Welcome to the last week of October! We all know that, for most people, the majority of this week will be spent anticipating and preparing for Halloween. However, once Friday hits and November is here, we will all begin an entirely different festive celebration. Before you know it, the holiday shopping season will be here! And, for retailers all across Canada, holiday shopping season is synonymous with gift card season.
According to Sonya Hoshmand on Givex.com, “for 2019, global e-gift cards sales are expected to be $300 billion. And the majority of those sales will occur during the 4th quarter. With revenue like that, it’s obvious to say that offering a gift card program would be in your best interest.”
So what are the best ways to prepare for gift card season?
Tie your gift cards into a special promotion.
Yes, gift cards are popular choices for holiday shoppers. But that doesn’t mean your store will automatically sell out of them in the weeks to come. Remember that many other retailers are offering gift cards as well. Offering a special promotion that rewards gift card purchasers is a great way to lure consumers into your place of business.
Hoshmand suggests a “Spend $100, get a $20 gift card” promotion. “This will drive the overall per customer spend while also giving the customer an incentive to return to your store post-holiday season,” she writes.
Make sure to offer a variety of gift card denominations.
While gift cards are ideal go-to selections for holiday shoppers, many get turned off when they can only find gift cards of particular denominations. Not everyone wants to spend $50 or $100 on their gift recipients. Therefore, it’s important to ensure your gift card display clearly shows $10 and $25 options as well. Alternatively, many retailers choose to allow their shoppers to decide how much they want to place on the gift cards they buy – always a wise choice.
“When it comes to buying gifts, shoppers usually have a predetermined value in mind for how much they’re willing to spend,” MINDBODY reminds us, “It’s best to offer a range of packages designed to let customers gift your services in any denomination; this can keep you from inadvertently discouraging smaller purchases.”
Gift the gift card purchaser.
Your customers deserve gifts of their own. Add incentives for shoppers to choose your store over its competitors when it comes to their gift card shopping needs. As Hoshmand points out, creating promotions to encourage gift card sales can be a win-win strategy for your business.
“Give consumers a reason to buy a gift card from you and not your competitors using coupons or free products as incentives,” she advises, “For instance, a coupon for 15% off your next visit with the purchase of the gift card, or get 20x the points if you provide a loyalty program.”
At Canadian POS, we’re proud of our history of offering our clients electronic gift cards which are known to bring more customers into their stores. These great gift ideas aren’t just popular during the holiday shopping season. Electronic gift cards encourage repeat business, attract new customers and boost sales all year long!
For more information on how you can begin to take advantage of them, please don’t hesitate to call us at 1-877-748-2884 or email us at info@localhost.