In the February edition of Shop Talk Podcast, the theme is Valentine’s Day! Al is joined by Louis Davis as co-host to talk a little about Black History Month, Diversity, Equity & Inclusion and Valentine’s Day. In the featured interview Al speaks with gift card expert Ashley Jamieson about the kick-off to Gift Card Season. Ashley provides some tips and tricks and best practices when implementing a gift card strategy for your business.
In the February edition of Shop Talk Podcast, the theme is Valentine’s Day!
Al is joined by Louis Davis as co-host to talk a little about Black History Month, Diversity, Equity & Inclusion and Valentine’s Day.
In the featured interview Al speaks with gift card expert Ashley Jamieson about the kick-off to Gift Card Season. Ashley provides some tips and tricks and best practices when implementing a gift card strategy for your business.
Also in this episode:
Chapters:
Al Grego: Coming up on Shop Talk.
Ashley Jamieson: 70% of Canadian gift buyers actually prefer giving gift cards over cash. And I know personally, I like receiving gift cards a lot because I can pick out exactly what I want, rather than having someone try to guess on my behalf.
Al Grego: Hello everyone. I'm Al Grego.
Louis Davis: And I'm Louis Davis.
Al Grego: And this is the February 2022 edition of Shop Talk with Moneris. Welcome to the Shop Talk podcast, Louis.
Louis Davis: Thank you very much, Al. It's great to be here.
Al Grego: The pleasures all mine. Louis, the reason I invited you to co-host this month, other than your impressive voice is because February is Black History Month.
Louis Davis: Yes it is.
Al Grego: And you are one of the founding members of the Black Employee Network here at Moneris.
Louis Davis: I am.
Al Grego: What does that mean to you?
Louis Davis: Well, Moneris has a diverse employee base. And for me it's important to make sure that we create more visibility for our black employees, but also create awareness of black culture and history across Moneris. I'm also honored to be part of Moneris' DEI strategy by heading up our first employee inclusion group. The Black Employee Network is the first of many employee inclusion groups that we expect to have at Moneris..
Al Grego: So you mentioned DEI, which stands for diversity equity and inclusion, correct?
Louis Davis: That's right. Moneris is committed to advancing diversity, equity and inclusion for our team members, our merchants and the communities in which we operate. We're taking a comprehensive and long term approach in our DEI strategy.
Al Grego: Well, I know we're making significant investments into the strategy because there's still so much work to do.
Louis Davis: Yes. We're just getting started and I'm very excited about the progress we've made so far and what's to come.
Al Grego: Well, I'm looking forward to hearing more about it in the coming months.
Louis Davis: And we're happy to have this platform to be able to talk about this work and share it with all the listeners out there. Here's hoping we can also inspire other individuals and organizations.
Al Grego: Agreed. Now onto this month's theme, Louis, other than Black History Month, you know what else is happening this month?
Louis Davis: Is it your birthday?
Al Grego: No.
Louis Davis: Oh, I know. Oh, it's family day.
Al Grego: Well, yes, but I'm thinking more about romance.
Louis Davis: Sorry, Al I'm spoken for.
Al Grego: Well, that's not what I meant.
Louis Davis: I'm just playing with you. Of course, I know it's Valentine's day.
Al Grego: Oh, you had me going there for a minute. Yes. Valentine's day is fast approaching and you know what that means.
Louis Davis: Way too much candy.
Al Grego: Among other things, yes. Valentine's day is a busy day for certain types of businesses.
Louis Davis: I can guess what those are.
Al Grego: No need to guess. In today's by the numbers, we'll tell you what those businesses are and try to project how they might do this year.
Louis Davis: Sounds very interesting.
Al Grego: But first, for our featured interview, let's learn about another hot item around Valentine's day.
Louis Davis: And what's that?
Al Grego: Gift cards.
Louis Davis: Ah, yes. That makes sense. If your business doesn't offer gift cards, you could be missing out on significant revenue opportunities.
Al Grego: Exactly. And it's really not all that difficult or expensive for a small business to provide gift cards these days.
Louis Davis: Oh, I know.
Al Grego: I sat down with Ashley Jamieson, Product Manager of Business Solutions at Moneris. Ashley is a gift card expert and we talk about how important gift cards can be for your business and how easy they are to set up. Here's my chat with Ashley.
Speaker 4: Featured interview.
Al Grego: I'm here with Ashley Jamieson. She's a Product Manager of Business Solutions at Moneris. Ashley, thank you for joining me today.
Ashley Jamieson: Thank you for having me, Al.
Al Grego: So we're talking about gift cards today. Why don't we start with the obvious question first, why gift cards? Why are they important?
Ashley Jamieson: Gift cards are super important for businesses, especially now during the pandemic. They help you gain and maintain loyalty with your customer base. 87% of Canadians, both purchase and receive gift cards every year.
Al Grego: How do gift cards help in customer loyalty? How does that work?
Ashley Jamieson: Well with a gift card, the card holder is either going to spend more than the original amount of the gift, or they're going to return to the store to spend the remaining balance, which increases future traffic for the merchant.
Al Grego: That makes sense. I mean, if I got a Cabella's gift card, I'd definitely go in there and spend it right away. And if there's an item there that isn't quite covered by the gift card, I'll definitely spend more money in order to get that item, especially if it's something I really want.
Ashley Jamieson: Yeah. And we find that gift card holders spend an extra 60% beyond the original value of the card. So it's a way to boost sales because there's always that top up amount over the original purchase price of the card.
Al Grego: And now gift cards, aren't just physical cards. It's pretty flexible. I can use them in store or online, right?
Ashley Jamieson: Absolutely. With Moneris, we have three different kinds of gift cards. The traditional ones that you would think of, that look like a debit credit card, an eGift, which can be purchased online and sent via text or email and then promo gift cards, which are like a coupon that encourages people to come back to your store at a specific time. We recommend having some combination of all three gift card programs because they work together to bring customers into your store or website from different areas.
Al Grego: So the theme for this month's episode of Shop Talk is Valentine's, so let's talk about that for a second. Why would a gift card make a good Valentine's day gift?
Ashley Jamieson: Gift cards are great because they ensure that your loved ones can pick out exactly what they want from their favorite store. And 70% of Canadian gift buyers actually prefer giving gift cards over cash. And I know personally, I like receiving gift cards a lot because I can pick out exact what I want, rather than having someone try to guess on my behalf.
Al Grego: You bring up a really good point there. I mean, I'm horrible for finding a gift for my wife. I just never know what to get her, but I do know exactly what stores she likes shopping at. And so getting her a gift card from there allows her to pick whatever gift she wants and allows me to look good on Valentine's day.
Ashley Jamieson: Exactly. It takes the guess work out of it.
Al Grego: Perfect. I love that. So do you have any tips or tricks or best practices for setting up a gift card campaign for Valentine's day, for example?
Ashley Jamieson: With Moneris, you can actually customize your gift cards to have a Valentine's day theme. And we also recommend having in-store displays or signage to keep Valentine's day at the top of mind for your customers, in those days leading up to Valentine's day. Also, you can add Valentine's day themed eGift cards to your website to act as a perfect last minute gift for people who need to get something out there in the deadline before the holiday.
Al Grego: So let's talk set up. In the past, I mean, when I think of a being a small business owner, so it's all fine and dandy to say, you should have gift cards, but it feels like in the past, that would've been a big upfront spend having to order large quantities and having them sit in my inventory unused. So there seems to be a bit of a barrier to entry there, is that barrier still there?
Ashley Jamieson: That's actually a great question because no, gift card programs have really evolved in recent years and now we actually can accommodate smaller order quantities. So you only have to get started with 200 cards. So that makes it possible for businesses of any size to get started with a gift card program. Also, Moneris offers fast delivery, so you can decide to do a holiday initiative and have those cards arrive at your business in record time.
Al Grego: And what about the design? Do I have to hire my niece or nephew to design me a nice logo or how difficult is it to design the cards?
Ashley Jamieson: It's super easy. Not only does Moneris offer predefined templates that you can choose from, but you could also go with your own custom design if you needed. We also have some staff on hand who can help design the cards for you, if you need a little bit of extra help.
Al Grego: Sounds simple enough. And 200 card minimum orders seems more manageable than it used to be.
Ashley Jamieson: Yeah, for sure. And if you pick customized designs that are timely to the different holidays and have the appropriate signage in your store, you can definitely go through that quantity faster than you think.
Al Grego: I've heard that Valentine's day a kickoff to the gift card season. Can you explain that a bit more?
Ashley Jamieson: Moms, dads, and grads is what we call the period between Valentine's day and the summer. Each of those, Mother's day Father's day and graduation are the perfect opportunity to give your loved one a gift. And if you're a merchant that sells things that are appealing to those different groups, we recommend stocking up in advance of those holidays.
Al Grego: Okay. So let me ask you then, what would be your gift card or choice to receive?
Ashley Jamieson: Gift cards for groceries, gas and clothing is always appreciated.
Al Grego: That's very practical of you, but I mean, what would be on your wish list of things that maybe you don't need, but you would like?
Ashley Jamieson: Well, if someone wants to give me a gift card to Tiffany's, I won't complain.
Al Grego: Thank you so much for joining me today, Ashley.
Ashley Jamieson: Thanks for having me, Al.
Speaker 5: As a business owner, change comes at you fast. That's why Moneris is right by your side as you innovate and adapt, so you can get paid. With solutions for businesses of all shapes and sizes, we're proud to help Canadians like you achieve their goals. From online, in-store, curbside and pickup solutions, Moneris is there to help your business succeed every step of the way. To talk to one of our business advisors, call 1-866 Moneris, or visit moneris.com.
Speaker 4: By the numbers.
Al Grego: I'm here with Sean McCormick, Director of Business Development. Thank you for joining me, Sean.
Sean McCormick: My pleasure. Happy early Valentine's day to you.
Al Grego: And to you. What number do you have for me this month?
Sean McCormick: Well, we're looking at Valentine's day 2021 versus 2020. And the week of Valentine's day, candy, nut and confectionary sales up 16%.
Al Grego: What were some of the other verticals that you saw?
Sean McCormick: Grocery, as a general category, up 17%, Valentine's day 2021 versus 2020. And florists, I don't know, I mean, I buy roses for my wife every Valentine's day, but if you look at these other categories are all up 16, 17%. Florists we're up 35%.
Al Grego: Wow. That is impressive. I mean the grocery number makes sense because people weren't going to restaurants as much, they stayed home and made dinners at home. Right.
Sean McCormick: Right.
Al Grego: I feel like maybe the florist number could be explained by, it's a gift that's easily delivered.
Sean McCormick: Absolutely. And the thing to remember here is you've got all of these categories, candy, nut, confectionary up 16%. Alcohol sales up 17%, grocery up 17%, florists up 35. Keep in mind that was during the first week of lockdowns in 2020, and overall transaction volume was down 13%. So the real impact of those increases was actually relative to everything else was quite high.
Al Grego: And I mean, we learned from last month's episode when I spoke to Peter Goldstein about the substitution effect, and that seems to be what's going on here for the most part.
Sean McCormick: Right, you can't really invent a dollar. People have a fixed amount of disposable income for the most part, that tends to be spent on things like going out for dinner. So if you're not going out for dinner, that money is there to be spent. People still want to spend money to make themselves happy and celebrate things like birthdays, holidays, Valentine's day. And what we can see is that they reallocated the dinner money and spent it on candy, booze, groceries, and flowers.
Al Grego: And so if I were to ask you to pick your favorite stat from that, what would that be?
Sean McCormick: Same one as you, my friend. It was the second one, probably the bottle of the bottle of Chardonnay or champagne. Let's keep it PG right there.
Al Grego: Yes. All right. Thank you very much, Sean.
Sean McCormick: Thanks, Al.
Speaker 4: As an expert.
Speaker 8: I'm joined by Amy Maraone, she's the VP of Marketing and Communications at Moneris. Thank you for joining me today, Amy. How are you doing?
Amy Maraone: I'm good. Thanks.
Al Grego: So the question we want to answer today, and we have you on is about omnichannel. What exactly is omnichannel?
Amy Maraone: So omnichannel is really having all of the channels and multiple channels integrated with one another, that your customers interact with. For example, whether you have a website, social media, mobile app, and your bricks and mortar store, all of that information is actually integrated versus having them available, but not integrated. So when they do interact with your company, you know that they have actually been on your website, they've been to one of your social media channels and they've maybe been in store and you can service them in a lot more personalized and targeted fashion.
Al Grego: Makes sense. So for example, right now it's Valentine's season, we just spoke to Ashley about gift cards and eGift cards, where you can offer them online. But I mean, that online sale counts in store as well, right?
Amy Maraone: Correct. And I think the piece of it is all the levers that are available to you, whether it's channels or offers, is making sure that all of that data is captured and integrated. So if, for example, if you are offering gift cards, well, how about on social media as a promotion, how about allowing them to buy it through that channel instead of having to come into the store and buy or having to go to your website? If you have all of the channels integrated, that means they can connect with you on their preferred channel.
Al Grego: Right. In terms of, for example, inventory, there's also integration there, right? Like if you make an online sale, that product is no longer in your inventory online or in your brick and mortar store. So there's also that level of connectivity as well, right?
Amy Maraone: Yes. Ensuring that your systems are connected will allow you to manage your inventory a lot better as well. If someone does buy online and then someone else is coming into the store, that inventory is quickly updated and it's all integrated so that when they do come into the store, they're not surprised that it's not there or vice versa, they order it online, if it was bought in store and it's already sold. So you want to make sure that all of your systems are connected. And at the end of the day, that really provides a customer centric experience.
Al Grego: Makes sense. I mean, as a customer, I shouldn't care whether you made the sale online or in store. I care that the product is available to me when I need it.
Amy Maraone: That's correct. And depending on how people reach out to you in terms of service as well, if all of your systems are connected and all of your channels are connected, you know what they're calling about and you have that information at hand. So your customer service system, your point of sale, your website, all of your channels are connected so that you can have the best experience for your customers.
Al Grego: Thank you very much, Amy.
Amy Maraone: You're welcome. Thank you.
Speaker 4: Save the date.
Al Grego: I'm here with Theresa Wetzel. She's the Senior Manager of Events and ESG at Moneris. Thank you for joining me today, Theresa.
Theresa Wetzel: Thanks, Al.
Al Grego: Before we start, what does ESG stand for?
Theresa Wetzel: So ESG stands for environmental, social, and governance. So it's the new model that Moneris is moving towards. We're trying to expand our current CSR program to include everything from environmental sustainability, diversity, equity, inclusion, and have this more holistic approach.
Al Grego: Excellent. Okay. So it's February, so what does your team have in store for us this month?
Theresa Wetzel: Well, Al, we're really excited as we go into February, we're going to be partnering with Second Harvest, their Hero Sweepstakes.
Al Grego: So for those who may not know, what is Second Harvest, what do they do?
Theresa Wetzel: Second harvest is a food rescue organization here across Canada that helps to support eliminating food waste across the country and to provide meals for vulnerable citizens in Canada.
Al Grego: Yeah. They're a great organization for sure. And they do great work. So what does Moneris have to do with Second Harvest?
Theresa Wetzel: So we've been a longstanding partner with theirs and we support and sponsor a lot of their fundraising initiatives. And this one that's happening in February is called their Hero Sweepstakes.
Al Grego: Okay.
Theresa Wetzel: And that's a big auction, there's lots of great prizes where you'll be able to purchase tickets with the hopes of maybe winning some really high ticket prizes. And all these funds go to support their food rescue mission.
Al Grego: What a great campaign.
Theresa Wetzel: Yes. Al and Moneris is really excited to sponsor again. And last year, we raised over 200,000 meals across Canada.
Al Grego: What's the date for that sweepstakes?
Theresa Wetzel: So it launches February 1 and it goes to March 25.
Al Grego: Okay. So it runs all month. And is there a day though, where the draws happen?
Theresa Wetzel: So they have early bird draws.
Al Grego: Okay.
Theresa Wetzel: So they're going to be announcing very shortly when those happen throughout the month. So the earlier you buy your tickets, the more chances you have to win.
Al Grego: Perfect. So if I want to learn more about this, where would I go?
Theresa Wetzel: You go to Second Harvest's website and all the details be there February 1?
Al Grego: Okay. So to recap, we have a Second Harvest Hero Sweepstakes presented by Moneris, and that runs from February 1 to March 25. And for more details on that, go to secondharvest.ca. Theresa, thank you so much for joining me today.
Theresa Wetzel: Thanks for having me.
Al Grego: And that's all we have for this month. I hope you found this episode informative. Before we sign off, I'd like to take a moment to promote another Moneris podcast that you might enjoy called, Yes, We Are Open. Here's a little teaser.
Running a small business in Canada is no small matter. Here are eight stories to prove it.
Speaker 11: There's times where we didn't pay ourselves.
Speaker 12: This was my dream, but it became her nightmare.
Al Grego: Eight stories of success.
Speaker 4: The future is bright.
Speaker 12: The online took off and it's been good.
Al Grego: Listen to all eight stories now on the Yes, We Are Open podcast, available wherever you get your podcasts.
It's called yes, we are open.
Speaker 18: Yes, we are way open.
Louis Davis: If you haven't already, you can subscribe to this podcast and Yes, We Are Open wherever you get your podcasts.
Al Grego: If you'd like to support this show, share this podcast with your network or reviews on Spotify and Apple Podcasts.
Louis Davis: Join us again next month for more expert insight and data to help you grow your business.
Al Grego: And also if you have a payment related question you'd like to submit to one of our experts, you can email us at podcastmoneris.com. Louis, Thank you so much for co-hosting.
Louis Davis: Thank you for having me, Al. I expect chocolates on the 14.
Al Grego: Oh, well, we'll see about that. On behalf of Louis, myself and the rest of Moneris, thank you for listening to Shop. Talk, talk again in March.