Gift cards can be the perfect way of shopping for oneself or gifting something useful to a loved one, but there’s more to these little cards than just Christmas and birthday gifts. But what is it? Gift Cards represent a $5bn business in the corporate world – with gift cards being selected over hampers, experiences and other items of the past.
Here are the reasons why
We all want to feel like an individual. From our phone case to our Netflix list, we want to have tailored experiences. Receiving a corporate branded pen as a gift feels like a cop out and doesn’t speak to us as individuals. If the gift is not to the recipient’s liking or not something useful- where is the value? Gift cards enable the recipient to buy anything they want from the specific brand. There is no danger of the gift giver wasting money on the gifts which may be just dumped when it’s a gift card.
As a global business, you need to reward at scale. But as mentioned, you can’t be personal with thousands of people. A gift card represents a monetary value, without the embarrassment factor of getting it really wrong. Whether it’s age or gender or simply personality inappropriate, the wrong gift leaves a long-lasting impression for all the wrong reasons! Even if you have a budget constraint, the receiver can purchase a worthy gift from the gift card or can keep the card on hold and top it up with additional funds.
International buyers are also willing to buy gift cards to get the benefit from the difference in exchange rates.
Nowadays, people are savvy shoppers, choosing cashback sites and checking for sales, deals and codes. A gift card with a long expiry date allows people to play the game and get the best deal for them at the time they want to buy. It can sit in the wallet and acts as currency. With the ability to be topped up digitally, a reloadable gift card can even come to represent a ‘bank’ or debit card. The great news? This makes it a sticky gift – in the wallet or purse of the recipient for longer.
Finally, gift cards can save the gift giver from gifting something to the recipient which they already have. No one knows what to do with duplicate gifts – but duplicate gift cards are a problem everyone would rather have!
Everyone wants to save money and get some use out of these gift cards. Thus, people may buy gift cards for different reasons, but the fact remains that these cards are an effective way of gifting someone freedom of choice. If you'd like to reward and recognise, incentivise or thank, a Gift Card or eCode is the ideal way to do so.
SVM Global is the leading provider of gift cards for business, offering businesses of all sizes the ability to purchase gift cards and digital eCodes in bulk. Choose from 100's of retailers, and order by speaking to one of our friendly advisors. To find out more, browse our portfolio here!
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