Numerous studies have proven that people are more likely to accept gift cards instead of cash.
Here’s a selection of them:
75% of customers choose the prepaid option when presented with the option of a $50 cash or a $50 prepaid card.
A majority of 82% stated they’d like to receive rewards for gift cards from their employers.
When asked what kind of gift was most popular to receive for special occasions 60% of respondents were in favor of that they would prefer a gift card
It’s no surprise the fact that 81% businesses in the UK provide employees with non-cash incentives and rewards. We also are aware the fact that 77% of workers will work more efficiently when they feel valued therefore knowing the type of reward employees are looking for can greatly impact productivity and performance.
In relation to cash vs gift cards why is there a huge appeal in gift card purchases?
Benefits of gift cards
Gift cards are the winner at the end of the day because they provide a plethora of advantages that cash simply cannot provide. The benefits include…
Because gift cards are generally exclusive to a single merchant or brand they are more likely to spend the money to buy something unexpected for themselves. This means that the gift card is the same experience as cash. The item (or the experience) they purchase is an enduring reminder of their accomplishment.
They can be customized
While cash is not a personal transaction, the gifting and acceptance of gift cards can be customized to the recipient by including your company’s logo, the name of the person or a brief message. This will clarify the purpose of the gift, and also aid the recipient in remembering the person who gave it to them.
In the case of spending gift cards vs . cash Gift cards give the recipient a guilt-free method to pamper themselves. Cash is a way to be compelled to do good’ by spending it and apply it toward a current account or for a future payment. Gift cards, however can be viewed as a treat that is guilt-free. the majority of workers embracing their gift cards because they can pick the items they would like to purchase
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While people are hesitant to talk about cash, the exact opposite is true with regard to gift cards. What is the significance of this for a company? Employees should be able to discuss their accomplishments with colleagues as they inspire others to strive for their own recognition of employees. Things purchased using gift cards are also an image of the accomplishments of the employee.
They encourage positivity
Another advantage of gift cards that are unforgettable, guilt-free and often discussed is that they to create positive impressions of the business. They can also be more effective in encouraging employees to work than cash incentives. 29% of the recipients love them because they are able to re-gift them. They’re the reward for employees that never stops giving!