Gift cards are a purely practical option for your retail experience and can be beneficial for customer experiences in a variety of contexts. This is especially true in the cannabis retail market, where products, product types, and pricing can be unfamiliar to the majority of first-time buyers.
There’s also the benefit of customers being more liberal when spending a gift card as opposed to their own money, which means they’re more likely to splurge on higher-end products or not be deterred by budget and cost.
It’s commonplace for customers to exceed the value of their gift card during spending – in 2018, the average consumer spent $59 more than their gift card balance. And if gift cards go unused it’s pure profit for your business.
It’s important to keep in mind that gift cards are also a common entry point for new customers to engage with your store, and ultimately become loyal customers of their own. If you want to add gift cards to your sales strategy, Fanda is here to help. Contact us today!