How To Increase Holiday Gift Card Sales for Your Business
Wondering how to sell more gift cards? Over $100 billion dollars is spent on gift cards annually. That’s quite a chunk of change and makes gift cards integral for any business merchandising plan.
So to make sure your gift cards go flying off the shelf this year, here’s a 5-step strategy to increasing gift card sales in your business and ensuring your holiday gift card success.
Package Gift Cards To Appeal To The Senses
Nearly a quarter of consumers use gift cards to purchase items that they normally wouldn’t buy on their own. We love that! Isn’t that the purpose of receiving gifts? To get something you normally wouldn’t splurge on yourself? But there’s no reason gift cards can’t feel more like the presents they actually are and less like a piece of plastic. It’s also a merchant’s opportunity to get creative and show customers their personality. So wrap gift cards in little boxes with a few pieces of candy and a bow or two, or wrap them in a mug with your store’s logo on the side. The possibilities are endless. What’s important is that the giver is as excited to give this gift as the person on the other end will be to receive it.
Sell Experiences, Not Just Dollar Amounts
As much as we all love getting gift cards, some holiday shoppers can be turned off by their loved ones knowing exactly how much they’ve spent on their gift. For these folks, opt to forgo dollar amounts for experiences. Is your business a day spa? Don’t sell a customer a $25 gift card, but instead sell a gift card for one spa pedicure. If you’re a coffee shop, sell a gift card that’s the equivalent of ten small lattes. The goal here is to make it less about the dollar amount and more about the unique experience your shop is able to offer.
Offer Discounts For Numerous Gift Cards
When the rest of your store is on sale two weeks before the holidays, it can seem impractical to a customer to purchase a $25 gift card at $25. In this case, bundling your gift cards together can be more appealing. Sell three $25 gift cards for $70 or two $50 gift cards for $90. It might seem like you’re taking a loss, but the reality is that when people come into your store to shop with these cards, 72 percent of customers spend more than the value of the card. On average, customers will spend 20 percent more than the gift card value. So don’t be concerned about losing money at the register. If these stats are any indication of the impact gift cards can have on your business, you’ll be rolling in the green!
SEE ALSO: Your Sales-Driven Little Helper This Holiday Season
Bundle Gift Cards And Physical Merchandise
Bundling gift cards and physical merchandise is not only a great way to package a creative holiday experience, but also an innovative way to sell slow-moving merchandise. Pair a cashmere sweater with a $50 gift card and sell it for $75. The value of the sweater might have been $50 but getting 50 percent of the value of merchandise that has been collecting dust on your shelf since last year, far outweighs never selling the sweater at all. Do this with anything: clothing, coffee mugs, or jewelry. Some people might even see it as an affordable way of getting two gifts to give for the price of one. Hey, we don’t judge!
Learning how to sell more gift cards might seem like an afterthought at times. But trust us, it’s well worth the investment of time and energy.
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