Savvy, a pioneering force in the gift card industry, is pleased to announce the release of its comprehensive whitepaper on standardisation within the gift card sector. Titled “Is Standardisation of the Gift Card Industry Required?”, this whitepaper is a significant step towards enhancing transparency, security, and efficiency within the gift card industry, especially for consumers.
The gift card market has experienced tremendous growth in recent years, yet the absence of uniform standards has resulted in challenges for consumers, retailers, and industry stakeholders alike. Savvy’s whitepaper seeks to address these issues by presenting a roadmap for the development of standardised best practices and technologies in the gift card ecosystem.
The reality is the standardisation of the gift card industry is good for both consumers and sellers. It allows many parts of the gift card industry to be controlled and monitored. Often receivers of gift cards are unsure how long they’ll be valid for and what complications they might have when spending their gift cards. For this reason, we felt it was important to investigate more about how both consumers and spenders could benefit from a clear set of rules around the gift card industry and how this could be implemented in the coming years without too much cost and inconvenience.
Key highlights of the whitepaper include:
- The driving factors of standardisation:
The focus here is that there is an improvement in the interests of consumers being protected. Savvy also takes a stance on increasing the convenience and the value of gift cards within the industry, which will result in the natural growth of the industry. At the end of the day, standardisation allows for an industry that feels safe to both the sellers and users, increasing the confidence in gift cards.
- Where have we seen standardisation work before?
Savvy highlights where standardisation has been successful before and the legal requirements and technical specifications of standardising the gift card industry. Additionally, Savvy informs the reader of what standardisation in the gift card industry would look like.
- What are the obstacles that standardisation is facing?
Savvy introduces any obstacles that the gift card industry would be facing in terms of standardisation and speaks about the efforts of change, the costs involved, curtailed innovation, complexity and fragmentation involved in the process.
- The wider industry view
The whitepaper is then perfectly rounded off with Savvy’s perspective on the issue of standardisation, and how Savvy feels they offer the best solution to the problem of the gift card technology that businesses use no longer being safe, strong or effective enough to protect businesses and customers enough to give them what they need.
The whitepaper, “Is Standardisation of the Gift Card Industry Required?” is available for download on the Savvy website:
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