This topic is really exciting for us at GiftCard Partners. In the past we’ve reference the growing popularity of non-cash incentives in the marketplace, highlighting statistics from the 2013 study from Incentive Federation Inc. and Aspect Market Intelligence‘s Incentive Market Study. The 2013 study touched on the popularity of non-cash incentives, stating that 74% of businesses use non-cash options to recognize and reward key audiences in the form of incentive travel, merchandise, or gift cards.
Now new research by the Incentive Research Foundation (IRF) and Aspect Market Intelligence, conducted for the Incentive Gift Card Council, is showing how non-cash incentives (specifically gift cards) are still hot, hot, hot. The study highlights the continued preference for gift cards in a variety of programs, with the largest companies using them at a rate of 56%.
So what are these gift cards being used for? Of the companies using gift cards, 67% are using them for employee incentives, 38% for sales incentives, 30% for customer rewards, and 8% are allocated to channel incentives.
As gift cards continue to be a staple for rewards and incentives, with goals to foster motivation or drive engagement, acquisition, retention or loyalty, it’s safe to say they’re here to stay.
Does your company use gift cards in any of their programs? If so, we’d love to here more about how. And if you’re looking to add gift cards to your programs check out our gift card brands here.