December is here! We’d be willing to venture a guess that this is the month when gift card sales reach their highest numbers. It practically goes without saying. With the holiday shopping season upon us, gift cards are very highly sought after. People want them. They’re easy to buy and easy to give. If you’re not yet selling gift cards at your place of business, you’re missing out on a huge revenue stream. Let’s take a look at why selling gift cards is an absolute must for your business.
Gift cards offer security.
When credit cards are stolen, perpetrators are given the opportunity to steal the private and personal information of the cardholders. Victims of fraud are often forced to contact their credit card providers to dispute fraudulent charges on their accounts. If they’re lucky, that would be the only action they’d have to take regarding their identity theft. A gift card has no personal information attached to it. In the unfortunate event that it is lost or stolen, its owner’s privacy will be kept.
“The data breaches that have been happening the past year or so brought security of personal information to the forefront of people’s minds,” says Jade Beaver on CARDsource.com, “Gift cards can reduce stealing personal information since gift cards don’t carry any, and they aren’t easily duplicated like paper gift certificates.”
Gift cards work well for store credits.
Many retailers share concerns about having to refund their customers for returns. With a gift card, however, a business can ensure that the refund doesn’t turn into a loss of income. Offering credits via gift cards give customers “their money back” for purchases they’ve made and returned. Obviously, placing the amount owed on a gift card makes it so that the money is eventually spent in your store.
“When a customer asks for a refund after your usual return period, simply add the amount onto a gift card,” suggests Paystone.com, “That way, you’ll keep your customers happy all while making sure that the money stays within your business.”
Gift cards spread brand awareness.
Gift cards are cool! Let’s just put it that way. If you want your store to look cool, it should sell gift cards. To be clear, gift cards insinuate prestige and high-quality. Because all of the big name brands that you can think of sell gift cards, it stands to reason that you can boost your brand’s reputation by doing the same. If you want to compete in your marketplace, there are far worse choices than adding gift cards to your product line up.
“One of the most cost-effective ways to spread brand awareness is by offering gift cards,” agrees Beaver, “As your customers love your products or services, they will want to share their experiences with their friends and family. Word-of mouth is one of the most powerful ways to advertise, and having gift cards available for purchase will do just that.”