Restaurants and retailers have learned dozens of lessons from the challenges of the past few years. Whether it was the pandemic, supply chain delays, hiring shortages, or inflation, business owners had to find new and creative ways to navigate consumer spending cuts. One positive lesson learned is that gift cards are an excellent way to boost merchants' revenue during tough economic times.

Here are a few insights that highlight how gift cards remain a reliable way for businesses to generate revenue:

• · Only 23% of consumers said they purchase fewer gift cards due to inflation. 
• · 17% of consumers have purchased gift cards to counteract higher prices in 2022. 
• · 73% of consumers plan on maintaining their same gift card purchasing habits into 2023. 

As inflation continues to rise, consumers are looking for ways to get more for less, and it's time for businesses to take notice. Here are four specific ways that gift cards provide a stable way to generate revenue in challenging economic times: 

1. Gift Cards Provide a Way to Generate More Loyalty with Your Customers

Having gift cards on hand allows loyal customers to support your business during economic uncertainty. They can purchase a gift card now and use it for their holiday shopping, give it to a relative or friend or even to someone they know who is struggling due to layoffs. Your business can further encourage customer loyalty by offering discounts and special offers to gift card holders. These promotions can be valuable incentives for those who are looking to use gift cards to offset rising costs. 

2. Gift Cards Increase Brand Awareness and Keep Your Business Top-of-Mind

When your gift cards and card presenters are designed with your brand, they can be an effective marketing tool. It's one more way to get your logo out into the world, and it gives you an additional product to market to your customers. 

Gift cards are also a valuable way to keep your business top-of-mind for consumers. There are many scenarios in which consumers are wondering where to eat or shop on any given weekend. Having your branded gift card in their wallet can suggestively sell your business over another.

3. Customers Usually Spend More Than the Gift Card Amount

Think about the last time that you used a gift card. Did you spend only the amount on your card and not a dollar more? The answer is likely no. The item you wanted may have cost more, or you saw other products you liked as you browsed the menu, the store, or the website.

4. Gift Cards Help Attract New Customers

One of the most significant benefits of gift card giving is that your customers can promote your business with friends and family. We all have that one place we know our parents, siblings, or friends would enjoy, and we can share that special place with a gift card. That gift card recipient might just become your next loyal patron.

If you would like to add a gift card program to your business or promote an existing one, Quikstone can help. 

Since 2005, we've provided easy, fast, and flexible business funding to thousands of merchants just like you. You can also use these funds for almost any business need, including purchasing or upgrading equipment, increasing inventory, hiring additional staff or expanding or remodeling.

If your business accepts credit cards, you could qualify for up to $250,000. There's a simple one-page application, and no collateral is needed. Quikstone has an A+ rating with the Better Business Bureau, and 80% of our merchants are repeat customers. We're proud of the trust they place in us.

If you could use cash now, contact us today! We want to help you succeed.