Company Performance Metrics
- Kevin Strawbridge: CEO and FounderPast Role: Jasper Ventures, Vice President Strategic Planning
Consumers struggle to use gift cards to get meaningful gifts and often the cards go unused ($100B issued each year and 30% are not redeemed).
Retailers want people to use the cards more often. Why? Because, on average, consumers spend ~17% more than the card balance when making purchases. Likewise, consumers convert at a much higher rate online
when offers and coupons are available. Combining offers with gift cards give the consumers and the retailers more value in a much more likely transaction. Revenue is generated from commissions on sales.
The impact of CardSpur is two-sided. Consumers often leave gift cards unused due to oversight or not being motivated to use the cards. Redeeming the cards for them unlocks the value and fulfills the intent of gift-giving. Retailers need gift cards to be redeemed. Unused gift cards are a liability to retailers. Redemption moves the value of the card from a liability to revenue (and often above the value of the original card purchase). Combining these outcomes creates economic stimulus.
