With pandemic-enforced lockdowns, the dependency on technology increased by leaps and bounds. This dependency was not just restricted to finding solutions to the new challenges but also engaging existing customers. 

How did Givex fit the equation? 

A global IT platform: Givex focuses on offering merchants useful customer insights. It supports merchants through their gift card processing, custom loyalty programs, omnichannel point of sale, and fully integrated KDS, inventory, labor, kiosk, handheld tablets, and online ordering apps.

Throwing some light on the current trends in the retail technology space, Givex, Mo Chaar, Chief Commercial Officer, said, "Online ordering is one of the tends that the retail industry has witnessed in the last couple of years. Especially the online ordering of digital cards trend has seen a significant rise. Repeated lockdowns and supply chain issues made it difficult for retailers to generate cash flow. Digital gift cards saved the day and will likely do so for the foreseeable future. Sales of digital cards increase over the holidays and generally account for 33% of revenue for retailers." 

The customers were purchasing digital cards for their personal use. Mainly to help them budget their spending. And by offering the chance of online registration of their gift cards, merchants can collect consumer data and connect with them through promotional offers. 

Mo Chaar elaborates on the benefits of said that a merchant is benefitted from both the physical and digital cards in two ways. 

• There is the advanced revenue they receive when a gift card is purchased.

• Then there is the benefit of the potential lift of over 7-24% once customers redeem the card. 

The other trend that Mo Chaar noticed in customers is the increased use of mobile devices and stated that customers increasingly used them to make purchases, receive and even store digital gift cards. 

Citing a study by Fiserv, Mo Chaar said that about 33% of the respondents surveyed revealed that they loaded their gift cards into either their mobile or digital wallet. Givex, he informed, is integrated with both Google Pay and Apple Pay. 

The team at Givex has developed a 'branded' app that links customers to their gift cards and loyalty cards. With plenty of people using their phones as wallets, developing technology that meets their needs is important. 

The increasing importance of kiosks is another trend in the retail industry, considering the given labor challenges and rising customer demands for self-service options and flexibility. Mo Chaar added that kiosks should become an extension of your POS as you deliver a similar experience to your customers across all the platforms.  

Concerning the challenges faced by the retail industry, Mo Chaar observed that before the pandemic, businesses took the supply chain for granted. "We have clients that use Givex software at their existing point of sale. Issues with the supply chain became problematic when POS dealers could not acquire inventory, said Mo Chaar. 

Mo Chaar also said that Givex was unaffected by SCI by always ordering ahead and ensuring that our fulfillment facilities are well equipped with hardware, something we did even before the pandemic. 

Elaborating on the statement – To better engage your customers and streamline operations – Mo Chaar said that it is not a statement; it is our value that the company lives by. And then, he said, "GivexPOS is an elite end-to-end, cloud-based business management system, which encompasses payment, sales, and financial solutions, management and administrative tools, scheduling and employee management, inventory, and online ordering." 

All this is completely integrated with gift cards, customized loyalty, and marketing and promotional strategies tools. 

"We offer our customers one complete platform, with one source of data and one point of contact that manages all aspects of their business. Having all these resources and collecting data from one source provides a transparent view of business health and customer engagement. As a business owner, you save time, money, and resources, knowing that you have a partner equally invested in your operations' success," Mo Chaar added. 

Further, he said that the statement signifies their other programs like customer incentives that have customized Loyalty solutions; gift cards that are essentially currency for any business and opens the door for further customer engagement. Promotional offers will remain pivotal in maintaining awareness among consumers. Studies have shown that 60% of consumers actively seek coupons. 

As the economy slides and inflation pinches consumer budgets, promotional offers will play a bigger part in how stores retain customers. 

Citing some of the case studies, Mo Chaar said that at Costa Coffee, they witnessed the power of Loyalty program information to not only retain customers but also to drive sales. Other case studies he cited included American Golf, where Givex turned their gift card into a true multi-channel offering, and Recipe and Nando's, where the customized solutions were applied to drive sales.  

Givex is not bothered by any competition or its competitors because it believes in its products and services. "GivexPOS is scalable. We future-proof our products to help extend the life of our client's programs. We have regular R+D cycles, and standard upgrades are promoted every eight weeks. Upgrades are free to Givex clients who wish to implement them. We will also do custom development programs for clients if they do not have the resources to do it independently," informed Mo Chaar. 

Concluding, Mo Chaar said that the future of Givex looks bright as they plan to acquire Loyalty Lane – a 15-year-old marketing technology company that offers a robust customer relationship management ("CRM") solution to independent grocers throughout the US.