5 reasons to start selling vouchers on Marketplace
As consumers increasingly spend more time and money online, it is important for businesses to be agile and adapt, and be present where their consumers are. According to Nielson (2020), every 2 in 5 Singaporeans have shopped online more since Covid-19 began.
Not sure how your business can leverage the online space? Selling your shop vouchers online and on digital platforms is a great way to increase your online reach and gain conversions. Here are 5 reasons and benefits you will receive when you start selling vouchers on the Marketplace.
1. Build brand awareness & promote sales
When digital vouchers are made available on platforms such as CardsPal, it represents a form of cost-effective marketing for businesses as they remain at the top of consumers’ minds with increased brand visibility. This heightened brand awareness can in turn promote sales for businesses. With attractive pricing strategies, businesses can encourage customers to make more purchases and share these online promotions easily with their peers via social networks, further driving sales.
2. Enable the use of digital payments
According to a survey by Rapyd, credit cards are still the most popular way to pay for e-commerce purchases in Singapore with 34.4% of the survey’s 500 respondents indicating as such. The pandemic has also exacerbated the rate of digital payment adoptions as people are more cautious about using physical cash and were stuck indoors during lockdown. Therefore, selling digital vouchers on the Marketplace can offer digital options in addition to traditional forms of payments, to capture the masses.
3. Enable customer engagements
Selling vouchers online enables businesses to increase their customer touchpoints and reach out to new customers they previously did not have access to. Especially if they were only operating offline, they are now able to reach out to a wider audience via the Marketplace. Generous voucher discounts can also help counter the hesitation that many consumers may have about trying out a new brand.
Consumers may also easily return to make repeated purchases if they are satisfied with the product or services provided and find the vouchers a value for money. Businesses can then continue to build rapport and grow their loyal consumer base by engaging with customers online.
4. Generate useful data
Vouchers open doors to allow businesses to better understand their customers, their wants and needs, to serve them more effectively. With these data, businesses can effectively segment the consumers with different preferences, spending power and even down to the time when the shopper is usually active online.
Businesses also have the flexibility to leverage these data to launch new products or increase the sales of specific products. These data can help businesses come up with more robust pricing and marketing strategies, to attain their goals and maximise profits.
5. Enjoy easy distribution
Vouchers allow for easy access and distribution as they can be redeemed through contactless means. Consumers need not hold bulky vouchers in their wallets anymore as digital vouchers can be effortlessly purchased and stored in their smartphones. This has changed the voucher landscape tremendously and more businesses are making the switch to go digital as consumers are getting more tech-savvy.
We believe that these compelling reasons will get you excited to start your journey on Marketplace. To find out how you can upload the perfect deal listing, you may check out our previous article here.
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