Gifting is perhaps the oldest known social tradition for centuries. It is a wonderful way to express our feelings for people we love. It can also be used to appreciate people who work hard every day for a better tomorrow, a form of corporate gifting if you may. With the holiday season kicking in, always keep gifting options open. It can be used to gift your loved ones or to appreciate someone who works tirelessly through this period.
Gift Cards have become the latest trend in most places when it comes to gifting. In the USA alone, it was the most requested gift for 8 years in a row. Gift cards are no longer the thoughtless gifts they were once perceived to be. Gift cards have dominated the market for quite some time now.
PMR’s market research shows that the current valuation for the global gift cards market exceeds US$300 billion.
What is more fascinating is that this is projected to expand at a CAGR of 10.79% from 2016 to 2024, and by the end of the forecast period it is expected to reach US$698 billion. Although North America has bulldozed the gift card market, Asia isn’t far behind. It has been anticipated that Asia will emerge as the leading market for gift cards and will account for around 33% of the global revenue share.
It is understandable that this market is huge but why should it matter to you? Well, two words: Gifting options! Gift cards are undoubtedly a brilliant option for gifting and appreciating your employees.
Let’s give you 5 reasons why you should go for gift cards as your corporate gifting option:
- Best Form Of Employee Recognition:
Sometimes a pat in the back does not help. Think about that guy from tech support who spent his entire week in the office fixing bugs that weren’t his fault in the first place. Sure, his next month’s cheque can show some increment but sometimes it isn’t just enough. He has been a role model and his peer group needs to know that. Sometimes publicly acknowledging the efforts and gifting a card can have a lasting impact on the employee. Not only does he feel that his efforts have been recognized but also gets something memorable: public acknowledgement. This might, in the long run, boost his work performance. Gift cards can be a wonderful inclusion to your company’s rewards or corporate gifting program.
- Gift Cards Can Be Seen As A Form Of Goodwill:
On numerous occasions, companies extend their hands as a sign of goodwill. Gift Cards as a corporate gifting practice can be much more helpful for events which involve tangible help, rather than cash. Consider an NGO which approaches you to help children from the underprivileged section. Instead of giving them cash (which may suffer unequal distribution), gift cards can be much more helpful. It can range from free stationery to free uniforms, and support from other relevant organizations.
- Can Be Used For Channel Promotions:
Gift cards are an excellent way to promote brands. Let’s make this easy with the help of an example. Suppose your company enters into an agreement with another company XYZ. Now, what is the best way to help promote XYZ’s brand in exchange for something? Viewership! This solves multiple things. Your employee gets a gift as a reward. He/she gets recognized for his efforts, which equals to a happy employee. Additionally, the news about his gift card gets circulated along with XYZ’s name. Direct and indirect promotion. Long story short, everyone’s happy!
There is great flexibility in choosing brands and amounts when it comes to gift cards. You can choose to gift them popular gift cards, promotional gift cards or partner gift cards. The denominations are variable as well. The recipient of the gift card can also choose when to buy since most gift cards are valid for 12 months or more.
- Instant Benefits:
Employees don’t need to wait for the entire month to get their rewards if it is in cash. Gift cards are instant awards and they can choose what to do with it and when.
Gift cards are perhaps the best form of corporate gifting.
If the numbers and reasons do not convince you, try it as your primary reward program for a month. We assure you that your employees will happier.