How Selling Gift Vouchers Online Can Help Boost Your Business During Tough Financial Times

How Selling Gift Vouchers Online Can Help Boost Your Business During Tough Financial Times

5 min read
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1. Introduction

The COVID-19 pandemic has had a significant impact on businesses across the globe, with Australia being no exception. The pandemic has led to reduced footfall, higher inflation rates, and financial difficulties for many businesses. According to a report by the Australian Bureau of Statistics, businesses across the country experienced a 7.1% fall in revenue in 2020. The cash rate is too high, leading to higher inflation, and many businesses, such as restaurants, spas, gyms, and hotels, are struggling to stay afloat.

In these challenging times, selling gift vouchers online has emerged as a valuable solution for businesses. By offering gift vouchers online, businesses can increase their revenue streams and generate additional cash flow, retain customers, and improve brand awareness. Let's explore why selling gift vouchers online can be a lifeline for struggling businesses in Australia.

2. Improved Customer Retention

Repeat customers are crucial for the success of any business. They are more likely to spend more money and act as brand ambassadors, promoting the business to others. Gift cards can be an excellent way to incentivize customer retention, with 77% of customers saying they would return to a business if they received a gift card. This makes gift vouchers an effective way to retain customers and encourage them to return to your business.

3. Better Cash Flow

Cash flow is critical for the survival of any business. By selling gift vouchers online, businesses can receive an immediate cash injection and improve their cash flow. This can provide a lifeline for businesses struggling to keep their doors open during tough financial times. According to research by the Commonwealth Bank, online gift card sales increased by 74% in 2020 compared to the previous year. This highlights the growing trend of gift vouchers and their importance in generating cash flow for businesses.

4. Increased Brand Awareness

Brand awareness is crucial for businesses looking to attract new customers. By using social media and other online platforms to promote gift vouchers, businesses can increase their brand awareness and attract new customers. According to a survey by Sensis, 79% of Australians use social media, making it a powerful tool for businesses to reach potential customers. Customers are also more likely to recommend businesses that offer excellent customer service, which can lead to increased word-of-mouth referrals.

5. Gift Vouchers Can Boost Revenue

Gift vouchers can be a great way to generate revenue for businesses. According to a study by the Australian Retailers Association, gift card sales in Australia reached $6.5 billion in 2020, with an expected growth rate of 6% per annum over the next few years. On average, customers spend 20% more than the value of a gift voucher, resulting in increased revenue for businesses. This makes gift vouchers an attractive option for businesses looking to increase their revenue streams.

Selling and managing gift vouchers can be a challenging task, especially for small businesses. This is where VaocherApp comes in. VaocherApp is an easy-to-use platform that allows businesses to create and manage gift vouchers online. With VaocherApp, businesses can create customisable gift vouchers, set their own prices, and even include terms and conditions. VaocherApp also provides businesses with a range of features to help them sell and manage gift vouchers, such as:

5.1 Integration with Social Media and Other Online Platforms

VaocherApp integrates seamlessly with social media and other online platforms, making it easy for businesses to promote and sell their gift vouchers online. By using VaocherApp, businesses can share gift vouchers on their social media profiles and other online platforms, making it easier for customers to discover and purchase gift vouchers.

5.2 Real-Time Reporting

VaocherApp provides businesses with real-time reporting, allowing them to track gift voucher sales and redemption rates. This can help businesses make informed decisions about their marketing strategies and adjust their offers to maximize revenue.

5.3 Secure Payment Processing

VaocherApp provides businesses with secure payment processing, ensuring that all transactions are safe and secure. This gives customers peace of mind when purchasing gift vouchers online, which can help to build trust and increase sales.

5.4 Customisable Designs

VaocherApp allows businesses to create customisable gift voucher designs, ensuring that their gift vouchers stand out and reflect their brand. This can help businesses to increase brand awareness and create a more memorable customer experience.

6. Conclusion

In conclusion, amidst the challenges posed by the pandemic and economic uncertainty, selling gift cards and gift vouchers online emerges as a lifeline for businesses in Australia. With benefits like improved customer retention, better cash flow, increased brand awareness, and revenue boost, platforms like VaocherApp offer indispensable support in navigating these turbulent times.

Feature-rich gift card system for businesses
Feature-rich gift card system for businesses

VaocherApp is a valuable tool for businesses looking to sell and manage gift vouchers online. With its easy-to-use platform and range of features, VaocherApp can help businesses to increase revenue, retain customers, and improve brand awareness. If you're a business owner looking to sell gift vouchers online, consider using VaocherApp to simplify the process and maximize your results.


References:

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