These days Customer Retention is the biggest challenge for retailers. A Loyal customer requires 6 times less effort to retain ,compared to acquiring a new one. So retaining customer is topmost priority in any business but in retail becomes more important due to easy switching and shrinking margins.
Gift Voucher or GV is one the ways to do so by offering customers more options and incentives to remain loyal to your business, by this sales will automatically increase. It will also encourage, build, and maintain customer loyalty as to redeem the card value, customers will revisit your store and, quite possibly, purchase more.
A gift voucher is a monetary equivalent that is issued by retailers to be used as an alternative to a non-monetary gift. Gift vouchers have become increasingly popular as they relieve the donor of selecting a specific gift. The recipient of the gift voucher can use it at his or her discretion within the restrictions set by the issuing agency.
Ginesys now has come up with GV option where retailer can issue it in two ways:
- As a gift to the customer on certain amount of purchase.
- As a product equivalent to the cash he has paid for it.
It will be issued under centralized controlling system and hence can be redeemed at any of the stores.
Apart from retaining customers this will
- Earn interest from each gift voucher, from the point of purchase to the time of use.
- “Slippage.” since, cash is not reimbursed to customers who do not redeem their full gift card value. Estimates states that approximately 10-15% of gift card balances are never used.
So use Ginesys GV and retain your customer with ease.