By Tom Boucher, Vice President of Velocity B2B Services
Helping Merchants Generate New Revenue Streams through B2B Gift Card Program Management
Nearly three-quarters of U.S. businesses spend $77 billion annually on consumer and employee incentives. The majority of that spend — 58 percent to be exact — focuses on gift cards. For merchants, this B2B channel is perhaps the biggest opportunity for growth — whether plastic or digital. As the former manager of Best Buy’s gift card program, I can testify that the $26 billion B2B gift card market is ripe for the picking.
While merchants understand the potential of B2B, more often than not they don’t have the in-house expertise or resources to capitalize on it. This is why we are excited to announce the launch of Velocity B2B — an independent business unit within CashStar that offers merchants comprehensive B2B gift card program management services. Velocity B2B is striving to eliminate the obstacles many brands face to ensure they don’t miss out on B2B gifting revenue, which can be two to five times higher than their consumer gift card revenue.
Working with Velocity B2B enables merchants to capitalize on our industry expertise to help open up a lucrative new revenue stream. The Velocity B2B team taps into the depth of industry experience to serve as a seamless extension of merchants’ teams. In addition to helping clients utilize the CashStar Business market-leading technology platform, the Velocity B2B team provides end-to-end program management including sales and marketing, strategy, operations, security and fraud indemnification. By giving clients dedicated B2B resources, Velocity B2B empowers merchants to focus and cultivate other parts of their business with peace of mind that their B2B operations are in good hands.
Tom Boucher is a vice president in the Velocity B2B unit. He brings 13 years of retail gift card experience and over 25 total years of retail experience. Most recently, Tom had full gift card program oversight while with Best Buy, building and managing Best Buy’s highly successful B2B gift card program. Tom is also a founder and the former chairman of the Retail Gift Card Association (RGCA).