Tuesday, July 9, 2024
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HomeNewseCommerceBrendan Grove, of Prizeout, on how gift cards can be powerful tools...

Brendan Grove, of Prizeout, on how gift cards can be powerful tools for financial institutions and brands

Brendan Grove is CTO and Co-Founder at Prizeout, an innovative withdrawal platform that gives users more purchasing power in the form of digital gift cards with bonus offers. Since its inception, Prizeout has evolved into a comprehensive ecosystem using gift cards as currency, expanding into various industries such as gaming, earned wage access, and credit unions.

I was eager to catch up with Brendan to discuss the Prizeout platform, why it presents a win-win both for consumers and brands wishing to increase stickiness and AOV and talk about other issues relevant to promotions. Our conversation touches on the tax implications of gift cards, consumer behavior, and the potential for gift cards to differentiate credit unions from traditional banks. We also discuss topics including:

  • How Prizeout handles gift card “breakage.”
  • Why merchants view gift cards as a way to capture share of wallet and stimulate new spending.
  • How Prizeout is now integrating with significant ecommerce platforms such as Shopify and Square.
  • How users’ willingness to try new brands increases as they accumulate cashback rewards.
  • Why understanding Prospect Theory, which highlights the difference between loss aversion and gain, is important when designing promotions.
  • The importance of showing relevant gift card offers to users based on their spending habits and preferences.
  • How different industrial verticals, such as movie theaters and travel, have different gift card purchase patterns.
  • Why gift cards can be a powerful tool for financial institutions and brands, providing value to members.

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