Since the rapid on-set of the COVID_19 pandemic, many retails stores have been forced to close or have been hard hit by a drastic reduction in sales.
A number of industry commentators have suggested one survival strategy for small businesses is to sell gift vouchers to loyal customers as a way to accumulate cash to see through the downturn. Customers can then redeem their vouchers when the pandemic is under control and the economy has begun to recover.
Assuming the small business operator doesn’t sell too many vouchers such that the future liability is unmanageable, this idea has some merit. It can raise some desperately needed short-term cash, it taps into the local community spirit and it will develop a longer term relationship between the customer and business.
The main challenge a small business faces is how to operationalise such a strategy. POS generally don’t support the selling of gift vouchers, and keeping a track of such ventures on paper is fraught with risk.
Loyalty platform operator IQ Gecko has stepped up by offering their user-friendly gift card platform for free. The software can be loaded into nearly any POS, and instantly enables the business to sell and manage gift vouchers and gift cards.
IQ Gecko are also developing the platform for eCommerce sites, and in a few weeks will also enable the selling of eGift Cards online.
Australian small business who would like to know more about this opportunity can contact:
02 8007 6440
The offer is limited to just 100 businesses.
Philip Shelper is a loyalty management consultant based in Sydney, who obsesses about everything to do with loyalty and member engagement. His company, Loyalty & Reward Co are Australia’s leading loyalty consulting agency.
Phil and his team regularly write highly-opinionated articles about loyalty, which they post on www.rewardco.com.au
Phil is an Advisory Board member of the Australian Loyalty Association. In conjunction with the Founder and Chair of the Australian Loyalty Association, he teaches their Customer Engagement & Loyalty course, Australia’s leading course on loyalty strategy.