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From our Q2 Industry Trend Report: Are you an online retailer ...or Not?

In our constant efforts to stay apprised of up and coming gift card technologies, GiftCard Partners recently investigated which of the Top 50 Retailers(1) are accepting gift cards as payment online. We found that over half of the Top 50 retailers do. Among those that don’t, they are primarily restaurants or drugstores. Getting in touch with your gift card e-retail side is now more important than ever. Wide-spread broad-band across America has contributed to an increase of internet users, from 55% to a whopping 84% in the last 10 years(2). Not only will adopting online gift card redemption enhance customer convenience, increase sales, and amplify loyalty; it is also a foray into the mobile internet realm, which is predicted to overtake desktop internet usage by 2013(3). No matter the size of your business, not accepting online gift card redemption is a missed opportunity to engage with customers via their potential preferred researching and buying method. Other opportunities include: * Decrease  in breakage (if they are in your breakage #’s they are lost customers)

* Increased brand awareness * Cross-promotional opportunities * Opportunity to serve potential customers that don’t have a store nearby * Cost efficiency (more online gift card redemption results in less usage of credit cards and the associated interchange fees) Internet immersion is also one important baby-step towards the more mature e-retailing strategies like utilizing QR codes to connect offline and online consumer activities, social media for customer service, group couponing and targeted promotions….undoubtedly the cutting edge of retail is online.
Click here to read or download the full Q2 2011 Gift Card Industry Trend Report
1 Source: NRF Stores – Top 100 Retailers
2 Source: Internet Retailer – Market Saturation Trend 2000-
3 Source: Morgan Stanley research

 


Topics: Gift Card Redemption, Gift Card Technology, Gift Card Trends, eCommerce, Retailers & Merchants, eGift Cards, General Gift Card

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