol’ gift card is here to stay! Consumers are buying them more frequently and for larger dollar amounts than ever! The gift card has become the #1 most requested gift at the holidays and why not – who needs another bright colored tie? Many businesses think that gift cards have to be expensive or difficult to set up, however, with the Merchant Doctor on your side selling gift cards, increasing your bottom line, and maximizing your marketing efforts by offering gift cards it is a breeze. Here are a few facts about gift cards you might not have known:
- Unused gift cards, known as breakage, represent 100% pure profit for your business! In a recent study it was shown that, depending on your business type, between 12-20% of gift cards go unused. That adds up to approximately $47 billion/year in unused Gift cards – Wouldn’t you like your share!?
- Customers spend between between 27 and 52% more when using a gift card and are more likely to pay full price instead of waiting for a sale.
- Amazing Marketing Opportunities! Gift cards, when promoted properly, act as walking billboards for your business and offer a great way for your business to promote itself. Get creative with yours! Here are just a few ideas: radio station giveaways, non-profit donations, customer contests, and holiday thank you’s. The marketing opportunities are virtually limitless.
- Gift cards reduce returned merchandise because the recipient gets to pick out exactly what they want!
Want to learn more or start selling Gift Cards at your business? Contact Us!
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