Buying gifts is a big pain point of customers
According to an online survey conducted by on of the largest Hong Kong’s shopping malls, Harbour City, among over 1,800 responses, nearly 60% of people need to give gifts over 5 times a year. On average, nearly 80% spend HK$1,000 or less each time but more than 20% spend over HK$1,000 for one gift.
Nearly 70% of people feel pressured or puzzled when choosing gifts. Despite everyone spending so much time and effort in choosing gifts, over 90% of people have received an unwanted one. And over 40% will pretend to be happy and accept the gift.
Enormous market potential of multi-purpose prepaid card in shopping mall retail industry
The survey result also shows that nearly 70% of people will buy gift vouchers instead of an actual gift. Currently, the most popular types of gift vouchers are supermarket and department store vouchers, yet the commonness of these vouchers shows less sincerity of the giver to the receiver. Some brands sell their own single-use gift vouchers too, however the vouchers can only be used at few specific shops.
Targeting this market gap, Harbour City launches the first multi-purpose prepaid gift card among Hong Kong shopping malls in July 2018. The gift card is not only practicable (can be used at over 500 stores in the mall) but also unique (the card design is stylish and comes with a message card).
Long term benefits of multi-purpose prepaid card
Launching a multi-purpose prepaid card doesn’t not only benefit the end customers, but also the tenants and the shopping mall itself. A practical while elegant gift card will definitely enhance the brand image of the mall; cooperating with tenants to promote different sales activities will bring more business opportunities to the mall as well as the tenants; through digging the consumption data of the cardholders, the mall will also get access to a lot of valuable business insights.