What you sell is more important than how you sell! Yes, techniques matter a lot especially in this competitive marketplace where you need to suffer each day to find something new and unique for your customers. And when it comes to customers, you know that discounts and deals work perfectly to entice them to your store. But most people nowadays love gift cards more.
Do you know that customers who purchase with a gift card are 2.5 times more likely to pay the full price of products compared to those making cash purchases? Gift cards are a popular choice for shoppers because they allow the receivers to buy whatever they like, not leaving any room for worrying about choosing the right gift. Meanwhile, you can’t go wrong with gift cards. They are easy to get, best and perfect for last-minute shopping.
In this blog post, we’ll discuss the benefits of selling gift cards to customers and also why gift cards are a great investment, and how you can easily implement them in your Magento store.
Gift cards are not only easy to use and perfect as they also work as a marketing weapon to improve sales, conversion rates, and build customer loyalty. Many brands like Nike, Zara, and Amazon are already using gift cards to entice customers toward their stores. So, in this competitive and online shopping time, you can make use of gift cards to stay ahead of your competitors.
From a retailer’s perspective, gift cards are a great advertising tool to build awareness and boost sales. Gift cards are easy to implement and budget-friendly and they also provide a great shopping experience for customers and generate more revenue for businesses.
The Benefits of Selling Gift Cards to Your Customers
There are many benefits that can help in leading the industry if you start selling gift cards in your store. Let’s eye on a few of the benefits.
1. Gift Cards enhances cash flow with Instant Profit:
The first and best benefit you can avail from selling gift cards is instant profit. If you sell a gift card, you get the money from the customer immediately without any delay. It can help you in enhances cash flow, especially during the holiday season. Suppose you sell outdoor gear, then the gift cards will help you get more sales in the slower winter season. The customers can purchase the gift cards, and give them to their family, friends, or loved ones. The receiver will use them whenever they want, but you get the cash right away.
2. Gift Card is the best way to reach new customers:
Gift cards are the best way of marketing and an excellent way to spread awareness about your store organically. Often, your regular customers will help you do that because customers who love your product and buy from your store, will purchase gift cards from your store and send them to their friends. Those receivers will also come to know about your store and there’s a chance that they can become regular patrons.
3. Gift cards Leverage Holiday seasons:
If you are an owner who wants to boost sales during winter holidays or festive seasons like birthdays, graduations, gift cards are a great choice especially if you have customized, occasional gift cards that you can send to customers. This will help you enhance sales during festive seasons and help you grow your business.
To summarize in brief:
- Market brand awareness
- Help collect customer data
- Secure and comfy
- Enhance cash flow
- Easy to use and distribute
- Enhance customer engagement
- Leverage more festive sales
- Create marketing possibilities
- Attract new customers
Meanwhile, gift cards are perfect for any store who want to grow their business. You can use the gift cards in a variety of eCommerce stores and can be shared with the receiver very easily. The process happens in a blink of an eye. Pretty convenient, isn’t it?
So if you’re not selling gift cards yet, start selling to enhance more customers and boost your sales.
What are the Types of Magento Gift Cards?
There are three card types that available for the Magento store virtual, physical, and combined. Let’s have a look at each and see how you can implement it in your Magento store.
- Virtual: Virtual gift cards are none other than e-gift cards that are sent to customers by email and then applied at checkout. They’re a simple, easy way that your customers can buy gift cards and send them to others.
- Physical: Physical cards are delivered by post and used either at checkout or on the spot if a merchant has a physical location. They are printed and mass-produced and use unique codes that are redeemed when shopping at your store. Physical gift cards will need to be mailed to the recipient.
- Combined: As the name suggests, provided either by post or email means to combine the characteristics of both virtual and physical cards.
Having gift cards for your store not only be a great addition but also very easy to use, as it can integrate with the platform’s environment and provide the best benefits. If you’re started with gift cards at your Magento store, it’s easier to offer virtual gift cards than it is to offer physical and combined gift cards. Then, if your gift cards are selling well with virtual you can consider adding physical or combined to store as well.
Once a customer has purchased a gift card for Magento 2, an admin can track the usage stats of the gift code, including amount, balance, and delivery date. With the help of a Gift card & Certificate extension for Magento 2, you can help your customer to purchase and send gift cards, vouchers, and certificated. In this case, the admin has full control over all the purchased gift cards and it lets customers customize their gifts as per their needs.
What else you can do with this extension?
- You can send gifts via email or post.
- You can configure Magento gift cards according to the customer’s need.
- Add an unlimited number of gift codes.
- Option to keep a record of purchased gift cards.
- Ability to create Magento gift vouchers.
Selling gift cards on your Magento store is very easy and doesn’t take a long time to set up. Here are reasons why you should be selling gift cards to your customers.
- According to the National Retail Federation, Gift cards are the most requested holiday gift.
- Almost 90% of gift cards are used within 60 days of purchase.
- The average value of a gift card is $45.
- Studies find that 74% of customers regularly buy gift a card from small businesses.
Ready to get started? Gift cards have a lot of benefits to the business. More and more retailers use these to attract new customers, boost sales, and promote the brand. The key to being successful at this is to keep with customer trends and new technologies.
At MConnect Media, as the best Magento Development Company, we can help you with our experts who are excellent at implementing new features and functionalities, upgrading your Magento store, integrating extensions, and security and maintenance. We can also help you build your store from the scratch. Let us know your needs.