You’re probably familiar with the popular song, “There’s No Place Like Home for the Holidays.” Well, for the holiday season in 2020, that song will likely take on a whole new meaning, as people around the world will likely do more online shopping and gifting due to COVID-19.
Gift card sales have been proven to flourish especially well throughout October, November, and December as shoppers are preparing for the holidays. So, why not keep the revenue flowing year round? For retailers and restaurants looking to capitalize on holiday gift card sales, consider these helpful ways you can keep the momentum going with increased revenue all year long.
Engage with New Customers
Holiday gift card sales are a sure way to introduce many new customers to your brand. As gift cards are given as gifts to consumers who have never visited your retail shop or restaurant, they will have the new opportunity to discover your business when they cash in their card’s value. Because of this, you’ll be given the gift in return to engage with new customers throughout the remainder of the year. Through a variety of marketing and communication tactics at your disposal, you can invite customers back to your business with special offers and exciting new products throughout the year.
Don’t Underestimate Target Demographics
As holiday gift card sales are purchased, you can keep a record of purchasing demographics in order to continue your advertising and marketing efforts into the new year. While some might assume that men would be the typical gift card purchaser, recent studies have actually shown that 67.6% of gift card purchases are made by women. The same research shows that the 25 – 34 age group is the largest demographic to give and receive gift cards. All in all, it’s essential to observe and take advantage of your purchaser demographics, and utilize targeted marketing efforts to keep them coming back all year long.
Create Opportunities for Upselling
Here’s a fun fact: Did you know that 72% of gift card recipients will spend upwards of 38% higher than the face value of their cards? That statistic is reason alone to create upsell opportunities that drive customer loyalty beyond the holiday season. Many patrons with gift cards will make purchases for items they never intended to buy, so why not give them incentives to add those additional items or more expensive services when they decide to cash in their gift cards. These simple, surprise-and-delight opportunities are ideal for capturing the continued business of your holiday gift card patrons all year long.
Gifts That Keep On Giving
Thanks to special occasions that happen each and every day, gift-giving is a year-round activity and can easily help you maximize your non-holiday revenue. Even better, gift cards are the perfect go-to for any occasion. By implementing a few simple tactics into your yearly strategy, you’ll be on your way to making those holiday gift card sales increase your revenue the whole year long. If you’re ready to up your yearly revenue through gift card sales—during the holidays and year-round—contact us today to schedule a consultation