It’s no secret that younger consumers are more receptive to innovative shopping.
According to branded payments provider Blackhawk Network, 41% percent of Gen Z consumers and 39% of Millennials surveyed had purchased digital vouchers at least once every three months. This is in contrast with Gen X and Baby Boomers, with only 26% and 14% of the respondents respectively having purchased digital vouchers at least once in the last three months.
With Gen Z’s spending power projected to hit over three trillion dollars by 2030, there’s no better time than the present to increase brand awareness among Zoomers.
What’s more, digital vouchers can even provide deeper insights into your market’s spending patterns, and their personalisation features make it an excellent tool for boosting morale in the workforce. Here’s a closer look on why digital vouchers are your secret weapon to reaching out to Gen Zs.
1. Accessibility and ease of use
Digital vouchers are a lot more accessible than other existing rewards.
Unlike physical gift cards, there’s no need to coordinate logistics for shipping and storage for physical products. Users now have the convenience of making transactions without needing a physical card, which increases usage.
Climate conscious consumers will appreciate digital vouchers’ sustainability as opposed to non-recyclable plastic gift cards or single-use gift products. Digital vouchers are also more attractive than generic physical item giveaways. Recipients have more choices to redeem their gifts, and don’t have to settle for products that don’t fit their lifestyle needs.
Digital vouchers are also simple to use, especially for Gen Zs, who have basically grown up with online commerce platforms. They’re just as simple to roll out at scale. Organisations can purchase vouchers in online, in bulk, in just a few clicks. All there’s left to do is integrate vouchers into new or existing marketing campaigns.
The process of adding a code to the digital wallet or platform of choice and redeeming it quickly across products and services is the perfect proposition for busy young professionals. The wide range of products and services available to voucher users is another draw. Users can redeem their services from any location, regardless of their proximity to the merchant.
2. Get to know your users even better
There’s never been an easier way to calculate return on investment on a campaign than through digital vouchers.
Every dollar put into digital vouchers as rewards can be tracked by the hosting platform. Digital vouchers provide information about how attractive or unattractive rewards can be for a market, and provide quantifiable data that is imperative for calculating ROI and accurate campaign reporting. This allows you to further narrow down your market’s interests, and target them even more efficiently in the future.
Unlike cash rewards or physical gift cards, where spending tracking can be complicated or even non-existent, you can track your consumer’s redemption habits in a matter of clicks. GrabGifts digital vouchers are also fully customisable for campaigns that need more refined controls. Marketers have options to set parameters for voucher use. Available parameters include specific locations, times, or product categories on the Grab mobile application.
3. Seamless use between devices and services
Digital vouchers that can be used for various services take even less thinkwork – a multi-platform voucher that can be used for more than one type of transaction is the ultimate convenience.
Rather than giving recipients a single-use voucher for one product or service, providing them with an incentivising experience that can be used on multiple services – from food deliveries to private hire car rides, and groceries – is more likely to encourage prompt use. This gives the individual flexibility in how to utilise their reward and provides maximum value to the user, which can be the biggest draw of a well-executed marketing campaign.
Digital vouchers also offer an unmatched level of convenience, allowing for a smooth transition between devices. Once added to a user’s digital wallet or platform of choice, vouchers can be accessed across devices where the app is downloaded – whether you’re using a mobile device, or a tablet, accessing the app allows you to use any vouchers you have stored. This has made them increasingly desirable and popular among users. Users can make online shopping purchases on their tablet, then book a private hire car with their mobile device, without a hitch.
Conclusion: Attract and retain young consumers with digital vouchers
With Generation Z’s online expertise and increasing buying power, digital vouchers are an invaluable asset in promoting products to this powerful demographic. Their ease of use and trackable analytics make them a great way to measure return on investment when engaging Gen Zers.
Customer acquisition and loyalty can be the ticket to building a commercially successful business. Digital vouchers such as GrabGifts can be used to incentivise customers to browse new products or follow a brand’s social media page. Gen Z digital natives will appreciate the freedom and flexibility of digital vouchers, particularly on an interface they are familiar with, which offers a variety of services that they love.
Learn more about how you can use GrabGifts vouchers to strengthen your customer acquisition and loyalty strategies.
