When asked how many gift cards they gave last year, according to a new InComm survey, 100% of consumers said at least one and 92% said two or more.
Gift cards are clearly a hot commodity, and there are many ways that retailers can leverage them to boost online and in-store traffic.
Additionally, a recently unveiled InComm survey understates just how popular gift cards are among consumers:
- When asked how many gift cards they gave last year, 100% of consumers said at least one and 92% said two or more;
- 82% of respondents said they would appreciate receiving a gift card on their birthday;
- More than a third of respondents said they would appreciate receiving a gift card for a graduation (39%), wedding (37%), anniversary (34%) and as a thank you (42%).
PREPAID FOCUS
With millions of credit and debit cards being compromised every year, consumers see general purpose reloadable (GPR) cards as more secure. The functional aspect of adding value to the cards before use, rather than paying off debt later makes GPR cards a useful tool for consumers looking to budget their finances.
The prepaid market is maturing. General purpose reloadable (GPR) cards remain popular with the unbanked and underbanked, but growth may slow in 2017 due to a mature market. Closed-loop gift cards remain popular and may see growth if more retailers connect them with loyalty programs and mobile apps.
In other news, InComm has partnered with Sony to launch promotional tools that enable merchants to rapidly execute value-added offers on gift cards. The tools include in-store and online marketing materials as well as anti-fraud tools to mitigate risk. While these solutions are currently launching in Hong Kong, similar tools are already available to U.S. businesses.