Consumers redeem through gift cards and loyalty programs

According to the agency, consumers are increasingly turning to gift cards and loyalty programs to make money. Fiserv Q2 2024 Gift Card Specifications Carats. In particular, the integration of loyalty and gift card programs is on the rise. The trend continues to rise, with 74% of consumers taking advantage of gift card loyalty incentives last year, Fiserv said. About 71% of people have downloaded merchant apps to manage rewards, gift cards, etc.

Fiserv Carat Key Takeaways for Q2 2024 Gift Card Specs

Consumers adopt merchant apps for convenience and savings. Of the many benefits offered by merchant apps, 69% of consumers said their favorite benefit was the opportunity to increase savings. Likewise, 62% of consumers download merchant apps because they offer more opportunities to earn rewards.

Digital wallets are a popular way to store gift cards digitally. 60% of consumers say these wallets make gift cards easier to use, 55% say they offer more convenience, and 44% say they enhance security

Consumers crave gift card rewards

As inflation affects consumer spending, many shoppers are prioritizing shopping for necessities over entertainment. Food-related businesses are a top place to earn gift card loyalty rewards. Fifty-eight percent of consumers choose groceries as their first choice, and 42% choose restaurants as their first choice. These types of incentives can provide much-needed relief from rising food costs. Retail stores (40%), entertainment stores (34%) and pharmacies (29%) are other popular choices.

Loyalty incentives drive consumer decisions

80% of consumers say they have made a decision about where to shop based on gift card loyalty rewards at least once. About 16% of respondents said they “always” consider these incentives. The incentives consumers value most include converting loyalty points into gift cards (56%), reward points for gift card purchases (54%), and in-app gift card top-up rewards (46%).

Consumers want a balance between personalization and privacy

While 67% of consumers are willing to share personal information with brands to receive rewards, they do have limits. More than half of consumers have turned away from brands they consider too intrusive. 62% of people are annoyed by too many notifications on their phones. Meanwhile, 58% were turned away by too many reminders/advice. 57% said the app was trying to access too much data on their device.

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