Stored value leader SVS expands in Shanghai to support retail development
Stored Value Solutions, the world’s premier provider of branded currency for retail, is bringing gift card expertise to China. To comply with regulations that new gift cards issued in China be processed within the country, SVS recently added a data center to its regional office in Shanghai.
The opportunity to expand gift card programs in China is prime. Improved supply chains, increased discretionary spending and growing urbanization have positioned retailers for substantial growth. With 20 years of proven stored value experience and a robust local presence, SVS is an ideal resource to help businesses capitalize on these exciting trends with innovative gift card solutions.
Increase sales with gift card momentum
Gift cards are one of the most sought-after gift items around the world. They are flexible and guarantee that recipients can purchase something they truly want. Consumers see gift cards as a practical, modern alternative to paper gift certificates and place a high value on them as a versatile, stylish representation of where they shop. They are walking billboards that create at least 10 brand impressions per card, keeping retailers top-of-mind.
For all of these reasons, businesses love gift cards as much as consumers do. They are a great way to build brand and provide a healthy revenue stream. It makes sense that more than 94% of the top 100 global retailers currently have a gift card program. With an estimated market value of $85 billion, the gift card market is currently growing at a rate of 14% per year. As a result, SVS has been able to generate more than $20 billion in increased sales for clients.
Attract customers and keep them coming back
A gift card program increases sales and generates new customers. 80% of gift card recipients redeem at a retailer they have never patronized. In addition to driving traffic, they also encourage repeat business and increased purchasing. More than one-third of gift card shoppers become repeat customers and 70% spend more money when using a gift card.
While most often given as gifts, gift cards can also be used for merchandise returns and employee rewards. Retailers also use them to build customer-promotion and loyalty programs tailored to encourage specific spending patterns. Promotional cards increase gift card sales by an average of 24%, create unplanned purchases and change planned purchase behavior.
Drive revenue for consistent growth
An unbeatable return on investment, gift card programs typically cost less than 1% of their total redeemed value, produce multiple revenue streams and serve as a consistent engine for business growth. As retail consumption continues to strengthen in China, gift cards will become a pervasive element of shopping culture.
Click here for a downloadable report about the benefits of outsourcing your gift card program to maximize sales and client acqusition.
For more information please contact an SVS Sales Representative: