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2015 B2B Gift Card Study, Industry Trends

GiftCard Partners, Inc. has been at the forefront of B2B gift cards since we started out more than a decade ago. Some might call it obsession, others might say it's our job, but we like to use one word in particular, passion. That passion led us to commission a B2B Gift Cards Study back in 2013. We teamed up with
Shapiro+Raj, a research company with more than 50 years of experience of conducting behavior and opinion research, to get a clear pulse on the B2B Gift Card Industry. As a company we are constantly learning and evolving in the marketplace as trends in technology, payments, wellness and much more continue to grow. In order to be the best partner for our clients, we needed a strong understanding of what was happening out on the front lines, with the consumer, not just B2B. Our 2014 B2B Gift Card Study did just that. We focused on two key areas:

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Millennials Prefer E-Gift Cards

When it comes to millennials and technology e-gift cards are growing in popularity. A recent article from Loyalty360 discussed how millennials prefer e-gift cards to their plastic counterparts. 14 percent of millennials have given or received an e-gift card in the past year compared to only 7 percent of 30-49-year-olds and about 8 percent of 50-64-year-olds who have given or received an e-gift card. So why do millennials prefer e-gift cards? While not specifically asked if they preferred e-gift cards over plastic, millennials did offer a hint; millennials are twice as likely to have lost a gift card before they could spend the entire balance. About 40 percent of millennials have admitted to losing a gift card. E-gift cards are appealing to those who worry about losing cash. They are harder to lose since they exist in your email as opposed to a physical piece of plastic that may never make it into your wallet and are easier to track. E-gift cards also save time on the part of the 'gifter' as they can be purchased with just a few clicks from your computer, tablet, and mobile device from anywhere at any time. Many retailers can scan and redeem e-gift cards directly from your mobile device, some retailers even offer rewards programs for doing so. Electronic gift cards are growing more common for retailers. 59 percent of gift cards are available electronically, up from 41 percent back in 2010. It's also good to know that most retailers will also accept electronic gift cards (as well as plastic) online, great for the online shopper to complete their whole transaction seamlessly online without having to open their wallets. While for some, e-gift cards may seem like an impersonal gift, many retailers are combating that by offering personalization to electronic gift cards. Multiple designs,  personal photos, and videos can all be uploaded directly to the e-gift card to really improve the buying and giving experience. Here's what the Washington Post had to say on, "Why millennials prefer electronic gift cards."

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The Secondary Gift Card Market

The secondary gift card market is a delicate topic in the gift card industry. It's sort of like a dirty little secret that’s extremely helpful for consumers. In this market, consumers can recycle, regift or exchange their unwanted or unused gift cards for something that is of more use to them. It's a free market, or markets and with the access to internet today these exchange sites are literally at consumers' fingertips. While this new market may leave unwanted gift card holders jumping for joy, retailers are as thrilled. Secondary gift card markets can be seen as devaluing retail brands. These markets essentially allow consumers to trade in one brand for another, making the currency that was previously brand specific, brand agnostic. Currency no longer gets funneled into a retailer's business, but rather commoditized on the open market. Diane Freeland, GiftCard Partners' VP of Client Relations, comments on the commoditization of the secondary gift card market stating, "These secondary marketplaces offer consumers the opportunity to trade unwanted gift cards that they were received as a gift at a less than face value for the cards they are trading." Selling a retailer's brand for less than face value can have unforeseen consequences that only time will tell. Secondary gift card markets are a sensitive subject in the gift card industry, and it is certainly something we will keep an eye on. Check back to this space for more information on this subject as we track the industry’s response.

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4 Bonuses for Mobile Payments

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.

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Three T's to Arm Your Front Line Associates

Sometimes in the enormity of running a retail operation it's easy forget about the front line employees. These are usually the hourly wage earners who may not be the most senior employees but are the employees who have the most impact on consumer experience and can dictate how loyal your customers are. Here are 3 key components to arm your front line associates with to ensure your consumers expectations are fully met. 1.
Tools. Give store associates the tools they need to be successful. This may mean arming them with a tablet with inventory software or ensuring there is an extra manager on duty during your busiest days to keep things running smoothly. 2.
Technology. In today's ever evolving retail landscape this could mean a number of different things. It could mean having mobile devices on the floor in places where beacons are pushing messages to consumers, or having associates armed with tablets to execute mobile checkouts in areas other than the traditional cash registers. But remember it's not all about having the latest and greatest technologies. Find out what spots are weak or need improving on and the right kinds of gadgets that can help improve these areas to see success. 3.
Training. The most important thing to arm store associates with is knowledge. Equip them with the know-how to handle any situation. This builds confidence and autonomy that is usually more valuable in situational problem solving than any piece of technology or tool.
For more information on how to arm your front line store associates with the three T's and beyond head over to Loyalty360.

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