{"id":12143,"date":"2023-11-10T12:01:56","date_gmt":"2023-11-10T12:01:56","guid":{"rendered":"https:\/\/infundpros.com\/finance\/small-business-retailers-how-to-make-gift-cards-your-ticket-to-success-this-holiday-season\/"},"modified":"2023-11-10T12:01:57","modified_gmt":"2023-11-10T12:01:57","slug":"small-business-retailers-how-to-make-gift-cards-your-ticket-to-success-this-holiday-season","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12143","title":{"rendered":"Small-business retailers: How to make gift cards your ticket to success this holiday season"},"content":{"rendered":"
\n

This <\/em>article<\/em> is reprinted by permission from <\/em>NerdWallet<\/em>.\u00a0<\/em><\/p>\n

With the holiday shopping season fast approaching, a simple addition to your catalog can go a long way: gift cards.<\/p>\n

Unlike other types of inventory, gift cards are cheap to produce, easy to ship and unlikely to be returned. If you offer digital gift cards, you can\u2019t run out \u2014 and you can keep making sales until a few minutes before gifts are exchanged.<\/p>\n

\n

\u201cPeople love giving gift cards,\u201d says Rachel DeCavage, owner and creative director at Cinder + Salt, an eco-friendly clothing company based in New England. \u201cIt\u2019s a no-brainer way for them to give someone something that they\u2019re going to love.\u201d<\/p>\n

People love getting them, too. In an October survey from the National Retail Federation, 55% of respondents said they hope to get a gift card as a present this year.<\/p>\n

Here\u2019s how you can make gift cards part of your holiday strategy, whatever you sell.<\/p>\n

1. Create your gift cards<\/strong><\/h2>\n

You may be able to order physical cards or offer digital ones through your\u00a0e-commerce platform\u00a0or point-of-sale system. Physical cards typically cost less than $2 per card, and digital cards are often free.<\/p>\n

Physical cards are more popular gifts for Chicago-based indoor golf facility The Green, says founder and managing partner Connor Ptacin.<\/p>\n

During the holidays, Ptacin estimated his team mails out \u201clike 20 gift cards a week\u201d to people who want to give their loved ones something physical.<\/p>\n

Digital cards let you keep making sales until the very last minute. DeCavage says she usually sees a rush of gift card orders \u201clike three days before a holiday.\u201d<\/p>\n

The right mix of digital and physical cards depends on your customers. If most of your sales take place in person, physical cards may be more popular. But if more of your customers shop online and you tend to ship orders farther away, or if you\u2019re trying to grow your online sales, lean into digital cards.<\/p>\n

You might like: <\/strong>Work-life balance? Here\u2019s how these small-business owners manage it.<\/p>\n

2. Promote them as gifts<\/strong><\/h2>\n

Display gift cards by your register and prominently on your\u00a0e-commerce website\u00a0to catch shoppers\u2019 eyes.<\/p>\n

\u201cJust pop it right there on the counter and drive the impulse purchase,\u201d says Jay Jaffin, chief marketing officer at Blackhawk Network, which helps retailers create and sell gift cards and other rewards items.<\/p>\n

You can use gift cards to encourage other spending. This year, DeCavage is offering gift cards as bonuses to customers who spend more than a certain amount at Cinder + Salt.<\/p>\n

\u201cIt could be an incentive for them or it could be something they can give to someone else, and it also feels like they\u2019re getting a discount,\u201d DeCavage says.<\/p>\n

Make sure your cashiers know how to load gift cards using your\u00a0point-of-sale system\u00a0and how to package them. Those transactions give your staff the opportunity to make additional sales, too: DeCavage encourages gift card buyers to add something small, like a sticker, so it\u2019s more exciting for the recipient to open.<\/p>\n

\u201cWe try to make it a part of the shopping experience for people who are really unsure about what to get,\u201d DeCavage says.<\/p>\n

Promote gift cards on social media and via email, too. A well-timed\u00a0online marketing\u00a0campaign can remind previous customers that you have gift cards available \u2014 especially if you can reach last-minute shoppers at the right moment.<\/p>\n

Lastly, Ptacin recommends swapping gift cards with other local businesses that serve similar audiences. That can help you reach new customers who might have just needed a push to visit you.<\/p>\n

Plus:<\/strong> Don\u2019t make these 6 common marketing mistakes with your small business<\/p>\n

3. Prepare for redemptions<\/strong><\/h2>\n

If you sell enough gift cards, you might reduce the intensity of another post-New Year\u2019s headache: returns.<\/p>\n

\u201cA lot of times, what you see is a bunch of returns at the beginning of the year,\u201d Jaffin says. \u201cSometimes, those gift cards can actually help balance that out \u2014 that first-quarter lull.\u201d<\/p>\n

Read:<\/strong> How your business can offer free shipping without hurting profits<\/p>\n

Shoppers usually spend more than what\u2019s on their gift cards, Jaffin adds.<\/p>\n

DeCavage says gift card shoppers often behave differently. Instead of making a beeline for their desired item, they tend to spend lots of time browsing.<\/p>\n

\u201cFor small retailers, gift card programs can really be a low-maintenance and affordable way to compete against larger stores,\u201d Jaffin says, \u201cwhile also helping to acquire new customers and encourage repeat foot traffic.\u201d<\/p>\n

More From NerdWallet<\/strong><\/p>\n

Rosalie Murphy writes for NerdWallet. Email: rmurphy@nerdwallet.com.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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