Modernizing Gift Cards: A Solution to Industry Challenges

Introduction

As a co-founder / designer of a startup that is developing a solution to common problems faced by gift card sellers, I am excited to share how our innovation can make a real difference. I was personally motivated to start this company because I saw firsthand how the traditional gift card industry was inefficient and costly for both businesses and consumers.

The Gift Card Business is Growing

Source: Allied Market Research

The gift card industry is booming. In 2019, it was worth a massive $1.5 trillion globally, and it is projected to reach $5.5 trillion by 2028. This growth is being driven by a number of factors, including:

  • The increasing popularity of online shopping
  • The rising demand for gift cards for experiences, such as travel and dining
  • The growing popularity of gift cards as corporate incentives and rewards

Common Problems in the Gift Card World

Now, let’s talk about the difficulties gift card sellers often encounter:

Price Pressure: Gift cards don’t leave much room for profit. Getting them at the lowest price is crucial to stay competitive.

Dealing with Different Places: Gift cards often cover many countries, which means you need lots of different ones. That can be costly and complicated.

Tricky Stock: Guessing what people want can be tough. Sometimes you have too much of one card and none of another.

Fussy Contracts: Making deals with gift card providers can be slow and expensive.

Expiry and Safety Worries: You have to worry about when gift cards expire, and keeping the codes safe.

Meet Paxpin: A Game-Changer

We set out to find answers to these challenges. We created Paxpin, an easy-to-use platform that makes buying and selling gift cards smoother. Here’s how it works:

When someone buys a gift card on Paxpin, the magic happens. We have contracts with all gift card stores and companies. After the order is submitted, we search our partners for the cheapest gift card, not just from one place but from lots of places. Once we find the best deal, we send the gift card right to the buyer. No stress, no hassle. With this solution we might solve all shopping websites and local stores problems that I mentioned earlier.

For example, a small business can use Paxpin to purchase gift cards in bulk at a discounted price. This can help them to save money and increase their profits. Or, a customer can use Paxpin to find a gift card for a specific store at a discounted price. This can help them to save money on their gift purchases.

Companies with high sales volume can connect to our service through an API to deliver their users’ purchases seamlessly. They can also check their order and payment status in their dashboard.

Landing Page

To design our panels, we used Tailwind. With Tailwind’s help, we designed two panels: one for the back office and one for sellers to manage their APIs, payments and orders that was in previous images. We then created a landing page to introduce these panels and demo our product for users. On the Paxpin website, users can test our product and send a request to use our panel or API services.

Conclusion: A Bright Future for Gift Cards

In this rapidly evolving gift card industry, practical solutions are crucial. What we’ve shown here isn’t just about one platform; it’s about the power of innovative thinking and service design to address industry-wide challenges.

The gift card industry is evolving, and these innovative approaches are paving the way for a more efficient and customer-friendly future. The potential for positive change is vast, and it’s an exciting time for the entire industry.