Since the start of the pandemic, online gift card sales have increased significantly. A recent survey, lead by InComm, showed the number of gift cards purchased online increased by 57 percent in the first six months of 2020 compared to the first six months of 2019.
“We have monitored a steady growth in online gift card purchases over the last few years, but the rapid increase of online purchases during the first half of this year has been remarkable,” said Brian Parlotto, executive vice president at InComm, in a statement. “The suddenness of the increase is largely the result of the pandemic’s effects on in-person shopping, but this trend is supported by data showing that consumers are increasingly purchasing gift cards for digital content such as gaming and streaming services.”
How Do Merchants Benefit from Accepting Gift Cards?
With the increase in consumers using gift cards to make online purchases, now is the time for merchants to get into the game. There are several major benefits for merchants who accept gift cards, especially self-branded ones.
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