I used to love getting book tokens - it was that wonderful sense of freedom to be able to choose ANY book!
Book tokens first appeared 75 years ago. Today, the amount spent on gift token totals a whopping £3.2 billion per year - half are used by companies for employee perks. The other half is high street shoppers buying them for friends and family.
The retailers love them as people often 'top up' the token amount to get their desired purchase. But did you know there's another reason why retailers love
tokens?
LAZINESS!
I just read a report that revealed 7% of all gift tokens annually go unredeemed - that's £225 million worth!
Nowadays, retailers don't want to be lumbered with an open-ended liability with people discovering tokens 5 years later, so they put an expiry date on them. That way they know that once the period has expired (and unredeemed) that becomes pure profit
for them.
And that got me thinking . . .
If you have a business that would lend itself to offering gift tokens, then you should definitely consider offering them to your customers. It may increase sales with top up purchases AND you get a potential 7% built in profit!
Anita Li
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