B2B rewards and incentives are becoming increasingly common these days. As companies compete to attract more business, they must find ways to impress. Today’s marketplace is a very competitive one, and making a business stand out is imperative. One way to do this is by giving sales incentives and loyalty rewards. Although there are several options for companies to choose from, gift cards are rapidly becoming the top choice. Why? Here’s how the virtual gift card market is getting a valuable boost from B2B organizations.
A recent study shows that 45% of businesses now give rewards in the form of gift cards. The biggest companies use them even more. In fact, 56% of companies with an annual revenue of over $100 million use gift cards as incentives and rewards. Of all the businesses that use gift cards, the majority use them as incentives for employees. Thirty-eight percent of employers use gift cards as sales incentives, while 30% use them as customer rewards. It’s clear from these figures that the virtual gift card market is booming among B2B organizations.
The most popular virtual gift cards for B2B rewards and incentives are open-loop cards. Companies like Mastercard and Visa issue these. They are popular because recipients can quickly redeem them almost everywhere. Recipients can even use them in different countries and different currencies. In addition to making online purchases, your employees can use these cards in physical stores via a mobile wallet, like the one for Apple Pay. It’s easy to see, then, why these virtual gift cards are such a good option for B2B incentives and rewards.
Closed-loop virtual gift cards are popular, too, often among smaller B2B organizations. A specific business issues these cards, and they are redeemable only on that brand’s website. There are many different types of these virtual gift cards. Food and beverage virtual gift cards are most popular, followed by department store virtual gift cards. Other popular options include music, movies, electronics, apparel, sporting goods, jewelry, travel, and accessories.
It isn’t easy for B2B companies to choose the right rewards and incentives to hand out. The selection process can be time-consuming and difficult. How do businesses find an incentive or reward that appeals to multiple people? Virtual gift cards tick this box. Select the right gift card type, and all demographics can use it. There are options to suit recipients all over the world. You can adjust the values to fit into the budget of companies of all types and sizes. It’s no wonder that virtual gift cards are on the rise.
Rybbon supplies a wide variety of virtual gift cards that meet the needs of all kinds of B2B businesses. Whether your company is seeking to reward employees or offer incentives to clients, the platform’s e-gift cards are ideal. Contact us to find the best options for your B2B rewards and incentives.
BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!
BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!
