For dispensaries, Green Wednesday and the “Turkey 5” stretch of back-to-back days of retail holidays (Black Friday, Small Biz Saturday, and Cyber Monday) have become big business. In fact, recent industry data shows April 20 (420 Day) is only leading the 5-day November sprint by a slim margin.
This means that your dispensary should be prepared to see a spike in sales and ready to give shoppers what they’re looking for, starting on Green Wednesday. Paybotic gift cards boost dispensary revenue almost effortlessly, and deliver some impressive side benefits to boot. Here are 4 ways that gift cards can help your dispensary see more Green Wednesday 2022 sales, increase the average basket size, build brand confidence, and encourage customer loyalty.
Gift Cards Are Instant Cash For Your Dispensary
Gift cards are essentially merchandise that’s paid for upfront. Research shows gift cards can increase cannabis business revenue by up to 40%. The income from the gift card sale is recognized before any products leave your shop. When the person comes in to use their gift card, your dispensary has the opportunity to earn their loyalty. Even if the gift card recipient doesn’t redeem it, your dispensary has still earned the card’s value at zero cost. Either way, your dispensary gets the benefit of extra cash the moment you sell a gift card.
Gift Cards Encourage Higher Ticket Averages
Did you know that customers are 2.5 times more likely to buy products at full price when they’re using a gift card? It’s true! When people pay with their own cash, they’re more likely to be cost-conscious and will wait for a sale or a coupon to buy pricier items. But when a person uses a gift card instead, they’re typically not as focused on bargain hunting or waiting for a sale. For dispensaries, selling cannabis products at full retail price always benefits the bottom line. In addition, if your dispensary has a loyalty program, you can offer gift cards as an incentive to spend more money to earn points that can be redeemed as a gift card in the future.
Gift Cards Help You Avoid The January Slowdown
Gift cards give your dispensary a chance to market your brand and raise profits year-round, and that’s especially important in January. Most businesses, including cannabis retailers, experience a sales slump in January as shoppers bounce back from the holidays. But with a gift card program, your January could stay busy. Gift cards guarantee that customers will come in to redeem their cards and see what your shop has to offer. Research data shows that 70% of gift cards are redeemed within 6 months, which means that on average, you can expect a 10% increase in store traffic every month, strictly from gift cards.
Today’s Gift Card Is Tomorrow’s Loyal Shopper
Every time a person gives a gift card from your dispensary, they’re giving a tiny billboard and an endorsement of your brand to someone. First Data industry research indicates approximately 11% of gift card recipients said they’d never visited the business before receiving the gift card.After customers redeemed their card, over one-third reported that they became loyal shoppers to the business afterward. For dispensaries, those figures might be even higher, especially in newly legalized states. For many canna-curious people who haven’t made the decision to visit a dispensary for the first time, a gift card is a perfect point of entry, and an opportunity for you to win the loyalty of a repeat customer.
To Get Gift Cards in Your Dispensary, Get Paybotic
Your dispensary logo on a gift card is a brand endorsement that encourages the canna-curious to visit your store. Branded gift cards position your dispensary as professional and verified, for a first-rate customer experience that makes new customers feel confident shopping with you.
Sounds too good to be true? It’s easier than you think! Paybotic has simplified the process to help you launch a gift card program that increases your earnings and virtually sells itself. Make Paybotic branded dispensary gift cards part of your Green Wednesday 2022 marketing plan and you’ll enjoy increased dispensary sales year-round.
Give your customers the choice and convenience they crave – get started with Paybotic gift cards today!