From Paper to Plastic
Feb 1, 2004 12:00 PM
Since Kmart introduced the first magnetic strip gift card in 1995, the concept has grown in popularity. Malls even joined the party. According to gift card program manager Store Financial, one of its mall clients increased sales nearly 150 percent for holiday 2003 by converting from paper to plastic gift certificates. And Ben Franklin Crafts saw a 1,000 percent increase in gift card sales after switching to Paymentech's plastic cards from its paper gift certificates. As ICSC data indicates, more retailers are using plastic than malls. But consumers are still putting more money on paper than plastic gift cards.
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