Posted On 28 Apr 2021
Gift cards are without a doubt one of the most underestimated revenue streams available to businesses today. Nevertheless, this ever-evolving tool is somehow overlooked by the majority, who seem to not understand the positive impact this one addition can have on their business.
“In 2019 American consumers alone spent over $98 billion in gift cards”
With the advent of eGift Cards, the possibilities have now reached an entirely different level. Now before we delve into the possibilities, let us first acknowledge a few underestimated benefits of eGift Cards.
An underrated avenue for growth: Yes, Americans spent over $98 billion in gift cards in 2019, but would you believe over $3 billion went unused? Not only do gift cards give businesses the luxury of being paid “in advance”, but they make 100% profit when the gift card goes unused!
An effective promotional tool:
- Use them to reward consumers for purchasing a set amount of your product/service. For e.g., offer a $25 gift card for every $300 spent in store.
- Use it as a bonus for staff members or even for customers. Create a buzz by offering a $100 gift card for only $80.
- Use them as part of your refund-policy by offering returning customers a gift card instead of cash!
A great way to advertise: Use them in your advertising as eGift Cards are extremely flexible. With LyftPal you can even have them appear on your website and the websites of other businesses. Promote your brand with an opportunity to be paid across all digital platforms!
This is just the tip of the iceberg. In the next post we will be giving you a few more reasons why your business HAS to start offering eGift Cards.
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