blog image - Experts Recommend Virtual e-Gift Cards in Loyalty and Incentive Programs

Experts Recommend Virtual e-Gift Cards in Loyalty and Incentive Programs

Experts Recommend Virtual e-Gift Cards in Loyalty and Incentive Programs

Virtual e-gift cards have become a popular choice for digital rewards in loyalty and incentive programs. According to a market research report by MarketsandMarkets, the global e-gift card market is expected to grow from $6.5 billion in 2019 to $13.5 billion by 2024, at a CAGR of 16.1% during the forecast period. This growth is attributed to the increasing adoption of digital platforms and the growing demand for personalization and convenience in customer engagement.


Virtual e-gift cards offer a number of benefits for businesses looking to implement a digital rewards program. One of the main advantages is that they can be easily distributed and redeemed online. This eliminates the need for physical cards and allows customers to access their rewards quickly and easily. Additionally, e-gift cards can be easily customized and branded, providing businesses with an opportunity to increase brand awareness and customer loyalty.


Another benefit of virtual e-gift cards is that they offer a high degree of flexibility. They can be used for a variety of purposes, such as covering expenses for travel, dining, and shopping, and can be redeemed with a wide range of retailers. This allows businesses to cater to the diverse needs and preferences of their customers. Furthermore, e-gift cards also provide businesses with a cost-effective solution for digital rewards. Unlike physical gift cards, virtual e-gift cards do not require printing or shipping costs, making them a more affordable option. They also offer the ability to track and measure the success of the campaign in real-time, which can help businesses optimize their campaigns as needed.


Research indicates that e-gift cards have been the most popular type of reward among consumers in the US, with 72% of people preferring them over other options such as merchandise, discounts, and travel rewards.

In conclusion, virtual e-gift cards have become a popular choice for digital rewards in loyalty and incentive programs. They offer a number of benefits such as easy distribution, redemption and customization, flexibility, cost-effectiveness, and real-time tracking capabilities. As the digital platforms continue to grow, it is expected that more and more businesses will adopt virtual e-gift cards as a way to engage with their customers and increase brand loyalty.


Sources:

MarketsandMarkets. (2019). E-Gift Card Market by Application (Retail, Travel, Dining), Format (Virtual, Plastic), and Region – Global Forecast to 2024. [online] Available at: https://www.marketsandmarkets.com/Market-Reports/e-gift-card-market-828.html [Accessed 15 Jan. 2021].

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Blog image - Digital Rewards vs Physical Rewards

Digital Rewards vs. Physical Rewards 

Digital Rewards vs Physical Rewards

Which are More Effective?

A digital reward (also known as a virtual reward), such as an e-gift card or digital payment, can offer a number of advantages over a physical reward in an incentive program.

First, digital rewards are more convenient for both the business and the consumer. They can be delivered instantly, reducing the need for shipping and handling. This also means that rewards can be delivered to a wider audience, including international customers. Additionally, digital rewards do not have the same physical limitations as physical rewards, such as storage, expiration dates, and physical damage.

Second, digital rewards can provide a higher level of flexibility and customization. They can be tailored to the recipient’s preferences and can be easily adjusted to suit changing consumer trends. For example, a business can offer a variety of digital gift card options to customers or change the amount of the digital reward depending on the consumer’s purchase history.

Third, digital rewards can offer greater tracking and analytics capabilities. Digital rewards can be easily tracked through a central system, allowing businesses to monitor redemption rates, consumer preferences, and other relevant data. This data can be used to improve future incentive programs and make them more effective.

Finally, digital rewards are more eco-friendly as they do not require any physical material to be shipped, reducing the environmental impact.

All in all, digital rewards offer a number of advantages over physical rewards in an incentive program, including convenience, flexibility, and tracking capabilities, making it a better choice for businesses looking to implement an effective incentive program.

All Digital Rewards is a top-of-the-line provider of incentives, with a reputation for excellence in designing and managing employee and loyalty programs. Our cutting-edge platform can handle any level of complexity and our committed team is dedicated to providing assistance and addressing any issues that may arise. For companies looking to establish or improve their incentive programs, All Digital Rewards is the perfect partner. Begin your journey with us today by clicking here or reaching out to us at 1 866-415-7703.

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Want more information about Ezeprepaid? We're happy to help! We provide quick-to-market prepaid and gift card solutions customized to meet your company’s needs.

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