New research has shown that the UK gift card market industry has reached £6.9 billion in value.
A study conducted by the Gift Card & Voucher Association (GCVA) involving 2,000 UK consumers shows a rising awareness around sustainability, as digital gift cards increase in popularity, making up more than a third (36 percent) of the overall B2C gift card market.
The Valuing theGiftCardIndustry 2020 survey found Generation X make up the majority of gift card consumers at 37.7 percent, while baby boomers come a close second at 37.1 percent. Younger consumers (age 16-34) make up a modest 25.1 percent of the gift card market.
The most popular type of gift cards are for retail, with over 60 percent of total purchasing expenditure (2.8 billion pounds). The use of multi-store gift cards has also increased in popularity, taking just over 17 percent of consumer gift card expenditure.
The research was conducted in partnership with GlobalData, which predicts that the gift card industry will be worth around 8 billion pounds by 2025.
Gail Cohen, Director General of the GCVA, said: “Gift cards are an invaluable customer loyalty and engagement tool that hold many benefits for businesses and consumers alike, and it’s fantastic to see their contribution properly recognised.
“If this latest research shows anything, it’s that retailers and other businesses looking to attract and retain customers simply cannot ignore gift cards any longer, with their importance and relevance to consumers only growing over time.”
Leader in contact centre solutions and cloud CX Genesys and their long-established partner nGUVU have joined forced in strengthening and bettering Genesys’ workforce by implementing gamified solutions such as machine learning and behavioural analytics.
Applying gamification to Genesys’ workforce engagement managemenet (WEM) suite allows businesses to fundamentally increase employee engagement, customer retention, and cost savings.
A well thought-out combination of advanced cloud and artificial intelligence (AI) technologies including gamification and machine learning will transform ordinary transactions into meaningful connections, reminding customers about Genesy’s central vision, which is Experience as a ServiceSM.
Examples of immediate improvement of key business metrics can be seen in the results of two companies, Carestream Dental and Senske Services. The former, a global provider of imagining systems and practices management software for dental practices, has seen an increase in employee performance corresponding to 12 new team members. The latter, a tree and pest control company, notes 15 percent higher revenue since incorporating the nGUVU solution.
According to a prediction that two thirds of global workforce will be comprised of Millennials by 2025, turning to solutions that favour game mechanics, friendly competition, and rewards will ultimately lead to evolving workforce.
nGUVU Chief Executive Officer Pierre Donaldson said: “This marks a major milestone for nGUVU, and we couldn’t be more excited to join the Genesys team. The scalability we gain from Genesys Cloud WEM benefits our existing customers and gives organisations of all sizes across the globe a powerful gamification solution to help their employees become more effective and engaged.”
UK cosmetics chain Lush is inviting people to wash their hands in their stores even if they are not shopping, to help hinder the spread of coronavirus.
The move comes amid calls for an increase in public hand washing stations, with UK firm Protecting.co.uk warning that shops, libraries, and restaurants should offer more facilities to clean hands and prevent the spread of COVID-19.
Protecting.co.uk spokesman Mark Hall said face masks were “pretty useless” in preventing the spread of the virus, and said thorough hand washing was the main step the public can take.
“We all know the basics, wash your hands when you’ve used the toilet, wash them before you eat, but that’s just simply not enough in a virus emergency,” he said.
“You need to make sure you are washing your hands after blowing your nose, coughing or sneezing. Your hands are a breeding ground for germs, washing them regularly will stop you from spreading bacteria to other people and all over surfaces such as door handles and bannisters.
“At the end of the day, an alcohol-based hand rub will do the trick in a pinch, but nothing beats a good old-fashioned scrub with soap and water and we need more places to do this.”
Brands are failing to engage younger generations with their loyalty programmes, according to a new whitepaper.
A report by Mando-Connect and YouGov reveals that while 76 percent of British people are currently members of loyalty programmes, some 44 percent of men aged 18-24 don’t use them at all, and 33 percent of women aged 18-24 don’t either.
The research shows that 18-24s do like the idea of loyalty programmes (79 percent think they are a great way for brands and businesses to reward their customers) but problems such as not tailoring to their needs, not addressing social purpose and sustainability well, not enabling recommendation, not offering good enough value, and not being in the right digital or social channels hold loyalty programmes back.
Although rewards are still the number one thing that people consider most important in loyalty schemes (65 percent of 18-24s think rewards are important), marketers aren’t getting rewards right for 18-24s.
Relevance, value, appeal, variety, and excitement are listed as the main drivers that will build loyalty. People want to feel savvy and that they have received a better deal than their peers.
They also want to feel they have been treated, and they want to help others. Twenty-eight percent of Brits want loyalty rewards to be something that helps others, such as giving to charity or helping an environmental cause.
Charlie Hills, Managing Director and Head of Strategy at Mando-Connect said: “The report shows that, whilst the Brits are major fans of loyalty programmes, the industry is failing to engage the 18-24 year old audience.
“Rewards are the most important factor for Brits in loyalty programmes. Loyalty marketers need to sit up, take notice and understand what people really want. What people really want from loyalty programme is great rewards.”
Sam Tatam of Ogilvy UK’s Behavioural Science team believes the best way for brands to engage younger audiences is to think differently about motivation and reward.
“While the research shows discounts play an important role in driving loyalty, we shouldn’t neglect the range of psychological levers available to us,” he said.
“Relying too much on finite or rational incentives doesn’t just force tough economic decisions for brands, they also limit our creative freedom. By better understanding the additional ways of creating ‘psychological value’, arguably an infinite resource, we can work to complement these initiatives.”