Practical rewards and incentives, like gas and grocery gift cards, have always been popular digital gift card rewards.
Now that inflation is impacting virtually every segment of the economy, these types of rewards even more effective. It’s hard to overstate the impact of being able to knock $50 off your (growing) bill the next time you stock up.
In this article, we’ll explore why and how to create those feel good moments using the right types of digital gift card rewards.
With all this tension and penny-pinching, the benefit of high-impact incentive and reward options for your programs is greater than ever.
Consider these figures:
⚡ The Incentive Research Foundation 2024 Trends Report reveals that employees prefer gift cards over cash, especially for essentials like groceries.
⚡ The Fiserv Q2-2024 Gift Card Gauge highlights that grocery gift cards are surging in popularity, with nearly 3 out of 5 consumers naming them as their top choice.
Based on these stats, many companies have been reconsidering what incentive rewards they’re using, and whether their recipients might appreciate a fresh (and budget-boosting!) approach.
Digital rewards to gas and grocery stores make life easier for your recipients while still allowing for flexible spending. They directly address inflation impacts, relieving the sticker shock that comes when spending money on these inflated products.
For example, gifting your someone a $50 digital gas gift card might cover an entire fill-up. Even a $20 gift card would cut their costs in half.
"You're very thankful for the company that gave you that reward," says Nat.
Specifically, Kroger, Publix, and/or Safeway egift cards for American recipients can help them relax a bit the next time they’re stocking up.🍎🍞🧀
Or offer your Canadian recipients gift cards to retailers like Sobeys, Safeway, IGA, Foodland, FreshCo, and Thrifty Foods.
Meanwhile, Australian audiences might prefer Coles gift cards, while those in Brazil want Carrefour.
You might also consider offering digital gift cards to Instacart, SkiptheDishes, DoorDash, Uber Eats, Grubhub, or Walmart to take care of some other essentials.
And we’ve all felt the pinch at the gas pump, right? Delight your recipients with a gas card to Esso and Mobil, Petro-Canada, or Chevron and Texaco! ⛽ 🚗
Pro-tip: With a free Giftbit account, you can give your recipients access to a robust global rewards catalog that includes all these brands and more, including Amazon and Starbucks.
Inflation-proof rewards and incentives are those practical rewards that cover the biggest "budget busters" plaguing the average consumer. They work well for everything from employee rewards to customer loyalty, corporate gifts to global payouts and disbursements.
Ultimately, whether you're brainstorming rewards to help with employee recognition orretention, or you want to attract a bigger audience for your marketing incentive programs, choosing inflation-proof rewards can be highly effective.
Like we’ve covered, inflation has taken its toll on virtually every price tag. But some product categories—namely gas and groceries—have experienced an even more significant spike. So sending rewards that cover the costs of these consumer essentials provides meaningful value.
According to the Bureau of Labor Statistics, consumer prices have jumped 20.8% percent since February 2020. The same report shows that the cost of unleaded, regular gasoline increased by a whopping 38.6% between February 2020 and April 2024.
Note that because shutdowns from COVID-19 did not begin until March 2020, this jump doesn't even reflect the plummet in gas prices during the early months of the pandemic.
Inflation has also taken a toll on the cost of groceries. Consider the steep incline in specific grocery prices between February 2020 and April 2024:
Margarine: Increased by 56.2%
Baby food and formula: Increased by 30.7%
Canned vegetables: Increased by 35.7%