As the New Year brings in new ambitions and milestones to be accomplished, it’s time to understand elements and trends that will aid you in achieving your goals this year. Whether you are running a restaurant or working in a retail store, keep the momentum going with the following New Year’s resolutions for your business.
#1 The Power of E-Gift Cards
Digital gift cards sales are estimated to reach $15 billion in 2018, becoming clear that the powerhouse of e-gift cards took over in 2017. The necessity to provide consumers with digital and physical gift cards is on a rise with over 44% of survey respondents purchasing gift cards through mobile devices. Companies must provide a secure, user-friendly, and easily navigated website where a customer can purchase or send gift cards. Approximately 72% of consumers spend more than the total value on their gift cards, demonstrating the usage of gift cards will not stop but further develop over time, increasing sales within the business. As mobile technology advances, altering the way people use their gift cards, it presents new opportunities for merchants to innovate and capitalize on the huge potential of that $160 billion-dollar industry. The convenience of shopping on mobile devices, to having cards delivered with no charge, personalizing your card with a message, as well as the ability to directly deliver it to someone’s email are all factors contributing to the popularity of e-gift cards. The ease and convenience of e-gift cards have resulted in shoppers finding them a convenient option for last minute gift giving.
#2 Customized to You
As many businesses currently utilize a standardized loyalty program, this year it’s time to reconsider the way you will personalize and customize your promotions and offers to maximize your growth with your consumers. Providing a loyalty program to your customers is not merely just a physical card that is added to the collection in their wallet, it needs to represent the relationship the company has towards their customers. Businesses need to understand the importance of creating a loyalty program that will add value to their consumers in a way that is unique and ultimately create a positive experience that will result in repeat visits and purchases. It can be rather tricky to build and retain customer loyalty in the age of fast-moving information and access to diverse choices. 80% of executives feel their brand understands the needs and desires of their consumers, while only 15% of consumers agree. It is critical that companies begin to acquire and store consumers’ data to have the ability to get a 360-degree view of their consumers and analyze consumer purchasing patterns, to customize offers. Customers feel special and unique when receiving customized offers instead of a mass message that is going to all customers. Offering promotions and exclusive discounts serve as a great starting step in maintaining loyal membership and creating value for your consumers.
Another year has passed, but don’t let 2018 pass you by. Change all obstacles into opportunities to grow and strengthen your business whether that be improving your current system or implementing a completely innovated system. It is evident that gift cards and loyalty programs are not going anywhere anytime soon so it’s time to look into your options for optimal success. Make 2018, your year!