Flourish in a Flash Extras: Buyatab Beyond Recap
Updated: Aug 22, 2019
In the latest Flourish in a Flash, Holly and Kristen provide a special recap of Buyatab Beyond, a unique industry event hosted in Montreal. This recap includes insights into industry differences between Canada and the US, current and shifting fraud trends, a different perspective on how gift card can help a brand's marketing efforts, three key B2B trends.
Listen to the full episode now:
Key takeaways from the episode include:
Fraud Trends
Device takeover is a prominent point of concern
Fraud is expected to reach upwards of $130B by 2023
There is a 30-60% rise in credit card fraud attempts but a 50% reduction in chargebacks likely due to consumers not paying attention to their credit card statements
Fraud is an ever-changing challenge
Marketing Trends
Millennials and Gen Z care about supporting an organization with a mission they care about and gift card can help communicate your brand's stance and areas of support
Gift card has always been a part of showing the brand cares and it's key to build a strategy around communicating that piece
Personalization is essential
One of the biggest hinderances to personalized omni channel gifting is that data is siloed. If you can share data, you can get creative and connect with consumers in a whole new way.
California Consumer Protection Act
Starts in January 2020
Calls for transparency with consumer data and requires a strong reason for keeping data.
B2B Trends
Speed is key to integration and API access is essential.
Consumers view fast delivery as a necessity, people will select something else if your card isn't immediately accessible
Consumers are seeking new ways to customize cards and create an experience
The demand for the capability to reload a card is increasing.
Additional Insights
Sales of gift cards are 41% lower for Father's Day than Mother's Day
The average gift card load is 67% lower for Father's Day than Mother's Day
Training people at point of sale with a standardized methodology is growing in importance due to the diverse ways a customers can present a legitimate gift card.
Bulk packages of load on demand gift cards are a growing trend. JCPenney is trying this strategy in partnership with SVS.