Starting a New Business? You Might Need Gift Cards Sooner Than You Think

Congratulations on starting your new business! As you begin thinking about all the elements that will make your business successful from the beginning, you may want to consider adding gift cards to your strategy. It might feel too early, or perhaps you think you should wait until you’ve built a name for yourself, but several reasons selling gift cards is beneficial, even within your first few days of opening. To give you some insight into why that is, here are a few reasons that you might need gift cards for your business sooner than you think. 

Increase Your Revenue

Did you know that a customer using a gift card will, on average, spend 38% more than the amount on the card? This is one of the main reasons that gift cards can boost your revenue. Customers often use their card to make their purchases cheaper, seeing it as an opportunity to get a high-ticket item for much less. In addition to customers spending more than their gift card amounts, some do not spend their gift cards at all. Though this is unfortunate, it is also pure profit for your business when someone forgets to spend their gift. 

Increase Traffic to Your Site and Store

One of the many benefits of having gift cards available is that customers begin to promote you to their friends and family, increasing the traffic coming to your website and store. You essentially have two customers from one purchase—the person who buys the gift card and the person they give it to. Over time, this cycle repeats itself, and your audience grows, making your gift cards one of your most valuable brand-awareness tools. 

If you want to get this chain reaction started right when you open, try adding gift card giveaways to your grand opening celebrations. This type of promotion can attract some of your first customers to your business. 

Make Your New Business More Accessible

Have you ever noticed that grocery stores will often have a wall of gift cards for big brands? That’s because these businesses know that their customers love convenience. When you need a last-minute gift, and it’s after hours, you might pop into a 24/7 grocery store to grab a gift card from the person’s favorite store or restaurant. 

To take advantage of this idea, consider partnering with other (non-competing) businesses to sell each other’s gift cards. You can also make your gift cards even more accessible by adding virtual gift cards to your website so that your customers can purchase a card and immediately receive it via email.

We Can Help Boost Your New Business’ Revenue

Having the right gift card partner can make all the difference in your experience as you open a new business. Card Market makes it easy to sell physical and virtual gift cards in-store or from your current website by providing fast, friendly customer service, as well as design and marketing resources. Our helpful team of experts is available to assist you every step of the way. Are you ready to learn more about Card Market’s services? Contact us today to schedule a consultation!