Redemption Report
Q3 2023
This Quarter’s Key Findings
Gift cards remained a top choice in Q3. Gift card redemption shifted up slightly from last quarter, while merchandise redemption shifted down a bit. Physical gift cards remain the most popular selection, but electronic gift card redemption is growing. The popularity of gift card redemptions overall remains a win-win for both cardholders and issuers.
Also top of mind for Q3? Electronics. The five most popular merchandise redemptions happened to fall into this category. Whether it was a back-to-school purchase or an addition for an upcoming vacation, items like earbuds, tablets and smart watches were in demand.
What do these trends tell us? Rewards merchandise pages make a difference. Cardholders are willing to use their points for more than just cash back. Highlighting seasonally relevant products and experiences makes an impact.
Q3 2023 – Point Redemption Activity
Top 5
Points redeemed for Merchandise
Top 5
Points redeemed for Gift Cards
Top Events by Point Redemptions
- Amusement Parks
- Touring Artists
- Baseball Games
- Basketball Games
- Football Games
- Musicals
Early Q4 Predictions
Cardholders are adding vacations to their seasonal plans! Q4 is a popular time for travel planning, especially in anticipation of the holidays and spring break. At RAZR, we began featuring travel as a priority as of mid-October. Remember that all things travel is top of mind for cardholders as we roll into the end of the year.
Gift card redemptions are also expected to increase as they’re always a convenient holiday gift idea. By featuring these items on merchandise pages, RAZR helps cardholders check items off their gift list!
Consider Advanced Merchandising to Increase Redemptions in Q4
Take time to understand your customers’ needs and leverage these insights to build loyalty. At RAZR Financial, we help clients build engagement and increase redemptions by designing and implementing merchandise pages that can have a measurable impact.
Interested in getting started? Click here!