Between 2022 and 2023, the worldwide digital gift card market experienced an increase in value from $342.66 billion to $405.17 billion.
The market predictions continue to expand, predicted to reach $740.41 billion in 2027.
Selling gift cards is among the most effective strategies to enhance your earnings, amplify traffic, and expand your enterprise.
A gift card is a transactional, pre-paid card (in a digital, plastic card or paper form) that customers can exchange for a good or service at a specific business.
There are different names for gift cards. They are also called gift vouchers, gift certificates, gift coupons or gift experiences.
Monetary gift cards vs gift experiences
A monetary gift card is a transaction for a specific monetary value.
E.g. Consumers purchasing a £50 gift card can spend it on goods or services at the place of business for this value.
A gift experience is a gift card selling a service. Examples include a spa day, hotel stay, dinner at a restaurant or a combination of services to create a unique experience.
As a leader in the gift card market, we’ve watched consumer preference for monetary gift cards get slowly left behind in exchange for gift experiences.
As gift experiences' popularity grows, businesses adapt to consumer preferences. The most successful companies offer unique and memorable gift experiences.
Managing your gift cards to suit the wants and needs of consumers will place you head and shoulders above your competition.
Recognising the value of gift cards is crucial if you want to learn how to manage gift cards.
Gift cards generate immediate revenue upon purchase and drive additional future sales.
When customers redeem their gift cards, they often spend more than the card's value, resulting in increased revenue for your business.
Furthermore, gift cards can help attract new customers to your store. When recipients receive a gift card from your business, they get introduced to your products or services.
If they have a positive experience, they will become loyal customers and spread the word about your brand.
Gift cards can also encourage repeat business from existing customers who may choose to purchase a gift card to give to someone else.
With this in mind, let's reach your gift card revenue potential with proper management of gift cards.
An efficient management plan ensures your gift card strategy's success. Having a plan will maximise the revenue potential for your gift card sales.
Look at how this Hotel Resort tripled its gift card sales through intentional gift card strategies.
Let’s take a look at some of the Enjovia gift card management features:
To effectively manage your gift cards, it is essential to have a system in place for organising and tracking them.
By implementing these tips, you can streamline your gift card operations and provide an excellent customer and staff experience.
Managing a gift card store requires careful planning and attention to detail. Here are some critical steps to effectively manage your gift card store:
Offer a variety of options to cater to different interests and occasions.
Adding a special touch makes gift cards more appealing to customers.
See our post on ‘add-ons’ and how they can help personalise each product.
For example, you can offer a bonus gift card with the purchase of a certain amount or provide discounts on future purchases when a gift card is redeemed.
By following these steps, you can effectively manage your gift card store and maximise sales.
Gift cards can be a powerful tool for strategically selling your services and experiences. Here are some strategies to help you leverage gift cards to drive sales:
By implementing these strategies, you can use gift cards to sell your services and experiences and increase your revenue.
With Enjovia all gift cards come with a unique QR code.
If a gift card is stolen, tracking and preventing its use through the gift card system is possible.
A voucher code is a unique code associated with a specific gift card and can be used to verify its authenticity.
Avoid gift card fraud by implementing the following measures:
By implementing these fraud prevention measures, you can protect your business and customers from gift card fraud.
When selling gift cards, informing the buyer about any restrictions or limitations associated with the gift card is essential. Helping to set clear expectations and ensures the recipient knows any terms and conditions.
Some common gift card restrictions include:
By providing clear and transparent information about gift card restrictions, you can ensure a positive experience for both the buyer and the recipient.
You can find out the law around using gift card expiration dates here:
A gift card management system is the best way to manage your gift cards.
A gift card system such as Enjovia has various features that can help boost the traffic to your online store and improve the design and aesthetic.
We hope you learnt valuable information from this blog post on how to manage gift cards.
Use Enjovia to take your gift card strategy to the next level with a fully supported management system.
Increase your revenue and create a free online store in minutes here.