This infographic, submitted by Chris Landry, Managing Director at Colourfast, explains the stats and trends related to online gift cards. In the past, people bought gift cards as presents if they were struggling to think of something better to buy and they needed to buy something quickly, but the gift card industry is now booming and businesses are seeing huge growth in gift card sales.
Today, 97% of big businesses sell gift cards online, but only 3% of local businesses sell them online. Smaller businesses are missing out on a big opportunity here. With $110 billion in sales of gift cards being reported, and the fact that customers are 2.5 times more likely to pay full price for something with a gift card, businesses need to think carefully about how to maximize gift card sales in their own businesses.