We recently surveyed more than 1,000 eGift Card purchasers and recipients to learn what makes them tick. I shared a bit of what we learned last month at Prepaid Expo as an example of how mobile is changing everything in the eGifting and payments space.
One of the insights revealed by our research is that more than half of these consumers use retailers’ mobile apps weekly. Even more interesting is what we learned they are doing with these apps. Accessing coupons, sales, store locations – that’s to be expected. But what’s striking is that one out of five people are managing gift cards in the apps. Those are loyal customers using apps to make using gift cards – and their lives in general – easier.
So as a retailer how do you take advantage of this insight? Find more ways to add value for the consumer and you’ll drive more sales. We have a many ideas on how to do this but here are three:
1. Enable your customers to buy eGifts from your mobile app – This is a great starting point that will help you benefit from an increased conversion rate and make on-the-go shoppers happy.
2. Allow consumers to convert their plastic gift cards to digital and store them in your app or a mobile wallet. And now that those previously anonymous cardholders are known entities, you can use geo-location and incentives to communicate balances and prompt redemption; how many millions of dollars in unrecognized plastic gift card revenue do you have out there that a plastic-to-digital program could help you reclaim?
3. Link eGift cards stored in your app to your rewards program and you’ve transformed a one-time payment instrument into a reloadable payment/loyalty card consumers will be more motivated to use more often.
And these are more than ideas. They’re innovations that our team is working on with clients now – we’d love to show them to you.