“I need a gift card for my business” is a thought that crosses the mind of many retail and restaurant businesses, both large and small. But where do you go from there? Actually launching a gift card takes some consideration to ensure that you have maximum opportunity for whatever the future brings. In fact, it’s even a consideration before you decide on your platform provider, because as your business expands there’s a whole world of gift card opportunity that you will not want to miss.
So before we get into the nuts and bolts (unless you just want to scroll down), let’s take a step back to remind ourselves why gift card is so important.
So, stepping forward again, “I need a gift card for my business”. What do I need to consider?
For most brands, the most impactful, cost-effective option will be a “closed loop” gift card. That means that the gift card can only be redeemed in your store/restaurant and online environments. Closed loop cards give you total control over your own program.
In 2020, digital gift card sales increased exponentially. They are now a customer expectation. This means you need to be able to redeem digital cards both in outlets (if you have stores/restaurants) as well as online.
Gift card regulations will apply. These will differ between countries and between states. We’d recommend reaching out to legal professions to ensure that the rules of your gift card program comply with local regulations. Legal advice will ensure that where the gift cards are issued, will be to your maximum advantage. Savvy does not provide legal advice but contact us https://www.savvyconnects.com/ and we can refer you to legal experts.
Gift cards are a target for fraudsters. Ensure that your program utilizes the latest anti-fraud techniques.
“OK, OK, so these are all important, but I need a gift card for my business”. So, where can you look? For small business, there are some easy options…but they can come with some drawbacks for the future:
These may be perfectly viable options, but think about how your business might grow in the future and have these considerations in mind:
Who are these external markets? From the gift card malls that you will see in major grocery stores to the employee benefit systems that offer discounted gift cards, there is a huge market opportunity that is growing year over year. Without access to these lucrative gift card markets, you instantly reduce significant opportunities to reach new customers and increase sales
So, if you are a larger small business, medium sized or even a multi-brand multinational, looking for a gift card solution…or looking for something better for your current gift card…you need a professional, focused gift card solution provider. Savvy can support you and take your program where it needs to go.
We hope this has given you some things to think about as you consider the wonderful world of gift card. We hope that you’ll take away that gift card does need consideration and that, what might seem like an easy option, often comes with severe limitations.
We hope you’ll talk to Savvy https://www.savvyconnects.com/request-a-sales-call