The holiday shopping season is jam-packed with hustle and bustle (and sometimes the unfortunate potential for fraud at your business), but you may be pleased to know that credit card brands are trying to reward consumers for their purchasing behaviors this season which may ultimately drive spending at your business.
According to the US Holiday Shopping Preview 2016 report from eMarketer, holiday sales will reach $870 billion this year with credit cards being the second largest non-cash method of payment (debit cards are number one). This means that the holidays are a perfect time for credit card brands and your business to connect with your customer base by informing them of how to reach a maximum reward for a minimum benefit.
In a study conducted by Pandora, it was determined that 67% of credit cards are chosen by consumers based on the reward programs offered by the credit card brands. Personally, I choose my credit cards based on these principles and I’ve turned reward points into gifts for others, beautiful vacations, or dinner out with friends. Sometimes, I’m even rewarded with cash-back options, which is especially great over the holidays to make gift-giving extra special.
It’s important for your business to consider how to give back to consumers. The holiday shopping season is the perfect time to create loyalty to your brand by offering rewards and discounts that will pave the way for future spending opportunities. Consider your marketing, for example – use email or social media to promote flash sales or discounts for your current customer base. Monitor your successes and consider repeating these steps into 2017.
There’s no better time than the present to work with a payment processor that will help you reach your fullest potential this holiday season. Let Payline do the heavy lifting and help provide your customers with a memorable experience into the new year.