Industry experts expect gift card sales to increase this year
November 19, 2013

Small businesses may want to consider updating their gift card programs as recent consumer trends indicate these flexible retail alternatives present opportunities for substantial revenue growth during the holiday season.

Fox Business cited data from the National Retail Federation that found gift cards have been the most popular choice among a majority of American consumers for five straight years. Many shoppers appreciate the convenience of not having to worry whether their friends and family members like the specific products they pick out. Instead, gift card programs provide benefits for both store owners and the individuals who ultimately receive them. Companies are able to maximize revenue by offering an alternative purchasing option to customers. Similarly, these options make it as easy as possible for card recipients to make purchases within the previously established money limit.

Gift card sales are likely to grow throughout the rest of the holiday season, according to Fox Business. In fact, current trends suggest the revenue created from these programs is on pace to surpass year-over-year growth in overall holiday shopping sales numbers.

Introducing a high-quality gift card program can be a challenge for small businesses. Not only do these initiatives require a high level of organization and upkeep, but they also often require the help of high-quality electronic payment systems. With the right tools and technology, the ability to process gift card purchases suddenly becomes much easier. In fact, an article from the Staples Business Hub said small companies must work hard to differentiate themselves from competitors. Part of that process involves listening closely to preferences of individual shoppers. Offering an easy-to-use gift card program is simply one more way to attract and retain customers in the long run.

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