How Your Local Business Can Make Money During the Pandemic
The pandemic has flipped small and local businesses upside down. With all the shut downs across the states and uncertainty as to when things may return to normal, small and local businesses are struggling. While many local shops and restaurants have had to close their doors indefinitely, there are still ways to continue bringing in money.
GiftFly is an eGift card platform that allows local businesses to sell and send gift cards via email and text directly to customers! It’s a perfect solution to the halted cashflows that local businesses are facing during this pandemic.
MarketWatch has listed purchasing a gift card as the top way to support struggling local businesses during the pandemic. Even without the pandemic, gift cards are the #1 most popular gift. Gift cards should be a part of your business, so if they are not already, now is the best time to set them up.
Why you should sell eGift cards
Communities are eager to support their favorite local businesses during this pandemic. None of us want to come out of our social distancing to see half of our favorite places shut down. People want to be given opportunities to help out, and gift cards are a way for members of the community to show their support and appreciation for your business.
Not only will selling gift cards keep your cashflow alive during the shut down, it will also guarantee you business when your doors reopen. Of course your customers will be using the gift cards and you make not make as much money as you were pre-pandemic, but most customers will spend more than the value of their gift card.
According to GiftFly, “Retailers have found that on average, shoppers spend an additional 60% over the value of their gift card, treating the balance of the gift card as “free money” (i.e., every $100 gift card generates $160 in sales).”
Plus, if you are a restaurant or service-based business, customers almost always tip with cash regardless of the gift card. Additionally, there’s a chance that not everyone who purchases a gift card will actually even redeem it - I know I have gift cards laying around that I still have not used, plus, a lot of people will purchase them simply to show their support during this challenging time.
EGift cards vs. plastic gift card
eGift cards are perfect for businesses to use during the pandemic because with local businesses closed, customers cannot go in and physically purchase a gift card. eGift cards eliminate the need for human contact or even the need to leave the house.
Plastic gift cards come with upfront costs, such as set-up feeds, plastic card fulfillment costs, packaging costs, shipping costs, etc. while eGift cards are instant and digital.
With GiftFly, there are no upfront costs! Most local businesses that have had to close down indefinitely are struggling to secure their business’s future, so spending extra money is not ideal. With eGift cards, businesses can begin selling gift cards instantly without spending any money.
There are no monthly charges, no credit card required, and unlimited card designs. GiftFly lets users send 5,000 promo emails for free and keeps a record of all email addresses used to purchase gift cards, allowing businesses to keep in contact with them.
GiftFly is free for merchants, the only charge is the payment processing fee. The payment processing partner (Stripe) charges a processing fee of 2.70% + $0.30 per card transaction. There are no minimum or hidden fees, and GiftFly takes care of any and all payment hassles such as refunds or fraud charges!
What else can you do to boost your business during the pandemic?
While eGift cards will bring in instant cash, you will also want to use this time to work on your business in other ways.
Use this time to work on your social media strategy! The number one complaint I hear about social media from business owners is that they don’t have time. Now is the perfect opportunity to create a social media plan. If you’re really dedicated, you can even create a social media schedule so that when your business re-opens, you will already have social media content scheduled and ready to go!
If you’re ready to get your social media strategy in place, here are some great resources:
Blog Posts:
Courses:
Stay safe and healthy!
Xx,
Katie