Digital Vouchers Are Here But Will Physical Gift Vouchers Still Be Around?
Many are increasingly cognisant of the fact that monetary rewards or cold-hard cash are no longer good answers for expressing care and appreciation. Whether it is to make your employees feel valued or to reward clients, forget monetary rewards, and incentivize them gift vouchers in Singapore instead!
This is because research has proven, time and time again, that monetary incentives and cash rewards are impersonal and are just not the best gifts to show people you truly care. Monetary incentives do not motivate employees or make them perform better. In fact, they can even backfire on motivation and performance.
To read more about how to improve your employee recognition programs, do check out our article on employee recognition ideas.
Statistics That You Need to know
Now that we know vouchers are a much better alternative to cash, let’s attempt to answer the question of whether digital or physical vouchers are better.
According to Statista, in 2014, 16 billion digital coupons were redeemed. And this figure is expected to grow to 31 billion online coupons in 2019.
Furthermore, experts claim that most people would redeem vouchers online via their mobile phones or smartphones. Juniper Research reported that there will be a 94% increase in digital coupon redemption by 2022.
This means that digital redemptions will account for nearly 80% of all coupon redemptions by 2022.
What does this mean for gift vouchers in singapore?
These statistics reflect the growing trend of E voucher adoption. Compared to Physical Vouchers, E vouchers in Singapore are definitely much more convenient to distribute and to redeem.
With E vouchers, distribution of these gift vouchers to your staff or clients in Singapore can be done seamlessly through email or SMS.
On the other hand, physical vouchers would require expensive secure mailing processes like registered mail or involve long man-hours packing and distributing the vouchers to your staff or clients.
With regards to redemption, your recipients can use our StayHome E vouchers and redeem conveniently in the comfort of their own home.
Our UNIQGIFT E vouchers would also need just a few taps on your smartphone, and you will be able to use it at our partner merchants. In an age where the nation is moving towards digitalisation, E vouchers seem like the way forward.
However, not every segment of the population may be inclined to get E vouchers. In Singapore, it is expected that the older generations, like the elderly population, would be more inclined to receive physical gift vouchers and find them more convenient.
With the younger generation becoming increasingly tech-savvy, many would prefer to receive and give E vouchers instead of physical vouchers. This will spell the end of physical vouchers in the future as the nation and its people become more and more intertwined in the world of technology.
Noting this trend and benefits of E vouchers, HR and Marketing Teams should also embrace the new way forward of shifting to E vouchers instead of Physical Vouchers to enhance the efficiency of the distribution processes. The convenience offered by E vouchers will save precious man-hours that can be used to do other more valuable tasks in the organisation.