Worldwide, gift card sales are always on the rise and since the mid 90’s, it’s popularity in Australia continuously grows with the market being valued at $1.5 to $2.5 billion per year. Whilst gift cards are often deemed as an unimaginative gift, it still remains as one of the top Christmas presents preferred by Australians and is also the third largest spending category on Mother’s Day. Customers cite that their best features are the choice and flexibility that these presents provide.
Why you and your company should be getting involved:
- Great Referral Tools - Gift cards are an awesome way for your existing customers to give their friends a reason to come and check out your venue.
- Recognize Key Customers - If one of your customers buys a gift card to your venue for one of their friends... this means that this customers is proud to put their recommendation (and money) on the line to bring more business to you. It is important to know who these people are - they are your Brand Loyals & Advocates.
- Perfect Presents - When it comes around to occasions such as Birthdays, Weddings and Christmas time, having the ability for your patrons to shout their friends for an experience at your venue is always a great option. And because it is all done digitally, your customers now have a convenient and easy way to purchase a meaningful and experience based present.
- Exposure to New Customers - By allowing your customers to buy gifts for others, you attract new ones who may not have been to your establishment before and the potential to convert them into repeat business.
- Free Money - Did you know that last year, over 20% of gift cards purchased in Australia went unredeemed. This means that 20% of gift card value were not spent but because gift cards are paid for upfront, 100% of this unredeemed amount is pure profit to your business...Crazy!
Another benefit is increased sales- as the gift card is capped to a specified amount that has been already paid for, often customers will spend more when they are there. For example, they might want to upgrade their experience, try something on offer or being bought by another patron there.