Should You Offer Gift Cards? Yes!

The holiday’s are underway and that means it's time to stock up on gift cards!

Did you know that over a billion dollars in gift cards has gone unredeemed? The average American has close to $100 in unused gift cards. And according to CardCash.com, 72% of customers spend more money than the value of the gift card. Each year gift card sales increase nearly 10% over the previous year. In fact, they outpaced regular holiday retail sales by 5.3% in 2014*.

If you still aren’t convinced, think about this:

• 22% of gift card purchases are items that they wouldn't normally purchase
• 77% of all Americans gave out a gift card in the past year
• 55% of customers using gift cards need more than one trip to the store in order to redeem their gift card

If you’re asking yourself if your business should offer gift cards, then the answer is a resounding ‘Yes’!

Get started on your Custom Gift card order today!

Each municipality has it’s own gift card laws to safe-guard consumers, so it is important to know the law in your area. Even if they are never cashed, you have legal obligations for unredeemed gift cards. For accounting purposes, a gift card is not counted as a sale until it is actually redeemed. The money you receive for selling a gift card becomes a liability until the gift card is exchanged for merchandise.

*http://www.statista.com/statistics/209299/year-to-year-percentage-of-change-in-holiday-retail-sales-in-the-us-since-2000/