Gift Card are increasingly being used by merchants and corporates to achieve different business objectives ranging from increasing brand loyalty, attracting new customers, incentivizing customers and employees and increasing employee morale. However, gift card programs require sizeable investment and therefore it is important to measure their ROI. PayNXT360

Giftbit helps businesses track gift card usage and save money on unused offers

Gift Card are increasingly being used by merchants and corporates to achieve different business objectives ranging from increasing brand loyalty, attracting new customers, incentivizing customers and employees and increasing employee morale. However, gift card programs require sizeable investment and therefore it is important to measure their ROI. To meet this requirement new players are entering the market using leading edge technologies to measure and boost ROI of reward programs. Some of these players also help merchants and corporates to track and understand consumer behaviour in real time to help generate additional sales revenue.

Giftbit, a San Francisco based start-up, is transforming the $6 billion digital gift card industry in North America. The company aims to make gift cards simpler, smarter, and ultimately most cost effective for businesses.

While spend on gift cards and incentive cards by businesses has increased significantly over the last four years, about 15-20% of these gift cards never get used. Using its proprietary technology, Giftbit ensures that businesses only pay for gift cards that people use. It allows its clients to hold on to cash from unredeemed gift cards and only charges them when the cards are used.

Giftbit also helps businesses to easily send, manage and track digital gift cards. With Giftbit companies will be able to execute more cost effective campaigns as they will be able to track, audit, and manage their gift card offers and campaigns down to the recipient level. Giftbit’s API powers custom automations and the data collected on user activity, as well as the money-back for unclaimed cards is utilized to make digital gift card rewards and incentives accountable.

Giftbit provides its customers with insights on recipient behavior and helps them earn greater ROI for reward programs. PayNXT360 expects that more such players will enter the market in short to medium term to help businesses manage their gift cards program more efficiently.

To know more and gain deeper understanding of prepaid card industry in the United States, click here