It’s back to school time and that means parents all around North America are filling up their shopping carts with everything from pens and pencils to dorm room necessities! Did you know back to school and college spending is expected to reach $82.8 Billion1 this year? And with the holidays soon to follow, now is the best time to explore your gift card program as gift card sales are projected to reach $160 Billion2 this year.
Whether you are a retailer, online marketplace, grocer or QSR, gift cards are a great option for parents and relatives to help students cover the additional expense of heading back to school.
In addition, studies reveal that most consumers spend significantly more than the amount on their gift card. With gift cards in hand, consumers can make the big purchase they have been saving for, or simply pick up more merchandise during their planned shopping trip.
Gift cards are also a great way to attract new consumers to your business. Many gift card recipients visit a store they would not have visited otherwise.
Keep in mind that acquiring the gift cards is just the first step; it’s also important to market your gift cards. Whether that’s displaying them on your counter tops, training your sales staff to mention them at checkout, or running the perfect promotion, gift cards need to be treated like all other inventory in your business.
Consumers have proven their love of gift cards and most would choose a gift card over merchandise worth the equivalent value. We’ve all received that awkward gift from Aunt Judy and thought wouldn’t it be nice to get a gift card instead? Are you ready to offer gift cards to your customers?
Need to order more gift cards? Reach out to your relationship manager today!
1. BACK-TO-SCHOOL AND COLLEGE SPENDING TO REACH $82.8 BILLION, July 2018, https://nrf.com/media/press-releases/back-school-and-college-spending-reach-828-billion
2. Gift Card Market Size, 2017, https://wallethub.com/edu/gift-card-market-size/25590/