In the world today, Gift Cards are becoming a more interesting financial innovation. Most businesses today do not operate in isolation of Gift Card and the customers too have taken advantage of the benefits these Gift Cards offer. To think that Gift Cards generate more companies’ revenue than cash explains the level of fame this technology possesses. Though most businesses have adopted the use of Gift Cards to increase brand awareness, reduce fraud and develop their customers, some Gift Cards are more popular in the industry. The reason for this disparity could be due to the brand’s influence on the global market or the resale value of such Gift Card. Whatever the case may be, we are hellbent on showing you some of the most popular Gift Cards in Nigeria this year.
What Are Gift Cards?
A gift card is a prepaid card that has been loaded with a certain amount of money that can be used to make purchases in certain shops(both online and in-store) and acts as a cash substitute.
Gift Cards are generally designed in two forms: physical gift cards and digital gift cards(e-Gift Card). The physical(plastic) card is designed to be bought from the store where they are sold, or by shipping to the mailing address registered with the Gift Card.
On the other hand, the digital gift cards are sent as a code of numbers to the recipient’s email address.
Aside from these two forms of Gift Card configuration, there are mainly two types of Gift Cards, namely; Closed-loop and Open-loop gift cards.
Closed-loop gift cards are only used in a designated store where the gift card can only be accepted. It allows cardholders to purchase anything from that store. It’s unusual to reload these cards because they’re only useful for one use. Once the money on a closed-loop card has been used, it is no longer valid. Examples are Google Play Gift Card, Steam Gift Card, Sephora Gift Card.
An Open-loop gift card can be used anywhere that accepts that card. A reloadable open-loop gift card has the advantage of allowing clients to add money whenever they want. An open-loop gift card is almost the same as cash. Examples are Visa Gift Card, American Express Gift Card.
Importance Of Gift Cards
If there aren’t any benefits one can derive from the use of gift cards, the system and technology wouldn’t be so popular. Gift cards offer a lot of benefits to both the users and the sellers of gift cards. Some of the advantages of using gift cards are;
1. Security:
Unlike cash, which is untraceable when lost, gift cards are quite safe. Gift cards can be retrieved if you report them missing to the firm that issued them, along with the gift card number and security code.
2. Convenience:
Buying gift cards is more convenient because it saves you time and stress from shopping for and wrapping gifts. Purchasing gift cards is a simple process, and most retail establishments are delighted to sell them to consumers.
3. Gift Cards are simple to use and redeem:
The actual cards can be used to purchase anything you want at a nearby connected retail location, whereas the e-Gift Cards can be used to place an order with only a few clicks.
4. Sovereignty of Choice:
Buying Gift Cards give the recipient a basket of options and save you the trouble of figuring out what they like. Instead of taking any gift, you may have given them, they would use the gift card to shop for the items they value the most.
What Can You Achieve With A Gift Card?
There are tons of options available to you when you lay your hands on any Gift Card at all. Here are a few of them;
1 Online and in-store purchase:
This is the main reason why gift cards were invented in the first place. Instead of cash, gift cards can be used to pay for things purchased in-store or online.
2. Earning Cash or Crypto:
This option is suitable for those who do not wish to purchase anything from the shop or whose chosen products are not accessible there. Gift cards can be redeemed for cash or bitcoin. The funds might be used to purchase a special present.
3. Brand Awareness:
Companies provide Gift Cards to attract customers to their brand. The card’s logo promotes the company without actually stating anything about it. As the Gift Card is handed to customers and redeemed at the store, more awareness is produced.
4. Seasonal Gifting:
During the holiday season, Gift Cards have been demonstrated to be the most popular choice. Consider sending them Gift Cards instead of buying them something you’re not sure they’ll like. They will be able to make better decisions as a result of this.
Top 7 Best Selling Gift Cards
When giving a Gift Card to a friend or loved one, keep in mind that not all Gift Cards are appropriate.
Most people, especially women, prefer gift cards to a trip to the SPA or a beauty shop as a present.
As a result, you should give them the most popular and best-selling Gift Cards that they would appreciate.
According to research, the most popular Gift Cards you can gift anyone are the following;
1. Amazon Gift Card:
An Amazon Gift Card has far too much to offer everyone, even when you think you have enough. Amazon offers a variety of options, including an e-Gift Card that can be customized with a photo or video, as well as a real Gift Card.
2. Sephora Gift Card:
Sephora Gift Card will help you fulfil your beauty dreams. This is a fantastic present for anyone who is passionate about skincare, haircare, fragrance, cosmetics, and beauty products and enjoys trying out new brands. In denominations of $25, $50, $75, and $100, you can customize a Sephora e-Gift Card design or a real card with a personal photo.
3. Steam Gift Card:
Steam Gift Card is very famous for the content it gives to arid gamers. With this one, our gamer resources concluded that a Steam Gift Card is the perfect gift for any gamer in your life. This is the ideal pick for your video game-obsessed friends.
4. Target Gift Card:
Target Gift Card comes in denominations ranging from $10 to $500 and can be used on anything at the Target Store, both online and in-store. It’s also possible to transmit it by mail, email, or text message. This Gift Card is very popular among folks in the world.
5. Google Play Gift Card:
Google Play Gift Card is a friend to all who use Android devices because there’s no better way to enjoy all the sweetness and entertaining content on Google Play Store than using Google Play Gift Card. It’s so popular that even a child understands what Google Play Gift Card can be used for.
6. Nordstrom Gift Card:
A Nordstrom Gift Card gives them access to the Nordstrom Store, the world’s largest retailer of designer clothing for men, women, and children, as well as high-end home goods. You can send an e-Gift Card or a physical card through the mail, and the minimum gift card value is $5.
7. Visa Gift Card:
How can we mention popular gift cards in Nigeria without Visa Gift Cards? This Gift Card gives users access to any store that accepts Visa cards as a payment method. It is quite popular in Nigeria because it’s an open-loop gift card that is useful in almost every store.
