Total income from present card gross sales is up 4 % yr over yr. The variety of digital present playing cards bought grew 7% in 2023 to make up 34% of the overall present card market and turn into the fastest-growing present card phase.
These had been the findings from the 2024 Paytronix Present Card Pattern Report.
“Ahead-thinking eating places are embracing digital present playing cards, providing seamless buying, sending, redemption, and reloading experiences by means of cell apps and web sites,” Lee Barnes, chief information officer of Paytronix, mentioned in a press launch concerning the report. “In our newest report we’re serving to manufacturers perceive that, by viewing present playing cards as greater than only a gross sales channel, they will develop their attain, empower their advocates, drive loyalty, and create personalised experiences that preserve company coming again for extra.”
Cell present playing cards can simply combine with a restaurant’s present app, loyalty program, and on-line ordering system. This cohesion creates a unified digital ecosystem that deepens a company’ experiences and retains their favourite institution at their fingertips.
Cell present playing cards seamlessly merge with fashionable digital wallets like Apple Pay and Google Pay, permitting company to simply retailer and entry their present playing cards for on-line orders and in-store purchases through NFC or QR code scans. A mobile-first method to present playing cards additionally offers worthwhile information on buyer behaviors and preferences that can be utilized to create personalised promotions, fine-tune a loyalty program and information strategic enterprise selections.
Different findings from the report
Digital present playing cards are redeemed twice as quick. The common on-line present card was redeemed in 16.8 days, whereas playing cards bought in-store took 35.3 days to redeem.
12 months-over-year present card gross sales proceed to extend with 2023 income up 6% over 2022. Digital present playing cards grew essentially the most with gross sales up 229% between 2019 and 2023. Present card progress amongst full-service eating places (FSRs) additionally jumped with gross sales up round 1% (2022, 2,259,621 to 2023 2,342,083).
By far the preferred denomination are $25 playing cards, which made up 34% of playing cards bought in 2023. However $50 playing cards had been the largest mover with a rise of 17% in gross sales.
12 months-over-year change in vacation present playing cards had been up 5%, with 80% of all bodily present playing cards, each in-store and third-party, bought in November and December.
The 2024 Paytronix Present Card Report drew on information sourced from present card gross sales for 241 retailers between Jan. 1, 2019 and Dec. 31, 2023. These retailers all had at the very least six months of present card gross sales information beginning in July 2018.