Top Retailers Find Out How to Boost Gift Card Sales and Revenue at Exclusive Online Event
For the past seven years, the number one most requested holiday item by consumers in America has been gift cards. As a result, retailers nationwide have a tremendous opportunity to capitalize on the estimated $100 billion that consumers are projected to spend in 2014. To ramp up for the rapidly approaching holiday season, Gift Card Program Executives from over 50 of the top-selling brand retailers such as The Gap, Best Buy and Target gathered for an exclusive, online event on September 17th to learn about the leading-edge gift card program strategies currently driving more gift card sales, redemptions and revenue.
“Last year, consumers spent more than $38 billion during just the holiday season alone,” according to Michael Hursta, Vice President, Prepaid Solutions for First Data and one of the keynote speakers at Happier Holidays Ahead: Top 5 Revenue-Generating Gift Card Ideas.
“The goal of this unique event was to not only let retailers know about the latest gift card and eGifting trends, but also show them the newest tools they can use to better engage with customers in every channel to boost their holiday sales in 2014 and beyond,” says Hursta. “I’m happy to say, the event was a huge success.”
Attendees learned how to implement programs to better leverage their employees by appointing a brand ambassador who focuses on promoting gift cards and incentivizing other employees to sell more gift cards. Retailers, both large and small, also discovered new tips, tricks and techniques to encourage more gift card sales throughout the store.
“Shoppers with gift cards feel like they have a license to spend,” according to Ben Jackson, Senior Analyst at Mercator Advisory Group and co-presenter at the event. “Taking advantage of more signage opportunities throughout the store to reinforce gift card purchases is an easy-to-implement way to boost sales.”
Attendees also learned how they can boost online sales by simply updating their online messaging to promote gift cards when they’ve reached their shipping date threshold as well as leveraging social media in new ways to increase gift card “sharing.”
But, perhaps the take away that top-selling retailers found most valuable were the many strategies aimed at keeping their customers coming back for repeat purchases. “I think retailers really appreciated fresh ideas to increase foot traffic, especially after the holidays, which is actually the most popular time for gift card redemption,” says Hursta.
From uploading gift cards into mobile apps to creating effective “spend and get” programs and other targeted redemption promotions to drive sales, attendees left armed with the new strategies and tools they need for their most successful holiday season yet.
First Data simplifies the connections that make commerce possible by providing merchants, financial institutions and government agencies with the technology solutions and industry-specific insight they need to thrive like never before.
Come back in November 2014 to download our 2014 Prepaid Consumer Insights Study to see how the industry has changed over the last year and the latest trends on the horizon for 2015.