It’s undeniable that small businesses were one of the hardest-hit industries in the wake of COVID-19. While all businesses suffered during the pandemic, some local shops did not have the cash supply the larger corporations had on hand. This holiday season and beyond, remember the community establishments you cherish most and purchase their gift cards. In this blog, we explain some of the benefits of how your purchase of local business gift cards can make a difference.
They Generate Revenue
Although it may sound obvious, revenue is a primary staple of a company’s success and longevity. No business can survive without a steady cash flow, and you can help progress this by purchasing credit upfront, even if that’s short-term. If you want to double the giving, give an in-kind donation of a gift card to a local non-profit. You’re giving back to your community almost effortlessly!
They Increase Brand Loyalty
If an individual buys a gift card, that means one of two things: either the buyer is a supporter, or the recipient is. Regardless of which one it is, individuals are visiting that store or website and investing in that business. Gift cards encourage people to keep coming back for more, and what business doesn’t want that?
They Draw In New Customers
One of the best ways to build a company’s customer base is by sharing information about that company with your network. Gift cards are an ideal method when promoting your support for local businesses. Not only are you supplying money to your business of choice when buying a gift card, but you’re generating potential fans of the company as well. These recipients likely value your opinion, which will create future consumers and fans of the business, resulting in even more brand loyalty.
Often, They Can be Used Anywhere
Whether you purchase a physical or digital gift card, many places have the option to use it online or in-person, which makes the buying process incredibly easy. As online shopping becomes more popular every day, either choice is perfect for browsing and purchasing virtually.
They Will Likely Earn More than Anticipated
In 2018, First Data’s study found that customers spend an average of $59 over what is provided on a gift card. Almost four years later, that statistic has undoubtedly increased. If a person exceeds their gift card amount for a small business, there’s no guilt in supporting local, right?
If you’re a small business looking to grow your revenue, we’re here to help merchants like you. Contact us today to schedule a consultation!