Valentine’s Day is around the corner, and it’s a new opportunity for retail businesses and restaurants to boost sales. One of the most flexible tools that small merchants can use to get more deals during this time of the year is gift cards. Here are three tactics that you can use to make the most of this versatile tool.
1. Sell them as gifts: This is perhaps the most common use. Gift cards have been the most requested item by gift recipients for the past ten consecutive years. They provide the gift recipient with the flexibility to select an item they like. As for those who give, they can have it both ways: a gift card from the official brand of your business is possibly more appreciated than a generic prepaid gift card from a credit card issuer.
2. Get cash in advance and an additional benefit: Seventy-five percent of consumers spend an average of $ 38 more than the value of their gift cards when they are redeemed. This means that the business will receive the cash in advance with the purchase of the gift card, plus the possibility of obtaining a little more income when the client exchanges his gift card for an item or service. And if the recipient has never bought with you before, gift cards can represent an opportunity to win a new regular customer, which can mean even more revenue throughout the year.
3. Use them for store rewards and credit: A rewards program is an effective way to increase customer loyalty. Consider using gift cards to reward customers for repeat visits or for spending a certain amount of dollars at your location. Expect additional purchases from your customers when they redeem gift cards as rewards too. On the other hand, a gift card can also be an excellent way to manage store returns and credit. If donors did not buy a gift card for their loved ones in the first place, you could create another opportunity to keep money circulating within your business by giving customers returning gift cards instead of cash for returned items. This is also an effective tactic to handle returns during the rest of the year. Call us at 787-783-8689; our sales department will be ready to advise you on the benefits of gift cards.