Giving gift cards has increased significantly, in part because of the epidemic and the global shift to internet shopping, but also because e-cards are more convenient. Customers of today demand that gift cards be able to be applied for, bought, and shared online.
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There are even more advantages for eCommerce companies to use gift cards. In addition to being necessary to meet customer expectations, they are also a component of a marketing mix that raises conversion rates.
We’ll look at how gift cards may be profitable for online retailers in this blog article, along with some strategies to help you increase sales to them. Let’s take a closer look at how to manage a successful gift card program.
What makes selling gift cards worthwhile?
Here are some justifications for include gift cards in your marketing plan if you’re still on the fence about selling them on your website:
In high demand. We live in a hectic world with a lot of stores in a rush. Giving and receiving gift cards provide the priceless flexibility to go shopping whenever it’s convenient for them.
No loss of profit. The average consumer spends around $60 more than the value of a gift card, did you know that? It implies that you get more cash flow when you sell a gift card. Furthermore, there would be no need for a substantial investment to turn a profit.
elevated awareness of the brand. It is a well-known fact that acquiring new clients is more expensive than keeping existing ones. Actually, your brand evangelists can do the work for you if they have the power to distribute gift cards.
An edge over competitors. Although you won’t be able to outperform eCommerce giants overnight with this marketing strategy, it can help you differentiate yourself from similar businesses. Why not use the chance to differentiate your company further?
ideal for multichannel advertising. just got a mobile app published? Do you want to see more customers enter your physical storefronts? Giving out gift cards might have additional benefits when utilized through particular channels. If not, you may utilize gift cards as a component of your omnichannel loyalty programs or distribute them through certain marketing channels to promote the targeted ones.
The impact of gift cards on your monthly income
Gift vouchers have been the most desired gift item for several years running, according to the NRF Christmas poll, which found that 58.8% of consumers would prefer to receive a gift card as a present.
According to Paytronix’s 2019 Annual Gift Card Sales Report, e-gift cards are redeemed more frequently and assist to raise check sizes by 6% for purchases that are completed and paid for in full or in part using an e-card.
Consider a scenario in which your shop receives 1,000 orders a month, with an average check of $25. That comes to $25,000 a month. You can make at least an additional $1,500 a month. Not to mention the potential for drawing in new clients and having the opportunity to win them over as loyal patrons.
Seven methods to increase the sale of gift cards
Although the selling and giving of gift cards peak around the seasonal holidays, you should always modify your approach to make e-cards more appealing to consumers. When sales are slow, you may still increase your profit by utilizing these seven strategies.
First tactic: Increase e-card visibility
Is it possible for customers to easily obtain gift cards from the home page? Do gift cards appear in the navigation tree? Are you shoppers aware of the availability of gift cards?
Make sure to use a variety of marketing methods to alert your visitors of this information, and prominently place e-cards on your website.
A range of designs should also be included so that the buyer has options.
Strategy #2: Cross-promote to increase gift cards
Cross-promotion is effective. When suitable, why not cross-merchandise e-cards?
For instance, you may have a unique product category for a certain occasion. Gift cards with varying prices might draw in some buyers who are looking for gifts and give them an additional option for what to get their pals.
3. Make them accessible through a variety of methods
If you’re just starting out, make sure that every one of your consumers is aware of your gift card choices, regardless of their preferred method of buying or communication.
If you’ve been employing this marketing mix for some time, you might want to think about developing special discounts that are channel-tailored. Making gift cards for certain marketing channels—such as newsletters, social media, Google advertisements, etc.—wouldn’t hurt.
Strategy #4: Bring up gift cards.
Never take a passive approach to whatever you do on the internet. Gift vouchers are not an exception. Ensure that your sales representatives immediately bring up the availability of e-cards if your business is both online and offline.
Consider adding a note to your email signature, or draft a last sentence that includes a mention of your support staff members.
With only one inquiry, McDonald’s “Would you like fries with that?” has managed to dramatically increase sales. Why not take note of their achievements?
#5. Create holiday-themed electronic cards as tactic.
restricted release. Just 100 things total. only this spring.
Customers adore being treated like royalty and getting access to exclusive offers and discounts.
E-cards that are exquisitely crafted and intended for special events can be a valuable tool for going viral and capturing the interest of your intended audience and beyond.
Tip #6: Include kickbacks
It is a tried-and-true method of raising a sold gift card’s value. Buy one, get a free one.
Consider providing free, lower-value e-cards as a means of encouraging the purchase of higher-value ones.
Consumers enjoy receiving free presents, so why not give them the opportunity to treat themselves or their friends to something special with your services at no cost? Furthermore, your clients are urged to boost the value of their orders if the kickback amount is insufficient to pay a transaction.
Strategy #7: Collaborate with other companies
What time and location do consumers often utilize your offerings?
Think about collaborating with companies that aren’t direct rivals by exchanging gift cards. In addition to being a great way to advertise your products or services, it’s also a great way to expand your audience and increase interest in your gift cards.
Conclude
Present cards are still widely used, valued, and anticipated.
With their assistance, we’ve identified 7 effective strategies to increase sales in your online business.
These days, any eCommerce company may seamlessly integrate the capability by leveraging a gift card API or the platform’s basic functionality. Savor all of the benefits that this marketing combination has to offer.