The Value In Multi-Choice Gift Cards: A gift for the customer, the retailer & the distributor
By The Card Network (TCN)
There’s a perception that gift cards are impersonal; a quick, easy-to-grab option with not much thought, but at The Card Network (TCN), we challenge this idea and instead see an opportunity to give something that is bigger, something that everyone actually wants: the freedom to choose.
Research from Harvard indicates that happier people give more, that giving causes increased happiness and that in a lot of cases, it is often the giver rather than the receiver who reaps the biggest psychological gain from a gift. As many of us are navigating a new kind of normal after Covid-19, connecting with others is more important than ever – a simple “I’m thinking of you” can go a really long way.
When TCN started in February 2019, we saw an opportunity to revolutionise the gift card industry in Australia and build out and grow a new category in the gift card industry, to offer a wide range of choices for the buyer, the recipient, and the retailer. By partnering with some of the best retailers in Australia, we aggregated both big and small brands on the one gift card, knowing there would be an appeal for such a product.
What’s In It For The Customer?
ln 2019 the law changed to introduce the Gift Card Consumer Law requiring gift cards to have a minimum three-year expiry date. In uncertain times like a global pandemic, you want to be able to have flexibility with how you use or where you use your gift card. No more digging around your wallet hoping that your gift card from last Christmas is still active. It also means the special person in your life can really take the time to choose their gift.
We know it’s all about consumers as people. Creating and curating something new and appealing for consumers to give easy gifting propositions on the go. It took the pressure off the buyer and gave happiness to the recipient, as they have the power, they can spend it where they really like – no more worrying about them not liking it or hassling to exchange the goods for something else. This means they can spend less time wandering around with a multitude of options, hoping to find something suitable.
What’s In It For The Retailer?
We saw an opportunity that big retailers had on their own, as a stand-alone product on pegs and shelves. But what about the smaller retailers? They either didn’t perform as well as they should, or they weren’t in the channel at all. Housing both big brands like Nike and ASOS and smaller retailers like Ugg Express and Seafolly on the one card enabled all the retailers to have an opportunity to be in the channel. We saw it as a win-win for both the big and small businesses and would have an appeal for consumers and broader choice and gifting purposes for all.
- The Him Gift Card – over 50 brand partners on the one card.
- The Her Gift Card – over 40 brand partners on the one card.
- The Kids Gift Card – over 40 brand partners on the one card.
- The Baby Gift Card – over 15 brand partners on the one card.
- The Active Gift Card – over 35 brand partners on the one card.
- The Teen Gift Card – over 45 brand partners on the one card.
- The Home Gift Card – over 20 brand partners on the one card.
What’s In It For The Distributor?
Selling Multi-Choice Gift Cards into Australian supermarkets, as well as online channels like Qantas Frequent Flyer, Flybuys and our own online stores would provide a broader choice and overall bigger performance. Stand-alone brands have it harder to justify the peg space, so these gift cards make the whole category more appealing and bring in new and exciting content.
Founded by fintech pioneers and supported by a team of credentialed gift card professionals, TCN is committed to giving customers the best experience in the marketplace. Starting out with just 12 retailers, we now partner with over 130 retailers in Australia on our range of multi-choice gift cards. We are continuing to innovate and grow the category, always bringing in new content and creating new products that don’t exist. We allow for a broader choice, for a broader customer, making the whole category more appealing.