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How to Boost Sales in Your Business With Gift Cards
Bloomingdale’s, Macy’s, iTunes, Bed, Bath and Beyond… we’ve all heard of these major retailers and have likely bought or received (or wanted!!) gift cards from them at least once in the past. You’ve had a parent’s birthday come up, a friend’s bachelorette party, your cousin’s baby shower… and chances are that you thought of running to the store (or actually did) and grabbing a gift card because you couldn’t think of exactly what to get them.
Gift cards seem like the perfect solution for many, not only on the part of the buyer who’s stuck not knowing what to get, but also for the gift card recipient because everyone prefers to choose what they’d want themselves. Luckily for businesses, this option, too, is a great one. On average, 10-18% of all gift cards go unused, which means more bucks for the seller, and in addition, gift cards serve as a way to promote and advertise businesses, believe it or not. The more gift cards go around, the more people are exposed to your business and, more importantly, come to shop at your business, often spending even more than the card’s initial value.
Infographic courtesy of CardPrinting.us
Whether big or small, your business can definitely benefit from selling gift cards because there’s no way for you to lose- you get your money and chances are you’ll end up with even greater profit if the recipient fails to redeem his gift in time, or ends up spending more than the card’s value. It’s an interesting concept, really. Who ever thought that a piece of plastic worth a few cents can bring in such revenue? Go figure.