What do a survey respondent, a webinar attendee, a loyal customer, and an engaged employee have in common? They all want the e-gift cards they receive as rewards to be flexible.
According to a Deloitte industry insight report, more than 80% of consumers say they desire more flexible or customized ways to earn — and redeem — benefits. Similarly, a PwC survey on the best personalized rewards experiences reveals that 43% want a loyalty program with flexible rewards.
As your rewards program matures, then, it makes sense to take your target audience’s preferences into account so your incentives can be as effective as possible in encouraging certain actions.
But exactly what do we mean by flexible rewards? Unlike traditional e-gift cards that can be spent only at a single merchant, like Starbucks or Macy’s, some reward options come with more choices built-in.
There are three kinds of flexible e-gift cards to consider adding to your rewards program to meet — and exceed — your recipients’ expectations.
Companies that own more than one retailer or restaurant often offer flexible e-gift cards that can be spent on all their brands, such as:
Another option for flexible rewards is a card that’s curated around a theme, such as travel, dining, or entertainment, which recipients can use at multiple merchants. For instance:
These e-gift cards are for websites that let you buy products or services at many different locations from many different brands. Here are a few examples:
Those three reward options allow for a flexible yet tailored experience, but sometimes, broader is better. That’s when you may want to opt for a virtual prepaid Mastercard or Visa reward instead, so recipients can use it anywhere those credit card networks are accepted.
Technology can also help you give the flexibility that reward recipients are looking for. A platform like BHN Rewards lets you choose which e-gift cards to offer for each campaign, and the recipient can pick the one they want. You can even include prepaid and multi-brand cards in your curated selection.
Have recipients in multiple countries? Make sure you’re choosing flexible rewards that are redeemable in their location. Here are some ins and outs of rewarding with international gift cards.