GiftCard Partners Blog

As we head into the 2024 holiday season, gift cards remain a significant part of retailers’ strategies. The industry has seen incredible growth over the years, and the trend is far from slowing down. With the global gift card market projected to reach over $1.4 trillion by 2027, retailers are paying closer attention to new trends that can enhance customer experience and drive sales during the busiest shopping season of the year.

As the Spring and Summer gifting season approaches, business and organization owners should take note: gift cards are set to be the go-to choice for 2024. Whether it's for Mother's Day, weddings, Father's Day, graduations, or Teacher Appreciation Day, gift cards offer a convenient and appreciated solution for recognizing important occasions.

In the gift card industry we know gift cards are awesome. Gift cards are flexible for recipients, easy for gift givers and ensure that the end recipient gets the gift they ultimately want. Now, the consumer public is showing that they agree with us. A recent survey by the Retail Gift Card Association shows that over two thirds of the U.S. population plans to buy gift cards through the spring and summer gift period. Here are a few other highlights from the RGCA survey.

Millennials, those who currently are in the 18-33 age range, will make up 75% of the workforce by 2025. This generation posses an entirely different outlook on workplace culture than the generation before them. Technology is the primary Millennial influence, both in and out of the workplace. What are the best incentives for millennials to be motivated? Growing research shows that point system incentive programs have the highest success level, especially with Millennials. These employees want to not only be recognized, but they also want choices in how they are rewarded as well. Points programs are virtually foolproof, easy to understand, appeal to the interests of many different types of participants, tend to have higher participation rates, and are just plain fun! One amazing employee points program incentive model is the Values In Action program at CVS/pharmacy. An online rewards system where colleagues and managers can recognize one another by granting points that are redeemable for merchandise, travel vouchers, gift cards, and even the option to make a charitable donation. While points programs work best for Millennials, they can be customized for any diverse workforce. 
For more information on why points programs are so popular check out this article by Quality Incentive Company.

The 2014 Loyalty Guide is out and full of stats, insight and industry knowledge. One of the featured chapters this year is 60 "loyalty lessons." This is a retail focused look on how loyalty can affect your business and how your customers purchase your products. A strong loyalty program can boost your customer return rate and raise each consumer's life time value, while a bad loyalty program can be detrimental, even in the best economic climate.
Here are three of our favorites from the chapter but all 60 employee and customer loyalty lessons can be found here.