Mastering Gift Card Data Management for Business Growth

With the advent of online shopping, digital modes of payment have almost replaced the fiat currency. Digital gift cards are an increasingly popular way of giving and receiving credit.

The digital gift card market is a rapidly growing industry and is expected to reach 500 billion dollars this year. It is continually growing at a CAGR of 18.2%. As a consequence, a number of retailers have shifted their focus to digital gift card data.

In this blog, we are going to understand how gift card providers can add value to their gift card program and can vastly improve the revenue of their businesses.

An Overview of the Gift Card Industry

The global gift card industry is expected to reach a whopping 1900 billion US dollars by 2030. The demand for gift cards is expected to increase substantially in the upcoming years.

North America, with 45% of the global share, holds the top spot. The food industry occupies over 30 percent of the global market.

In terms of countries, the US, Germany, and Canada are among the top 3 countries for gift card exports. Similarly, India, China, and the UK are the top players in gift card imports.

All about Gift Card Gap

The gift card industry is replete with data. Now, data crunching is important in it in the sense that senior management of gift card providers should get an idea of which areas they should focus on.

If they have an understanding and visibility of how their gift card program is contributing to the wider company goals, only then can they wrap their heads around how much resources should be allocated to what.

Unfortunately, most gift card company managers lack this visibility. We call this the “Gift Card Gap”. Without the data and tools available to examine, gift card managers are left with no choice but to remain in darkness.

In such cases, the true potential of gift cards might remain untapped within your business. Almost half of gift card managers do not utilize data to improve their gift card program. You need numbers to tell a story. Gift card data analytics gives you those numbers.

How Data Can Grow Your Gift Card Program?

Data, they say, is the key. And we agree. It unlocks the hidden insights that, otherwise, you could have remained unaware of. It lets you in on some of the basic business insights, such as gift card sales, return on investment, redemption rates, etc.

The more you drill down on data, the more specific findings you will get. This not only helps to close the gift card gap but also benefits the other parts of the business.

Know Your Gift Card Program’s Worth

The worth of your gift card program will remain unnoticed by you till you assess its profitability. And how would you do that? By getting adequate data points on your gift card business.

Unless you determine the Return on Investment (ROI) on the program, and mind you, this needs solid data, you will be unable to know your gift card program’s worth.

Identify Your Strongest and Weakest Channels

As a gift card business owner, you might want to know what your strongest and weakest channels are. For instance, your gift cards might be doing well in stores rather than your other channels.

As a result, you might want to invest in your in-store training to better your chances of improvement. Now, this important insight can only be presented by the data analytics of gift cards.

You can also demonstrate the redemption behavior of your gift cards. For example, if any store needs a boost in terms of investment, gift card analytics can help you with that insight.

Analyzing the ROI of your marketing activities

Marketing is an integral part of any gift card program. Now, it may sometimes feel like doing a trial and error, but at the end of the day, it still needs numbers to run.

With the right data set, you can make gift card marketing work for you and ensure that what you are doing actually holds value for your business.

The BluEnt Solution

In order to understand what value your gift card business holds, you need to delve into data. Data holds the key to unlocking the gift card gap and provides insights that unleash the potential of your gift card data.

BluEnt has an adept team of data experts who are proficient in creating effective, real-time dashboards that give you an understanding right from load values to outstanding redemption values to channel performance.

It also enables you to identify trends by filtering data by channels, promotion, store type, etc. This gives you a detailed picture of your business. Book a meeting with one of our friendly experts and bring your ideas to life. Contact us to learn more about our services.