Gift card and loyalty programs have become an essential part of a modern retail ecosystem over the past few decades. Although the added expense may seem like a financial burden to some, the need to offer a better buying experience has prompted the need to differentiate your business with these added options.
Benefits of a Loyalty Program:
Below are just a few ways your business can benefit from a Loyalty Program:
Help to obtain new customers
In the current retail landscape, customers are always looking for incentives to buy and a loyalty program can make the difference between a potential customer choosing you over your opponents.
Sustain customer loyalty
Loyalty programs provide customers with an incentive to come back to redeem, earn, and spend.
Win back lost customers
With a loyalty program, you can send reward offers to customers who haven’t visited you for a while.
Turn customers into brand advocates
Earning rewards for every purchase they have made gives your customers a positive experience that they will tell others about, encouraging them to become a customer too.
Build strong relationships with your customers
Loyalty programs provide you with customer data so you can better understand them and can offer rewards that reflect what they want.
Benefits of a gift card program:
There are also many reasons to incorporate a Gift Card Program:
Increased sales
Customers who pay with gift cards will likely spend at least 10-30% more than the value of the card they were given. They will also be more likely to pick the products that aren’t on sale. So not only is there a rise in spending but could also see an increase in margin for the business.
Increased traffic
Businesses that offer gift card programs will experience up to 5% more traffic across their customer base.
Help in getting new customers
A word-of-mouth endorsement is one of the best ways to get new customers. Offer gift cards to your existing customers to encourage them to refer new customers.
Convenient gift giving solution
Gift card sales are growing at a surprising rate of 20% annually and have become the most desired gift for holidays and birthdays.
Custom gift cards and loyalty cards are a great way to encourage repeat business. Finding the right merchant services provider takes all the time and hassle out of the process with complete turn-key solutions that can help you increase customer loyalty with minimal effort.
The right provider should be able to customize the program to fit your needs, making sure you are set up to issue and accept gift cards right at your terminal or point of sale. Everything should be simple, including getting cards designed and printed. Give your customers another reason to keep coming back by starting a gift and loyalty program today!
