How to choose the right gift card solution for your retail business
The point-of-sale system should have been the endgame for retail. It has access to complete data on sales, inventory, customer etc. It can even tell you ‘what’ was bought, by ‘whom’.
But the key to sustainable growth is to know the ‘why’, something which a system cannot help you out.
Your business needs something more than a system, to understand, and more importantly, influence customer shopping behaviour. Your business needs ‘programs,’ that could work in tandem with your systems, because programs exist only for one reason: to achieve peak sales. Some call it ‘promotions,’ but to us, a promotion is a type of program, the push type. There is a far more potent one, the pull type: the rewards option. We call it the ‘persuasion program,’ simply because it enables retailers to persuade customers to spend their dear money, through gift cards.
Why Gift Cards?
We are glad you asked 🙂
To begin with, a gift card is not a gift voucher. You claim a gift voucher once but redeem a gift card multiple time(s).
Gift cards live longer in the wallets of shoppers, and the longer they live the more reasons they provide for customers to visit your store, physical or online. Yes, a gift card is form-agnostic. You can issue physical, digital or even mobile gift cards, based on your needs.
For instance, physical gift cards are preferred by customers when they want to gift their kith and kin. Their tangible form, the customers believe, makes them suitable for gifting occasions. Digital gift cards, on the other hand, are increasingly being preferred due to their immediacy. Customers can send, as well as redeem, them instantly!
We are witnessing a marked change in the way customers use gift cards for shopping. Gift cards are increasingly being used by customers as instruments of their personal budgeting needs. In other words, customers buy gift cards to avail the advantages of different offers.
A gift card program is, strategically speaking, self-persuasive.
But, of course, you need a functioning setup to power your persuasion program. Let’s call it the system-of-systems (SOS). This e-guide will walk you through all that you need to know about choosing the right SOS for your business. Let’s get started.
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