Gift Cards Purchased Online Drive Gift Card Sales in 2020
In 2020, online gift card sales nearly doubled as shoppers opted for e-commerce over crowded stores, leading to significant growth in digital gift card purchases. Digital cards accounted for over half of all online sales, with home retailers, restaurants, and grocery stores at the forefront. Mark Schatz, President of SVS, emphasized the importance of offering flexibility for brands. SVS currently manages online gift card sales for over 150 major retailers and processes more than 1.5 billion transactions annually, highlighting its role as a significant player in the prepaid solutions market.
- Online gift card sales nearly doubled in 2020.
- Digital gift cards comprised over half of online purchases.
- SVS manages online sales for over 150 large retail and restaurant brands.
- SVS processes more than 1.5 billion transactions annually.
- None.
LOUISVILLE, Ky., Jan. 29, 2021 /PRNewswire/ -- Online gift card sales nearly doubled in 2020 as consumers preferred to avoid crowded stores and shopping centers in favor of shopping online. Consumers purchased gift cards online in support of their favorite retailers and restaurants and to gift to friends, relatives, and employees to show appreciation.
While physical cards were still consumers gift of choice, digital cards showed significant growth in 2020. Digital gift cards made up more than half of online gift card purchases. Home retailers, restaurants, and grocery stores led the way, adopting gift card sales online as a way to generate additional sales for those consumers preferring to complete all shopping online.
"Offering flexibility and a full solution is key for both consumers and for large retailers," said Mark Schatz, President of SVS. "An important part of our strategy to support large retailers is to allow them to create the consumer experience that works for their brand. This is why having multiple partnerships, like the one we have with CashStar, as well as multiple ways to customize the online gift card offering has been so important. No retailer wants to look just like their competitor… we bring unique, effective solutions to market that are integrated, fraud proof, and that drive a higher sales result."
SVS currently manages online gift card sales for more than one hundred fifty large retail and restaurant brands.
About SVS: As a leading prepaid provider, SVS manages more than 700 hundred million card products and processes over 1.5 billion transactions annually. We partner with top retailers around the world to offer stored value solutions that will effectively drive the behavior that will lead to business success. SVS is headquartered in Louisville Kentucky, USA, and owned by the Atlanta-based FLEETCOR Technologies, Inc. (NYSE: FLT). For more information, visit: www.storedvalue.com.
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SOURCE Stored Value Solutions; SVS
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