Digital transformation has impacted most every aspect of commerce – but have gift cards been overlooked? New industry research on the evolution of gift cards from Incisiv reveals innovation and digital transformation have largely passed the gift card industry by.
GiftNow commissioned Incisiv to assess the adoption of digital and physical gift card features across leading U.S. retailers and quick serve restaurants. The two studies, done in the first quarter of 2021, make it clear: Many merchants are leaving a ton of gift-card-powered value on the table.
Get More Value Out of Your Gift Card Program
Merchants who have done the work to evolve and better integrate gift card programs into an omnichannel strategy have addressed a few common challenges. Chief among these are four “pillars” that determine how much value a gift card program can unlock.
While there are many other factors that impact the value of these programs, the Incisiv study found that mature, high value gift card programs are:
- Frictionless: Enabling quick and seamless purchase and redemption through better integration and UX design.
- Highly personalized: Enabling deeper personalization of the gift card creation process.
- Equal players in an omnichannel strategy: Enabling the purchase, transfer, redemption and re-load across all channels.
- Designed to leverage search and recommendation: Enabling smarter sales by recommending or curating gift card options and relevant products.
These four pillars can form the foundation of the new gift card shopping – they must focus on and improve maturity across all four pillars. Incisiv recommends merchants pick a place to start and build a roadmap to build all four pillars.
Get Your Copy of the Incisiv Evolution of Gift Cards Reports
Please download your copy of the Incisiv gift card research Evolution of Gift Cards eBooks for retailers and fast casual restaurants to see the research data, evaluate where you stand on the digital transformation spectrum and get Incisiv’s complete recommendations. To learn more about GiftNow for gift cards, click here.
Kevin Payne is the Vice President of Corporate Marketing for GiftNow