Regardless of what type of store you have or how big or small it is, selling gift cards in your store will almost certainly benefit you, and here are some reasons why:
Point 1: Gift cards are simple to stock and make. It only requires the installation of a computer station with a printer. The supplies required are also readily available, and there are various websites where you may design your card for free. To put it another way, there’s no reason not to.
How Should Retail Stores Sell Gift Cards?
Point 2: According to studies, around 34% of all consumers with gift cards spend more than the card’s face value. Furthermore, the findings show that shoppers who have gift cards are more likely to visit the store sooner than those who haven’t bought or gotten the cards as a gift. Gift cards are seen as God’s gift to retail because of this typical consumer behaviour, according to one retail expert, and the potential boost in revenue should not be overlooked. The opportunity is there for the taking; all businesspeople have to do now is seize it.
With that in mind, it’s easy to see how gift cards can help a company make a lot of money. You won’t miss out on possible sales and lead conversion if you provide them.
A gift card’s worth should not be squandered. Gift cards are sometimes given out as a reward for spending a certain amount of money. Unfortunately, you do not visit a certain store to take use of the gift card’s perks. Perhaps you no longer enjoy eating at the restaurant where the gift card can be used. However, there is a straightforward method for calculating the value of this type of incentive. You can get the entire value of your unused gift card by selling it. You will not lose any money if you choose this option.
Tip #1: Increase your visibility in-store.
The first step should be to inform your target market that your store now sells gift cards. How are you going to do that?
Begin by placing gift cards in strategic locations, such as near your checkout counter, gift department, on a rack near the door, or beside your best-selling items — a spot with the most foot traffic. The good news is that you can do so without spending a lot of money. Gift card racks or shelves that are ready to use are readily available on the market. You may simply obtain one or repurpose old racks as long as they are in good condition. Remember, you’re trying to impress your customers by inviting them to check out the cards.
Tip #2: Combine them with other things for a cross-sale.
Selling cards that appear and sound relevant to the things they are positioned with is a fantastic way to sell gift cards. You may, for example, place baby-themed Prepaidgiftbalance in the toy section. As a result, buyers will have gift cards as an additional option on their shopping list. This ingenious method is also used by well-known retailers such as Target.
Tip #3: Promote the gift cards ahead of time.
When it comes to gift card disposal, the majority of shops take a passive approach. According to one retail expert, while this has been effective, if business owners want to increase sales, they must go above and beyond instead of waiting for the client to request it.
It’s almost as though an add-on plan is required. Simply introducing gift cards at counters or promoting them to new customers without overdoing it is one proactive strategy that can be used here.
Tip #4: Sell them through various ways.
It’s ideal to use all of your accessible marketing platforms to promote your gift cards to your target market as much as possible. Apart from selling products at your store, these channels for the majority of retailers may include email, social media, e-commerce, or selling on your website.
1st Channel: Email, where you can send an email regarding gift card promotions and newsletters to all of your customer’s email addresses.
The second channel is social, where marketing activities can be launched with a stronger client connection. On your company’s official Facebook, Twitter, and Instagram profiles, you can talk about the cards or indirectly promote them. This entails the creation of content.
3rd Channel: E-commerce, if you already have a business website, it will help if you make gift card-centric banners to alert your website visitors that your store sells them as well.
Tip #5: Create a unique way to sell gift cards.
Rather than making basic, generic gift cards, try making them with a twist, such as with designs based on specific themes or events. This is the greatest time to buy gift cards for special occasions like Mother’s Day, Valentine’s Day, birthdays, and the Christmas holidays. In light of previous sales, you might also want to pay greater attention to other events.
Tip #6: Think about marketing your gift cards to folks who aren’t in your target market.
While targeting your real consumers is important when marketing and advertising gift cards, targeting other markets can also help you optimise your earnings. For example, instead of focusing solely on ladies, a spa owner can offer gift cards to guys, especially around Valentine’s Day.
This is a fantastic idea to use when running ads, such as Facebook ads. All you have to do now is update your audience demographics and consider who else might be interested in your offering.
Tip #7: Promote gift cards in various retail locations.
This approach is especially useful if your company specialises in services or items that aren’t available in a typical retail store. For example, if you offer food or spa services, partnering with a beauty store and displaying your gift cards is a terrific way to reach out to ladies who enjoy both cuisine and spa treatments.
You can contact grocery and other retail businesses to see if they are ready to sell your gift cards for a commission, depending on your target demographic.
When it comes to selling gift cards, one of the most common mistakes shops make is promoting them incorrectly or insufficiently. You must remember that, while gift cards are wonderful to have, individuals will not instantly purchase them, particularly if the notion is unfamiliar to them. The secret to winning is to be proactive in the game.