Nothing quite gets people going like a sale. And Black Friday carries the crown for being the biggest sale of them all. Online purchases continue to grow every year, with UK shoppers and diners spending a whopping £3 billion in 2023, roughly £113 per person.
As retail and hospitality businesses, it’s important to take advantage of this spending peak and provide the public with deals they can’t say no to.
Gift vouchers are one way of ramping up spend that businesses can quite often forget about, but continue to grow in demand with shoppers around the world. The gift card market grew by 10% in 2023 and is expected to hit a combined annual growth rate of 12.87% by 2027 – being very popular amongst Gen Z shoppers. And with 8 in 10 Gen Z shoppers admitting they’ll be spending big for Black Friday, this is the perfect audience to target with a gift card campaign.
Giftpro provides a solution to selling gift vouchers – and more – helping you create targeted campaigns that make you money.
So lets review the five easiest ways you can harness the power of gift voucher sales to benefit you this Black Friday:
1. Acquire new customers and grow your market share
Selling gift vouchers can be a great way of introducing new customers to your brand, potentially leading to repeat visits and purchases throughout the year. Through someone being given a gift voucher, you may acquire a new customer who is located outside of your local area, therefore not only bringing new revenue into your business but also boosting your market share and reputation, as word of mouth spreads amongst peers about their experience.
Regardless of whether your business is obviously set up for gift vouchers, Giftpro can help you create a bespoke voucher store, highlighting the best deals and discounts to your customers to help you find new ones.
Many consumers’ purchasing decisions are now affected by a lot more than brand loyalty – these promiscuous shoppers are attracted to special promotions or offers, and the number of these shoppers increases during key sale periods like Black Friday. As such, it’s paramount you take advantage of this in any way you can and capitalise on these periods to attract new customers.
2. Get voucher cash up front
As vouchers are most commonly bought as gifts – and can be delivered electronically rather than in a physical form – the money comes into your business the second they’re bought. This means that whether the voucher is used or not, you get your cash up front. So – if a voucher is forgotten about, the money used to purchase it becomes pure profit.
On average, it is estimated that between 20-25% of gift vouchers are never redeemed, generating a staggering profit margin.
3. Boost your brand awareness for less
A strong gift voucher promotion caters perfectly to the convenience-driven Black Friday shopper. You are able to build brand awareness through cost-effective advertising (lets face it, a gift voucher ad is effectively like a billboard, just packaged and delivered in a more compact way) and you can push almost any product too.
Virtual gift vouchers promote your messaging to online customers, and physical gift cards act as a constant reminder every time a wallet is opened and the card is seen, keeping your business top of mind even if the voucher itself isn’t being used!
4. Promote struggling products or slow periods
Gift vouchers allow you to add discounts or deals to whatever you’re selling. Buy a £100 meal for just £80, get a reduced rate on an overnight stay, or promote two-for-one on any struggling products that you need to get out of the warehouse.
This is a great way to bring people into your venue during times where foot-traffic can be low. For example, if your restaurant often struggles with getting people in through the week, promote a gift voucher with a 2-for-1 mid-week dining offer.
Consumers are often blinded by discounts and deals, and many make Black Friday purchases on impulse that they may never need or use. This makes it a prime period for otherwise tricky sales and can be a quick and easy way to access difficult revenues.
5. Gain valuable insight into your market
Selling a gift voucher compared to selling an item in store provides you with a mountain of added opportunity to learn about your customer. Due to the digital nature of gift vouchers, these can easily be linked to customer information, helping to build a profile of the type of person who is shopping at your business.
This information can then be used to help you communicate with customers going forward and can be pivotal in delivering an effective marketing strategy that will support and optimise your sales.
Giftpro supports its retailers in their marketing, so if you sell gift vouchers with Giftpro you’re also supported with your campaign strategies and your online store solutions too.
So there you have it. Gift vouchers are perfect for Black Friday. They can help you attract new customers, increase your revenue and make your business more effective going forward.
