We are glad to host an article written by Alex Richman who explains his vision on global rewards programs. Alex, diagnosis Amilon partner since long time and enthusiastic supporter of digital, online tells us about the benefits of using digital gift cards in a global incentive program.
“Alex Richman is President and founder of ALR Consulting. ALR Consulting helps companies take advantage of merchandise, gift cards, digital cards and general prepaid payment instruments across the globe in loyalty and incentives. He has over 15 years of experience in driving success and excellence in rewards and gifting in employee and channel programs. For further information on global rewards landscape, please contact him at email@example.com.”
The digitization of our world and our industry is happening at a rapid pace. Over the past decade I have witnessed great change in our reward mechanisms for incentive programs. Nothing has taken off faster than the growth and presence of the digital gift card. As our industry morphs and adapts to meet the changing market’s needs, digital cards play a critical role in our future.
Anyone that manages an incentive program for a global organization knows how costly and time consuming it can be. Companies are forced to invest significant portions of their budgets on program costs, therefore limiting funds available for award budgets. All of which is counter to the goals of incentive programs.
As our lives have become more and more linked with our mobile technology, the digital gift card solution that has evolved is a response to this development. With the launch of digital gift cards, companies now have a reward that is almost immediate to the employee and cost effective for the incentive company, merchant and supplier.
There are several key benefits to these programs:
- Global Efficiencies
Allows companies to manage a global incentive program from one location rather than worrying about finding shipping partners in every country. Helps meet the needs of today’s businesses in centralizing global programs by providing better efficiencies and internal controls.
- Cost Effectiveness
Reduces the costs significantly in administration and distribution, letting companies effectively reallocate resources. Courier costs become a thing of the past. Retailers lower their cost of doing business by removing the production cost out of the equation. Further, there is less concern over lost or stolen cards and delivery becomes more reliable.
- Instant Delivery/Gratification
Employees are able to receive their reward instantaneously. As the workforce becomes more virtual, ability to deliver or reward anytime, from anywhere, to anywhere becomes even more appealing. Portability of the digital gift card and accessibility anytime provides flexibility to the employees.
- Customer Service Solution
Digital gift card customer service portals give greater real time control to the incentive companies. The mechanism to change emails, resend orders, and deactivation of digital cards are now provided directly to the incentive company; which, lowers administration costs and saves time.
- Expands Selection Exponentially
With digital cards there are now more and more options out there to offer in programs. It isn’t just the typical retailers we always see but now you can offer digital gaming, digital downloads, software and so much more. Businesses can set up a wide range of employee reward programs that allow their employees to choose the gifts they really crave.
Digital delivery allows customization and flexibility to quickly tailor messages by utilizing videos and images, making it fun and usable not to mention cost effective.
People continue to find new ways to use their mobile phones, it has become an essential part of our way of life so the ability to deliver gift cards via mobile or digitally will only become stronger as we move into the future. It’s a win-win situation for all parties involved. The ability to manage a cost effective, flexible global recognition solution will now enable incentive companies to keep their client’s employees engaged and motivated in a more seamless and efficient manner.