Buying and selling gift cards has become a popular practice in recent years, and has especially grown in popularity in Nigeria as the process has been streamlined and made much quicker, safer, and easier. If you are new to the gift card business or thinking of setting up your own profitable venture, here is some more information to help answer questions about their profitability.
What is the business of selling gift cards in Nigeria?
Selling gift cards in Nigeria is the process of trading gift cards to either buy or sell. A gift card is a type of card accepted by a variety of retail stores that represents a cash value, depending on which gift card you have. This covers a wide range of retailers, such as those from Amazon, iTunes, Walmart, Google Play, Apple Store, Sephora, Target, and many more. Gift cards can only be used in the stores they are assigned to, which makes for a good opportunity for smart business people to trade them. But how easy are they to sell? And how profitable are selling gift cards in Nigeria?
How does the gift card trade make a profit?
Trading gift cards is a profitable business because you would typically purchase the gift cards at a lower rate, and then resell them at a higher rate, therefore, making a profit. Depending on the seller and the trader’s commitment and determination, this can result in a good level of profit. If this practice is completed regularly and consistently, you can make a lucrative amount of money each month. You have control over your rates, and how much you choose to uplift the price of the gift card, which can positively impact your profit margins as you can wager the gap between an unwanted gift card, and someone who is looking for an unused gift card.
Ease of process
With new technology and platform availability, it has never been easier to sell gift cards in Nigeria, which has certainly positively impacted their profitability. This trending business is currently booming, enabling savvy business individuals to make a profitable income through selling gift cards in Nigeria. Many websites enable you to trade your gift cards simply online for instant cash-outs, therefore boosting your business and profits.
A business is just as successful as its advertising. With modern technology and applications, advertising is easy to do and does not cost much at all. For example, you can advertise via word of mouth and get your friends snd family to notify if they know anyone selling their gift cards, you can advertise your business and gift cards on social media platforms such as Instagram, Tiktok, and Facebook for free, and you can also implement referral systems. Advertising smartly keeps your profit margins big. You can, if you wish to, pay for more marketing, which can also help increase your return on investment.
If you want to sell gift cards in Nigeria, it can be highly successful and profitable, as long as you implement the right kind of practices and procedures into your business.