Thursday, January 13, 2011
Gift cards gaining in Canada
Moneris Solutions, Canada's largest processor, reported in mid December 2010 that the market for gift cards in Canada continues to grow as small businesses recognize that gift cards add profitability. In the first 11 months of 2010, Moneris calculated a 20 percent increase in the number of gift card programs the processor operates for small businesses in Canada.
"More and more small businesses are receptive to the idea of offering gift cards to their customers, and those consumers are increasingly more interested in what this option has to offer in terms of convenience and flexibility," said Malcolm Fowler, Senior Vice President of Ernex, Moneris' gift and loyalty division.
According to Moneris research, when Canadian consumers redeem gift cards in stores, they typically spend 53 percent more than is on the cards. Moneris sees especially rapid growth of gift cards among small- and mid-sized businesses, with consumer demand for the cards seemingly expanding as their availability rises.
Additionally, Moneris found that more merchants want to sell reloadable gift cards so consumers can add value to cards on an ongoing basis.
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