Increasing revenue with gift card software

As a business you may be looking for that next "big idea to get you going". While you are looking let me tell you about something that you can do to increase revenue. Gift card software is an add-on to your already existing POS System. It allows you to sell a coupon for your store that is redeemable by the holder for the amount associated with the card. Think of it as an in store debit card. Gift cards can increase revenue, build brand equity and increase customer base.

Gift cards are a funny idea. Think about it, we give a piece of paper or plastic with a cute picture on it to a friend and then they come and redeem it for what ever they want. They are a step above giving a check as a gift for Christmas, birthday or any other holiday. Yet in the consumers mind it is a great gift. It says that we still care but it still allows the recipient to choose what they want.

If you decide to sell them they should be positioned as an easy but thoughtful gift. This can reap great benefits if done right. A bad example is Wal-Mart who tried to position some of their gift cards as an in store debit card that you could put a given amount on each month to help control spending. The idea has had limited success because it requires a complete change in the attitude of the consumer towards gift card.

Gift givers often have a difficult time finding the perfect gift for their friends and families. This causes one of two unfortunate scenarios. First, the gift giver on not knowing what to buy gets frustrated and looks elsewhere, or second the gift is returned after it is given. Either scenario results in lost sales. Gift card software will allow you to lessen the occurrences of either scenario. Gift cards take the burden of deciding off of the gift giver and reduces the number of returns significantly. Gift card software increases your revenue.

A personal example might help to illustrate my point. For my wedding my wife and I received a lot of duplicate gifts. Most of which were promptly returned for in store credit. However, we did get a number of gift cards which we are still using to this day. We have not returned one item that we bought with a gift card. Gift card software can eliminate many costly returns and reduce the customer service resources needed to deal with those returns.

Gift card software will open your stores up to more buyers. When someone buys a normal gift at your store they buy their gift and maybe a few other things and then go home. When someone buys a gift card they usually will purchase other things while they are there. In addition, the receiver of the gift card will also come into your store and make a purchase with their gift card and buy a few other things. Many times the receiver of the gift card is not a customer of your store. Gift cards software can help you increase your customer base and product exposure.

Again a personal illustration might help. Of the several gift cards that we got for our wedding a few were to Bed Bath and Beyond, a store that I was perfectly happy without. My wife and I had little reason to go there and frankly did not like it much. However, after returning there numerous times, to spend our gift cards, we began to find things we liked and purchased or want to purchase someday. Though Bed Bath and Beyond has not found a loyal customer they have increased their exposure and cultivated an interest in both my wife and I.

Gift card software also cashes in on the brand equity that you already have. REI is a great example of this. People shop at REI more for the image than for the price. Getting a gift card at REI is a cool thing because it has considerable brand equity. When a person gives a gift card they are saying "You like this image and I am giving it to you". This is a tremendous way to cash in on your brand image without hurting it.

Gift card software can help your business increase its revenue. It can broaden your customer base and it can help build your brand equity. However, it is not a cure all. It is merely one piece in a large puzzle of you marketing strategy. It should be used wisely and judiciously.
 
 
About the Author
Justin Grover is a client account specialist with 10x Marketing - More Visitors - More Buyers - More Revenue. For more information about Gift card Software check out ComCash.com.

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