45 Percent of active mobile phone uses have indicated that they would be interested in using their mobile phones to utilize the value of gift cards, as well as pay for goods and services. This statistic is especially interesting because in the same survey 73 percent of respondents also indicated they had significant concerns regarding privacy and identity theft in using mobile technology. This shows that mobile technology is going to become more and more important to the gift card industry, and the benefits are clearly outweighing the risks, even with the technology being so new. For more information on the growing mobile market for gift cards check out this Iewy News article
Wellesley, MA – February 22, 2012 –Today GiftCard Partners (GCP) announced its highest rate of growth in their company history. Although GCP made several advancements in their loyalty and fundraising channels and several of their employee incentives categories; they largely attribute their employee and revenue growth to their recognition as a leader in health and wellness program incentives. GCP’s CVS/pharmacy, CVS Select®, SUBWAY®, and Nutrisystem® gift cards, combined with their research and editorials on corporate and institutional health and wellness, yielded unprecedented sales results in 2011 and the start of 2012.
GCP understood early on, the role that health and wellness programs would play in the current political landscape, in America’s corporations, small to medium sized businesses, and healthcare institutions like Medicaid and Medicare. “The constant rise of healthcare costs, health benefits costs to companies, increasing employee benefits contributions, combined with recent healthcare reforms, have catapulted health and wellness programs to a top priority for 2012,” says Deborah Merkin, GCP’s CEO. “We are pleased to see a rise in interest amongst HR professionals and the publications they count on. They are seeking our research, editorials and blogs on how our customers and constituents are setting up and benefiting from their health and wellness programs.”
This month, Voluntary Benefits Magazine published “Start a Health and Wellness Program in 2012 – 5 Compelling Reasons Why to Start Now”, an editorial that highlights GCP’s innovation in the health and wellness arena and addresses employers’ chief concerns, like: what to expect from their program, how to overcome participation obstacles, how to measure results, and key concepts on “what most employers don’t get right”.
“We are very proud of our advancements in the health and wellness incentives marketplace and we continue to forge new paths, like with Medicare and Medicaid programs, to incentivize patients to maintain routine well-visits, reach wellness milestones, and live an overall healthier lifestyle,” says Merkin, “and we look forward to our customers creating a healthier 2012 and beyond.”
The predictions around mobile payment are pretty robust. eMarketer states that mobile transactions will total nearly $1 trillion by 2014. Yankee Group predicts the worldwide transaction value of mobile payments will move from $162 billion last year to $984 billion by 2014. This includes transactions from mobile banking, international & domestic remittances, contactless cards, mobile coupons and near-field communications.
eCerts & mobile gift cards is a sliver of this transactions pie, but the trend towards paying with mobile will surely make gift cards more accessible and it will open up a new delivery method for the worldwide corporations and remote companies involved in B2B gift cards. It will become even easier to reward that sales person who primarily works overseas and it will be even easier for them to locate their gift card retailer on their device…and to then redeem their gift cards with their devices.
Read the full eMarketer article here.
The Mercator Group referenced in our last post presented at the PrePaid Congress and posed an interesting question. We don’t have the answer yet because the survey is ongoing but what do you think the answers could be?
In 2015 (five years) what percentage split of the total gift card market for prepaid closed loop gift cards will be?
Mobile Wallet ____%
Leave comments and let us know what you think.
GiftCard Partners attended the 2nd annual Prepaid Congress this week, so over the coming week or so we will be posting information from the Congress.
E-certifications, are an emerging closed loop gift card technology within the incentive industry that allow retailers to instantly deliver incentives to their customers through either cell phone technology, or online. According to the Mercator Group 33% of retailers in the U.S. currently offer e-certification incentives. E-certifications can save incentive companies fulfillment charges, and provide instant gratification to the customers receiving the incentives. E-certifications are opening up new markets for retailers who are able to participate because e-certifications are opening up new avenues to contact customers and deliver marketing messages. Some studies even suggest that e-certs are more effective at delivering memorable long lasting marketing messages than physical gift cards.
10 Motivation Misconceptions Show Why Gift Cards are a Great Solution
- Incentive programs should be used primarily to solve short-term problems.
- In order for an incentive program to be effective, a lot of money must be spent.
- It takes substantial time and resources to create and administer an incentive program.
- Incentives should be rewarded only for achieving long duration goals (monthly, quarterly, and annually).
- Incentive games and their random payouts are silly and counterproductive.
- Incentive programs should reward only the top performers.
- Refillable debit cards and retail and restaurant gift cards are not as effective as tangible incentive rewards.
- Incentive programs should only reward team-based achievements.
- There should be a few large prizes with a high value.
- It’s cheaper to assemble programs by yourself.
For more insight on how gift cards make great motivators, despite these misconceptions click here.
Visit our Twitter page http://twitter.com/GiftCardPartner# to begin receiving our timely tips, gift card ideas, updates from our brands & B2B gift card news. As you know, a successful Twitter program is a mutual effort; We will also promote & re-tweet our customer & partners’ news through Twitter. Let’s work together to share & spread our brands’ news & information.
GCP will be launching a new website in the coming weeks, join us as we ramp up our Twitter presence. Also, let us know where you live on Twitter & we’ll join you.
We’re happy to announce our newest client – Nutrisystem. FOR Health & Wellness Program Incentives, Weight Management, Fitness, Healthy Lifestyle, Fundraising Programs, Loyalty Incentives, Sales promotions and Gift with Purchase Programs. Check out our Nutrisystem website for gift card information & ordering. Also, see what WebMD has to say about Nurtisystem…they are a great brand for GCP to offer! Click here for WebMD on Nutrisystem.
Today, the Associated press announced: Trenton, N.J.: A federal judge has temporarily stopped the state of New Jersey with their plan to profit from money left on gift cards. The state worked to legally seize unused money on gift cards and travelers checks. The state’s retailers would have been required to begin collecting the zip codes of gift card buyers starting today Tuesday February 1st, 2011. If this effort was not blocked and a gift card has remained unredeemed after two years, the state could seize the money left on the cards if bought by NJ residents.
The Associated Press states : “The state expects to raise about $80 million from the unspent cards to help balance the state budget. New Jersey Retail Merchants Association, the New Jersey Food Council and American Express sued to block the law. A federal judge granted the temporary injunction on Monday pending a more detailed review.”
Are the details of this legal issue of interest to you? Visit Legalbytes.com for more: http://www.legalbytes.com/2010/08/articles/promotions/gift-cards-in-new-jersey-its-complicated/
A perspective from NJ.com: Should New Jersey cash in Aunt Betty’s gift to you?