Voucher programmes can be a fantastic revenue stream for merchants. In our increasingly digital world, consumers expect to be able to buy vouchers and gift cards across multiple channels. Therefore, it makes sense for merchants to utilise voucher programmes as a key incentive to drive growth.
Types of voucher programmes available:
Discount Voucher Code
Customers are always on the hunt for offers that give them more for less. As a result, offering a discount voucher code be an incredibly powerful tool to encourage conversions and boost loyalty. Similarly, the proof is in the numbers with approximately 31 billion digital coupons redeemed worldwide in 2019 . In addition, discount voucher programmes can also be instrumental in reducing cart abandonment.
Digital Gift Voucher
The gift card market is experiencing exponential growth and is forecasted to reach nearly $550 billion by 2024. In the same vein, digital gift cards are not only versatile, but can be delivered to the intended recipient instantly. Moreover, gift voucher programmes are trackable. Merchants can therefore collect information on purchase behaviour and keep tabs on conversion rates.
Third Party Gift Vouchers
Third party gift voucher programmes offer a central platform for consumers to shop for gift vouchers from leading retailers in one convenient place. In the same vein, Payflex offers a gift voucher platform that enables users to buy vouchers from leading South African retailers and pay in 4 interest-free installments. Retailers include Yuppiechef, Loot, Net Florist, Exclusive Books, Dry Dock, Tiger Wheel and Tyre, and Zando.
The bottom line
Voucher programmes are a vital tool for those merchants looking to set themselves apart. Moreover, they enable merchants to engage consumers anytime, anywhere on any device. In conclusion, whether you’re looking to acquire new customers, retain existing customers, step-up your marketing, or boost brand awareness, voucher programmes have a vital role to play in not only improving your competitiveness, but your bottom line.