People like when things are made easy. The more convenient you make things for the individuals who support your brand, the more likely they will be to keep coming back. Naturally, securing repeat business is just about any business owner’s dream. And when you sell gift cards in your store, you ensure that you are making things easier for your customers. Thus, repeat business is secured!
Consider the fact that gift cards enable many a last minute shopper to pick something up for their loved ones celebrating special occasions. With gift cards, no one has to worry about finding the right size, colour or style of an item. In addition, when you sell gift cards in your store, it helps to grow the prestige of your brand. Simply put, they help you to look “big time”. And customers love supporting brands with good reputations.
Selling gift cards helps to grow brand loyalty.
“Building personal brand connections with your customers is vital to keeping long-term clients,” says Julia Belkin on ThriveHive.com, “When customers feel a strong bond with a company, they are more likely to continue to use their services and products…If you provide gift cards, as well as bonuses or coupons for certain spending benchmarks met, your audience is more likely to return to your store in order to reach that required spend amount.”
Brand loyalty only grows when you cleverly use your gift cards to lure customers back to your store. One of those clever ways is to place refunds on gift cards. That way, you both offer your customers easy ways to process their returns and ensure that they spend that returned money in your store.
Gift cards can increase repeat business.
“When a customer comes into your store with no receipt and returns a product, how do you give them their money back?” asks Cole Goebel on POSRumor.com, “Put their money on a gift card! That way they have to spend the money with you. They can’t just take it any place. Running their balance on a gift card also allows you greater insight into how they spend. If you’re using a POS system, you can easily see how often they visit, and get a better idea of how your customers do business. Win/win!”
The bottom line is that gift cards grow your sales. Customers enjoy buying them and recipients love getting them. There’s really no downside to deciding to sell gift cards in your store. This is especially true considering that gift card purchases end up increasing transaction sizes.
Gift cards increase transaction sizes.
As Belkin explains, “On average, people who buy gift cards for others spend 38% more at that retailer than the value of the gift card they purchase, making them your power users and influencers. Gift cards also give new customers a way to become familiar with your product. With a gift card, someone personally close to the customer has felt your product is a good fit, giving you a chance to prove them right.”