Is your business a shopping centre, restaurant or a retail store? Exploring ways to increase customer spend per transaction is most likely at the forefront of your strategy.
According to Blackhawk Network, the secret could be implementing a gift card programme into your strategy! 90% of customers are willing to spend more than their gift card allowance, increasing your revenue per transaction.
How would a gift card scheme increase average customer spend?
Overspending tendencies. According to fiserv.com, UK shoppers on average spend £41 more than their gift card allowance.
For those receiving a gift card, many view the amount as ‘free’ money to spend. Therefore, once they reach the gift card total, only then will they technically be spending their own money. This means people who have a gift card will be more likely to buy an item that is more expensive.
Increased location footfall. If customers receive a gift card for your store, they will make an active effort to visit. For shopping centres, this will inevitably lead to additional spend such as food, drinks, parking and more.
Customer loyalty. If customers discover you when gifted a gift card, they may be inclined to shop with you in the future. Perhaps they are new to the area, or have previously been hesitant to make the leap. As a result, the customer’s long term value will inevitably increase, going on to buy gift cards of their own.
Keeping customers in your facilities. If a customer needs food, a haircut, or groceries during their outing; they would usually do this in multiple locations. So, if gift card can pay for all of their errands, their spend overall will increase as a result.
How does a Crunch gift card programme increase customer spend?
Crunch is revolutionising the gift card industry. With over 1 million cards created, we are passionate about making finance technology accessible to all. Get in touch today to find out how we could help create your ideal product, or read more about our gift card capabilities here.