How to Use Wholesale Gift Cards in Your Business
Offering wholesale gift cards in your business is a simple approach to raising revenue, improving your online presence and visibility, and attracting more loyal customers. The gift card market, on the other hand, is constantly changing. Because the way customers buy, use, and manage gift cards is continuously evolving, business owners now have to stay up with these new trends and technologies.
This article will show you how to set up a gift card system in your store in five simple steps. We’ll also explain why you should start using digital gift cards to scale your business and choose I Codes Wholesale to help you create your gift card and game gift codes business.
How Do Digital Gift Cards/Digital Gift Codes Work?
Digital gift cards have a one-of-a-kind and automated code that may be used to redeem alternatives.
This code can be distributed by email and message systems and published on websites and online marketplaces. Digital gift cards, as opposed to traditional physical gift vouchers, are far handier because they can be obtained and redeemed while sitting at home or on the road!
Advantages of Wholesale Digital Gift Cards
Before we get into the details, let’s take a look at why you should use wholesale gift cards in your store:
Consumers enjoy giving and receiving gifts, which is one of the many reasons why gift cards are helpful, particularly during the holiday season.
Many clients spend more than the gift card’s value, resulting in increased revenue for the business. Here are a few more reasons you shouldn’t pass up this chance to expand your business using wholesale gift cards.
- Gift Cards Help Improve Your Brand Awareness
For online store owners, especially novices or small-timers, anything that gets your brand or image in front of the public is a win. Customers send gift cards to their friends and family, making them an excellent way to spread your brand or store’s name.
- Gift Cards Can Improve Cash Flow
Selling gift cards is an excellent strategy to keep your business alive during a sales depression.
The money spent to purchase the cards goes right to you regardless of when the customers redeem them. This generates a new revenue stream and improves cash flow.
As a result, having a gift card program can keep your firm afloat when sales are poor, or an emergency arises.
- Gift Cards Generate Business
Once you’ve set up gift cards, it’s simple to run marketing or promotions to attract new customers or acquire repeat business.
It’s also a significant advantage if someone purchases a gift card and gives it to a friend or family member who has never been to your store. After a consumer has used their gift card, you can give them credit for a future purchase.
- Gift Cards Are Great Incentives and Rewards for Customers
Recruiting new customers is expensive, as any business owner can tell you. Loyalty and incentive programs strengthen existing customer relationships, allowing marketers to get the most out of their marketing dollars. According to Bain & Company, even a 5% improvement in client retention can boost 25–95% profitability!
If you want to increase your retention rate, giving away incentives in gift cards is a great way to start.
- Gift Cards Business Is Easy to Set Up and Launch
It might be as simple as pressing a few buttons to activate an electronic gift card tool. There are various gift card plugins available in WooCommerce, for example. The only tricky part will be deciding which one will best help you scale your business.
Ways To Use Wholesale Gift Cards in Online or Physical Store
Gift cards no longer have the time, cost, or redemption restrictions that made them so inconvenient to use in the past. The new fact is that setting up a gift card system for your small business is both inexpensive and simple.
Here are five simple steps to get you started as quickly as possible:
- Choose The Kind of Gift Card Best Suits You
You can provide a variety of gift cards in your business; all you have to do is figure out how much your money is worth.
The following are some examples of gift cards that you can start using in your store:
- Single Store Gift Cards
- Family of Stores Gift Cards
- Multi-store Gift Cards
- Reward Gift Cards
- Birthday or Customer Milestone Gift Card
- Study Gift Card Laws
The laws and regulations regarding gift cards vary by location. To learn about any limits that may apply to your business, speak with a local tax or legal specialist. For example, whether or not to charge tax or the length of time a gift card must be valid. In California, for example, gift cards have no expiration date.
The National Conference of State Legislatures dives into the minutiae of each state’s gift card rules if you want to learn more.
- Review Data to Plan Your Business
Millennials are the most frequent purchasers of gift cards, followed by Gen-Xers (28%) and baby boomers (22%).
According to gift card demographics, the typical gift card buyer is a married woman without children. In addition, half of all gift card buyers in the United States (50%) live in suburban areas, with 68% of them being homeowners.
Support data ensures accuracy when launching or integrating a new program into an existing online system.
Knowing the data above can help you construct a more appropriate gift card system.
For example, knowing that around 37% of gift shoppers are millennials allows you to create promotions or designs exclusively for them.
This software will be more useful when you have your own business or market data.
- Add Your Personal Touch to Gift Cards
Add a personal touch to gift cards to take them to the next level. Design a gift card product like you would be a gift for someone instead of sending away a random store or branded gift card.
One method to personalize your gift cards is to create a story around them. For example, if Mother’s Day is approaching, put together a Mother’s Day special gift card.
Ways to Buy Bulk Gift Cards and Which is Best
There are several methods to buy gift cards in bulk, from multi-packs at the grocery store to large-volume orders sent online. The terms and conditions, as well as the perks, differ in every company and location. Before making an order for cards that match your needs, carefully consider the following options:
- Order Multiple Consumer Cards Online
Purchasing several cards online is simple. For example, you can buy up to 100 Amazon (and 100+ brands) gift cards in one order at I Codes Wholesale. Because these are consumer cards, there are no corporate limits or expiration dates, and you do not need to worry.
- Order Bulk Corporate Gift Cards
Use the bulk gift card program if you’re buying gift cards in quantity for your business with a total price value of more than $10,000 each year. In most situations, there is an application process, set-up fees for the artwork, and terms and conditions to choose from when ordering bulk business cards.
While acquiring corporate gift cards in bulk may take some time and work, you will gain a lot of control in return, such as the flexibility to choose a reloadable gift card or order cards that can be returned if they are not used.
Conclusion
Gift cards are a popular choice among customers for various reasons, including convenience, purchasing flexibility, selection, and gift-recipient redemption consistency!
For businesses like yours, gift cards are even more tempting. Retailers use vouchers all over the world to raise awareness and enhance sales. Furthermore, including these into your marketing mix might help you engage your customers and keep them returning.
Gift cards are a win-win product in general. This article outlined the benefits of gift cards and provided simple steps for getting started with your gift card program.