The only thing constant in the B2B gift card market is that it’s constantly evolving. This can leave retailers scrambling to keep up with the flow and not get left behind. One such evolution is digital gift card growth in the B2B market. Retailers are taking a closer look at the effect this growth in digital has on the bottom line of their B2B gift card program.
A recent CashStar study discussing the popularity of gift cards showed a surprising number of consumers are looking for a smartphone solution to keep track of the gift cards they receive. Thestudy looked at a diverse group of gift card givers and receivers from different demographic groups and regions across the country. What they found was that most prefer to give or receive mobile gift cards for a variety of reasons, including convenience, balance tracking, and the personalization it gives the ‘gifter’. So as gift cards remain a top gift choice for 9 years running, it’s important for merchants to note the desire consumers have for managing and storing them digitally.
Consumers have begun an organic transition into mobile payments and digital currencies. They are slowly filing cash, check, and credit cards right into the history book, next to the floppy disks and video tapes.
The predictions around mobile payment are pretty robust. eMarketer states that mobile transactions will total nearly $1 trillion by 2014. Yankee Group predicts the worldwide transaction value of mobile payments will move from $162 billion last year to $984 billion by 2014. This includes transactions from mobile banking, international & domestic remittances, contactless cards, mobile coupons and near-field communications. eCerts & mobile gift cards is a sliver of this transactions pie, but the trend towards paying with mobile will surely make gift cards more accessible and it will open up a new delivery method for the worldwide corporations and remote companies involved in B2B gift cards. It will become even easier to reward that sales person who primarily works overseas and it will be even easier for them to locate their gift card retailer on their device…and to then redeem their gift cards with their devices. Read the full eMarketer article here. www.giftcardpartners.com
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