Evolution of Gift Cards: From Transactions to Engagement
Shoppers are drowning in choices, and retailers can reduce their cognitive overload by helping them choose the right product or gift card with helpful suggestions. Most retailers don't suggest gift cards as products while searching, or suggest product options based on a gift card type (suggesting diapers if someone was gifted using a 'new baby' template). Retailers are clearly leaving money on the table by not instituting effective product recommendations. Retailers must understand how their Gift Card capabilities need to mature to support the 'new normal' and enable smarter sales by recommending or curating gift card options and relevant products.
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As consumers continue to reshape their expectations,
enterprises must contend with a uniquely challenging landscape.
The consumer technology landscape is forever changing.
From Pinterest to TikTok, WeChat to Instagram, new experiences can rapidly gain consumer adoption and relevance.
From augmented reality to voice, smartwatches to chatbots, consumers are constantly embracing new interaction paradigms.
Commoditized convenience is eroding loyalty and margin.
Consumers expect convenience. If you can't deliver it, they'll go elsewhere - e.g. next day shipping becoming the new standard.
Walmart will reportedly lose USD 1 billion on eCommerce revenue of USD 21 billion this year as it faces challenges in its bid to complete against Amazon – from trouble integrating its DNVB acquisitions to impact on margin from its next-day delivery operations.
Consumers value experiences that are curated to fit their lives better.
They want to engage, be served, and transact at their time, their pace, their place. They have little patience, infinite choice and the freedom to swipe left at the slightest hint of friction.