How can a gift card program improve cash flow?
How do regulations affect my company’s gift card program?
What are the latest technological advancements in the prepaid industry?
These are the kinds of questions that we’ve heard time and time again from business owners. If medium-size businesses are under served by gift card processors (and they are - that’s why we founded nthCard!), medium-size businesses with questions about the prepaid industry are currently under served by industry experts and bloggers.
Few industries have grown as dramatically in recent years as the prepaid sector: a Mercator Advisory Group study found that gift card spending grew from $40 billion in 2003 to north of $100 billion in 2014. A recent study by Blackhawk Network found that gift cards accounted for a staggering ⅓ of all gifts purchased in 2015, when gift cards locked down the title of most-requested present for the 8th year running.
Yet in spite of a glowing decade for the prepaid industry, the future is shaping up to be even brighter. Millennials, America’s largest shopping demographic, love gift cards: a 2013 survey found that 89% of millennials wanted to receive a gift card, while 88% expected to give one as a gift. With digital gift card sales growing rapidly and nearly three-quarters of shoppers aged 18-24 expressing a preference for storing gift cards on their phone, the future is sure to bring big changes to the prepaid market.
As the gift card industry continues to evolve, it’s more important than ever for businesses to be able to find the answers they need online. We look forward to providing solutions, success stories, and industry insights in future posts, and hope you will get in touch if you have any questions about the world of prepaid cards - we would love to hear from you!