Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business. You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy.

Get it on Amazon (Kindle/Print)

Gift cards are seen as 'branded currency' in the UK

Most UK consumers spend than the gift card value

The study looked at trends in branded currency, giving business owners insight into how gift cards can benefit and grow their businesses. This year's study was based on survey data from more than 1,000 UK consumers and aggregated responses across four unique age groups: Generation Z (ages 18-23), Millennials (ages 24-37), Generation X/Y (ages 38-53), and Boomers (age 54+).

"The study shows a distinct opportunity for UK business owners to drive more sales, strengthen their brand, and bolster customer loyalty by implementing smart branded currency strategies," said John Gibbons, Executive Vice President, Head of EMEA & Co-Head of Global Financial Solutions at First Data. "From employee rewards and customer service programs to social media promotions and targeted marketing campaigns, both physical and digital gift cards offer valuable incentives to both businesses and consumers."

Consumer Preference Shifts Toward Digital
The results showed increased interest for digital currency and a growth trajectory that is expected to continue. The study found that 55% of consumers purchased plastic gift cards, while 45% of consumers purchased digital gift cards in 2018. While a majority of purchasers still prefer plastic, consumers are accelerating their use of digital cards largely due to convenience - as these can be sent instantly and are easier to reload.

Gift Cards Impact Consumer Purchasing Behaviour
The study also identified that 44% of UK consumers are likely to visit a store more often as a result of receiving a gift card, and 74% spend more than the value of their gift card. The most commonly visited stores based on consumers' preference for purchasing gift cards included: department stores (30%), food supermarkets or grocery stores (26%), and online-only merchants (17%). Petrol stations (4%) and fine dining restaurants (4%) received the lowest gift card spend.

Gift Cards: A Preferred Brand of Currency
Last year, UK consumers spent on average £203 or 38% of their annual gifting budget on gift cards. And, while 81% of consumers surveyed purchased a gift card as a present for an occasion or event, one in three respondents spent more on a gift card than a traditional gift. Although very few consumers purchased a gift card for themselves exclusively, primary reasons for doing so included receiving a discount or to receive loyalty rewards. The study also showed that consumers self-purchasing gift cards spend more than when purchasing for others. Other reasons for reloading gift cards included shopping online and budgeting.

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)