New technology that will change gift cards
It’s no secret that gift cards are becoming more and more popular. In fact, a recent study showed that 66% of people would prefer to receive a gift card over a physical present. People are even picking up crypto gift cards as gifts! New technology is changing the way we give and use gift cards. In this blog post, we will discuss some of the latest trends in gift card technology and how they are changing the way we give gifts.
Product based gift cards
The issues with gift cards has always been the way to tie thoughtfulness with the simplicity of a gift card. There are big strides in this area. One example we love is from Nike, who have created a model where items from their site can be gifted as an eGift. In short, the giver picks the shoes, pays the balance, and the lucky recipient picks the size, shade and any other customizable details. It’s a smart idea, and this technology certainly has the opportunity to become more widely adopted.
Digital wallets for remote teams
More and more people are working remotely, and employee recognition and rewards have had to change. Stats show that virtual rewards (instant online / egift cards, points, etc.) are now the most common type of reward given to remote employees.
Why? Because they’re convenient for both the employee and the employer. They can be used anywhere in the world and don’t require shipping or handling. And since so many people are already using them, it’s easy for employers to integrate them.
What’s growing isn’t the card on a desk, or even an eGift as a stand alone reward – but customizable digital wallets. Nearly two-thirds of digital consumers bought products in physical stores or online in 2021 using a digital wallet. Due to the pandemic, consumers also sought ways to reduce the number of transmission points by reducing convenience and ease of use. A digital wallet is a secure place where you can store your cryptocurrencies and other important information.
With a digital wallet, consumers can easily send money to friends and family members, even if they are not physically present. In the B2B world it’s increasingly common for gift card purchasers to store their gift card in a virtual wallet, ready to spend or use another day.
That’s just the start of technology that’s changing gift cards and it’s ready and waiting for you.
Get your gift card program ready! We can help get you started with the latest in gift card technology.