Certainly, when you first opened the doors of your store, you thought the world of it. Like the majority of entrepreneurs, you were proud to finally see your dreams turn into realities by having your very own business. You hoped that the general public would see your store as you do – as the coolest place in the world to shop! At Canadian POS Corporation, we’d like to offer you a solution to make your store even cooler.
Are you selling gift cards at your place of business? Here are three ways that gift cards make your store cooler:
1. Gift cards boost sales in your store. Keep in mind that when you decide to sell gift cards, you automatically add a brand new item to your product list. As you know, gift cards enable their recipients to purchase anything they like from your store. For shoppers who aren’t sure what to buy their loved ones, gift cards make the perfect go-to presents. When you sell them, you make more money – it’s that simple!
On SmallBusinessBranding.com, Tommy Jarnac highlights the fact that gift cards help to drive up sales. “They help you make more sales by reaching new customers, and they will also increase your sales for other reasons,” he writes, “indeed, most customers will spend more than face value of the card (on average, 20 percent more). A minority (about 10 percent) will use only part of the certificate’s value, which means you keep the profits.”
2. Gift cards give your store greater prestige. In many cases, image is everything. Certainly, in the business world, the impression that the buying public has of a brand can make or break its ability to succeed in its respective marketplace. What is the impression that the public has of your business? Research has shown that when a store sells gift cards, it is looked upon as a brand that can be taken seriously. After all, major brand-name retailers all sell gift cards.
Some small business owners believe in the gift card concept, but not gift cards themselves. They choose, instead, to sell gift certificates. Karen Deckard of Retail Management Solutions notes, however, that they don’t quite give off the same impression. “Gift cards are better than gift certificates,” she states, “A quality, well designed gift card is way better than a flimsy piece of paper stuffed into an envelope. Stores that move to gift cards over certificates sell more of these items.”
3. Gift cards increase brand awareness. When you decide to sell gift cards in your store, you automatically create a brand new reason to advertise your business. Utilize your social media accounts to spread the word that gift cards are now available in your store. Put up signage in front of and around your store to make it clearly known that gift cards are available. The interest you generate in your business will be significant.
Not to mention, the gift cards themselves work as excellent advertising tools for your brand. “Gift certificates give you the opportunity to advertise and promote your business with wallet-sized billboards,” explains Jarnac, “You were already paid because of the sale of the gift certificates, so you are allowing new customers to try out your business with a paid visit from your existing customers.”