{"id":19174,"date":"2021-10-14T12:22:54","date_gmt":"2021-10-14T16:22:54","guid":{"rendered":"http:\/\/www.evopayments.us\/staging\/?p=19174"},"modified":"2021-12-10T10:12:19","modified_gmt":"2021-12-10T15:12:19","slug":"8-reasons-your-business-needs-to-offer-gift-cards","status":"publish","type":"post","link":"https:\/\/www.evopayments.us\/staging\/8-reasons-your-business-needs-to-offer-gift-cards\/","title":{"rendered":"8 Reasons Your Business Needs To Offer Gift Cards"},"content":{"rendered":"\n

Customers have come to expect the simplicity and convenience of gift cards, but some businesses still choose not to make them available. Whatever the reason, missing out on gift card sales can be a costly mistake. There are dozens of studies to demonstrate that this payment option lets businesses cash in on numerous benefits, in terms of revenue and customer impact.

Here are a few of the reasons gift cards might be a great fit for your business model:<\/p>\n\n\n\n

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#1 \u2013 Fast \u2018n\u2019 Easy<\/strong><\/p>\n\n\n\n

When your customer is running late to a birthday celebration and drives past their favorite store (yours), their sense of relief can be a beautiful thing. By offering gift cards, you are providing a solution that saves both time and effort. Not only have you made another sale, you\u2019ve strengthened the customer relationship by solving that problem for them. Gift cards are the perfect way for busy people to show that they\u2019re invested in friendships, even if they don\u2019t have time to sift through a catalogue.<\/p>\n\n\n\n

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#2 \u2013 Introduce New Buyers To Your Brand<\/strong><\/p>\n\n\n\n

90% of shoppers who receive a gift card from a small business they\u2019ve never visited say that they will<\/em> try the business, and they will likely return in the future[i]<\/a>. This can be a great boon for businesses that wish to bring in new faces.<\/p>\n\n\n\n

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#3 \u2013 Gaining Popularity<\/strong><\/p>\n\n\n\n

This form of payment has come a long way since the years when paper certificates with carbon duplication were best-in-class. According to the National Retail Federation, gift cards have been the #1 item on gift recipients\u2019 wish lists for over a decade; they\u2019re requested by 59% of survey respondents[ii]<\/a>. Additionally, 74% of consumers buy gift cards from small businesses on a regular basis[iii]<\/a>.<\/p>\n\n\n\n

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#4 \u2013 Eliminate Concerns About Selection<\/strong><\/p>\n\n\n\n

Choosing just the right present sometimes feels less like \u201cjoyful generosity\u201d and more like \u201ctiptoeing through a minefield.\u201d

Picking a knickknack for someone\u2019s home obligates them to display it. A book or movie selection might be far off-base from their actual taste. And heaven forbid someone should receive the wrong clothing size!

It just makes sense to let people choose their own present, and having this option available takes pressure off everyone involved.<\/p>\n\n\n\n

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#5 \u2013 Multiple Visits<\/strong><\/p>\n\n\n\n

Survey data indicates that 4 out of 5 respondents will return to spend the rest of their gift card with only 88 cents remaining[iv]<\/a>. A small balance can make a big impact on foot traffic! And then, of course, they are likely to spend more than the remaining amount, which brings us to #6.<\/p>\n\n\n\n

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#6 \u2013 Spending Above The Card Value<\/strong><\/p>\n\n\n\n

When using gift cards, people tend to spend more money than they were gifted. In fact, 65% of shoppers will spend, on average, 38% more than the card\u2019s value.[v]<\/a> \u201cWhen you get a gift card, you tend to think of it as free money, and you splurge a little bit,\u201d says Timm Walsh, Chair of the Board of Directors for the Retail Gift Card Association.

Gift cards can also create opportunities for merchants to move big-ticket items, since customers feel that part of a big total has already been given to them.<\/p>\n\n\n\n

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#7 \u2013 Unspent Balances Add Up<\/strong><\/p>\n\n\n\n

In some homes, partially spent gift cards are carelessly tossed into the back of a junk drawer or the bottom of a glove box. Sometimes they simply disappear to wherever missing socks go. That is bad news for the recipient, but potentially good news for retailers. Even temporarily misplaced cards can improve cash flow, as they generate revenue months in advance of providing goods or services.

According to recent data, about $3 billion in cards go unredeemed every year, and up to 3% of gift card dollars are never redeemed at all[vi]<\/a>.<\/p>\n\n\n\n

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#8 \u2013 Minimal Use of Space<\/strong><\/p>\n\n\n\n

Retailers know shelf and display space are valuable. Whether your company does complex calculations to determine ROI per square inch, or whether you just eyeball it, you can be sure that a gift card display is a wise use of space.<\/p>\n\n\n\n

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Undeniable Benefits<\/strong><\/p>\n\n\n\n

With all of these benefits, why would a small business owner choose not<\/em> to opt in to this payment model? Well, anecdotally, some have cited concerns about cost, either in terms of set-up fees or monthly processing. But that objection isn\u2019t wholly logical, as those costs\u2014like any practical business expense\u2014should be viewed as an investment that will pay dividends once the program is established.

The most frequent objection is that owners feel they don\u2019t need<\/em> gift cards for their business. But after one has investigated these and other publicly available stats, it\u2019s clear that gift cards are a home run for most types of retailers and many service providers.

Getting started with EVO Gift is easy. To learn more about how it might fit your business model, call 1-866-348-6520.<\/p>\n\n\n\n

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[i]<\/a> https:\/\/newsroom.fiserv.com\/news-releases\/news-release-details\/2019-small-business-gift-card-study-highlights-benefits-smbs<\/a><\/p>\n\n\n\n

[ii]<\/a> https:\/\/nrf.com\/media-center\/press-releases\/holiday-shoppers-plan-spend-4-percent-more-year<\/a><\/p>\n\n\n\n

[iii]<\/a> https:\/\/newsroom.fiserv.com\/news-releases\/news-release-details\/2019-small-business-gift-card-study-highlights-benefits-smbs<\/a><\/p>\n\n\n\n

[iv]<\/a> https:\/\/www.giftcards.com\/gift-card-statistics<\/a><\/p>\n\n\n\n

[v]<\/a> https:\/\/www.creditcards.com\/credit-card-news\/7-things-need-know-about-gift-cards-1271\/<\/a><\/p>\n\n\n\n

[vi]<\/a> https:\/\/www.cbsnews.com\/news\/unused-gift-cards-add-up-to-3-billion-annually\/<\/a><\/p>\n\n\n\n

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Connect with Us<\/h3>\n

With business activities in 50 markets and 150+ currencies around the world, EVO is among the largest fully integrated merchant acquirers and payment processors in the world.<\/p>\n

Contact Us<\/a><\/div>\n <\/div> \n <\/div> \n <\/div>\n\n ","protected":false},"excerpt":{"rendered":"

Customers have come to expect the simplicity and convenience of gift cards, but some businesses still choose not to make them available. Whatever the reason, missing out on gift card sales can be a costly mistake. There are dozens of studies to demonstrate that this payment option lets businesses cash in on numerous benefits, in […]<\/p>\n","protected":false},"author":2,"featured_media":17952,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":3,"_editorskit_typography_data":[],"_editorskit_blocks_typography":"","_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","_mi_skip_tracking":false},"categories":[460],"tags":[167,67,17,59,44,60],"acf":[],"yoast_head":"\n8 Reasons Your Business Needs To Offer Gift Cards - EVO Payments<\/title>\n<meta name=\"description\" content=\"Gift Cards are a vital part to connecting with any consumer. 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