Well, let us tell you. Settle in for a basic guide to why selling gift cards and experiences work.
Why sell gift cards and experiences?
Get new customers
People will buy gifts from you because they love your brand and they want the other people to experience it too. Brand. New. Customers. Wow them, keep them, get them back, and they’ll then be buying gifts for their friends too. There’s also the rather large bonus of another opportunity to get some more customer data.
Selling gift cards and experiences online is like having another EPOS terminal that anyone can access from anywhere at any time.
It’s a whole new revenue stream
Selling gift cards and experiences online is like having another EPOS terminal that anyone can access from anywhere at any time. Selling in store too? Amazing, you’ll see that stream turn into a river.
Drive incremental revenue
People who turn up with a gift or experience in hand won’t stop at the value of their card. They’ll spend more than the value, and that ‘free money’ gives them a chance to go for that extra something that extra something they might not normally treat themselves to.
Realise expired card revenue
You’re always better off getting a visit rather than a card expiring (see point 3), however around 20% of gift cards are never redeemed. Set an expiry on a card (typically 12 months) and your customer will be reminded to use their card. If they expire however, the value of the card will simply hit your bottom line.
It all sounds incredible, but you’ll likely have questions coming in from every side of your business. We’ve learnt a shed load about gifting over the years, and Toggle takes on all the complexity of selling gifts cards and experiences for you. If you want to understand more of the ‘how’, check out this blog about the customer journey, and how it works from your end.