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Giftbit has now launched a product that will enable merchants to build their own customized currency in form of gift cards, promo codes and refund credits without developing their own internal systems. The product was launched at TechCrunch Disrupt event in San Francisco in September, 2016. The service is available in the form of API and appears during checkout flow on retailer website. It also facilitates non-technical users to generate promo codes easily. Prior to launch, this system was running in limited beta stage among 10 merchants. Now it is up for public beta testing. This product allows distribution of codes with merchant logo and branding, managing and tracking contacts within Giftbit, generating reports to analyze working codes and email and distribution of links or codes among themselves. Currently, Giftbit is offering 1,000 active codes for USD 90 per month. An additional set of codes cost USD 15 per month.
Earlier this year Giftbit received USD 2.1 million through seed funding led by Freestyle Capital for developing this product. Apart from 10 merchants who have already been using this service in beta phase, ClassPass joined the league just after launch. Further developments include implementation with other business tools along with availability to Shopify Plus merchants.
Retailer specific gift cards are extremely popular now days, especially among consumers within age group of 25 to 34 years. In US alone, annual sales of gift cards reached USD 137 billion marking a 12% rise than previous year. E-gifting option has been a significant contributor is this segment with USD 26 billion sales.
Giftbit has already created a platform for itself in gift card marketplace working with leading brands such as Gusto, AutoDesk, Red Bull, LogMeIn, HubSpot to name a few. Currently, businesses are in need for tools that helps in revenue generation through gift cards as they do not have their own CRMs. New system of Giftbit taps into this segment effectively as it focuses on online retailers unlike other gift card networks who have worked towards physical stores predominantly. This coupled with existing client base for Giftbit is expected to fuel its business expansion across e-commerce segment.
To know more and gain deeper understanding of prepaid gift card industry in United States, click here
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