The Most Detailed Nitty-gritty of Gift Card Transaction

As a customer service of the Tbay, I have reached a long-term and trusting relationship with many Nigerian gift card sellers at work and also maintain a deep friendship with them in life. So I often hear their interesting stories about making money. Take an example, my friend Samuel said that he was very lucky to have encountered Tbay and now he can earn 50,000 naira a month by trading gift cards. He also shared with me about his current idea of opening a small studio. I was amazed by the leading Nigerian guy born in the 90s. In fact, many ordinary people can earn their first pot of gold through gift cards. And as a practitioner in this industry, I can share the following Detailed Nitty-gritty with my Tbay partners.

1. Gift Cards are Great Business

Do you know how big the gift card market is? As the National Retail Federation estimated, the issued gift card value is about will be total $27.6 billion on the holiday season and it‘s just for the holiday season. Gift cards are also bought for other occasions, such as birthdays, and the total spending over the year is estimated at around $160 billion, increasing nearly 37.5% compared with the last year.

2. A Great Number of People Want Gift Card As a Gift

It is absolutely sincere for you to send a perfect gift, gift card to your friends and many people like and want them as gifts. That’s not a new development, either: Gift cards are the most popular entry on holiday gift wish lists this year, according to the National Retail Federation and Prosper Insights & Analytics — and for the 12th year in a row!

3. Lots of Gift cards go unused every year

About 90% of gift cards get put to use quickly, within 2 months of being received. What about the other 10%? Well, some of those cards are used later, of course, but a whole lot of them end up never used. Roughly $1 billion worth of gift cards go unused each year, per CEB TowerGroup. You might think that stores like it when you don’t use their gift cards. Well, there is definitely an upside to that, because if a $50 card is unused, that’s $50 worth of merchandise or services that doesn’t have to be provided.

4. Consumers Typically Spend 20% to 50% More than the Average Face Value of Gift Cards.

The retailers will earn either if you don’t use the card or after you sell it. Because it is most likely for you to spend more than the face value of your gift card and roughly 72% customer will spend 20% to 50% more than the balance on the card.

5. Gift Card Is the Way that Nigerians Remit Money to Their Homes

Gift cards can be sold in gas stations, convenience stores and groceries around the world with its annual sales of billions of dollars, its stable value and the convenience of selling for cash at any time. What you need to do is select a trustworthy platform to sell gift cards to naira and that can be concluded as the following four steps,

1) A Nigerian immigrant in the USA buys a gift card in a convenience store, oil station or grocery with the US dollars.

2) The immigrant takes pictures of the gift card with his phone.

3) The immigrant sends pictures of the gift card to family or friends in Nigeria.

4) Family or friends in Nigeria sell gift card for naira

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