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MICONEX – THE ONLINE GIFT PLATFORM

Town & City Gift Cards

Miconex, in 2015, launched Town & City Gift Cards, the UK’s first city-wide gift card scheme. More than just gift cards, Town & City Gift Cards allow communities to develop their local currency for a wide range of use cases, from consumer sales and employee rewards to funding spending initiatives. . Through partnerships, innovation, commitment, and a forward-looking approach with local authorities, the Town & City Gift Card brand has grown from 1 to 100 schemes in the UK and Ireland in his six years. Municipalities in Scotland and Downtown Gift Card Programs in Canada and the United States.

Mi Rewards is a breakthrough location-based loyalty program that automatically rewards consumers for spending with partners. This innovative, easy-to-use program inspires consumers to spend more in your city while generating data and insights that help you understand your customers.

Miconex’s Future Commitments

It provides communities such as small towns, inner cities, and organizations with tangible means to keep spending within their communities and provides essential support for local businesses of all types and sizes. With Miconex, local and loyal shopping is not only easier and more desirable for customers; it contributes to the development of boulevards and inner cities around the world.

Customer Acquisition Approach 

Miconex’s Mi Rewards digital loyalty program was launched in Perth in 2018. Mi Rewards is a payment card-connected loyalty program that rewards customers when they use their linked debit or credit cards at participating local businesses in their city or town, providing location helps solve the consumer loyalty puzzle. Scottish fintech pioneer Miconex has launched a first-of-its-kind digital gift product for cities and communities under its new global brand Love Local. The digital gift card works with the Master Card network and digital wallet services such as Apple Pay and is the latest initiative for Miconex alongside EML Payments Limited.

Miconex Happiness in Value chain 

Miconex operates over 100 Town and City Gift cards programmed around the UK and Ireland, and Downtown Gift Card systems across North America, which unify a wide range of businesses behind a local gift card to create a secure, flexible gift and reward product for consumers and employers. The payments provider’s Love Local app, which was created to complement the new digital gift card, will allow recipients to transfer the digital gift card balance to their Apple Wallet, or another digital wallet, view participating businesses, see their balance and spend online or in-store.

 The Love Local brand will become an umbrella brand for Miconex’s Town and City Gift Card programs in the UK and Ireland, with digital gift cards facilitated through the Love Local app.

Customer feedback and accessibility

The shop-local sentiment is evident in our work with programs in the UK, Ireland, Canada, and the US. Developing the Love Local brand allows us to convert that love local sentiment into spend, in a brand that will be as recognized and understood in Cambridge UK as in Cambridge Canada. In theory, you can use Downtown gift cards on the Love Local app together with Town and City gift cards. The Love Local brand also gives us the flexibility to develop new products for different use cases and new tools for businesses and places to interact directly with avid consumers. The potential for Love Local is huge.

The business upshot in Covid-19 

The 2021 GCVA State of the Nation report suggests that the pandemic has accelerated the trend toward digital gift cards, with 38.4% of respondents switching to digital gift cards. In-store redemption continues to be the most popular way to use gift cards (54.8%), but this is down significantly compared to other methods. 2019 (69.6%) shows trends in online and mobile redemption. 21.6% of respondents redeemed gift cards via mobile in 2020, up from 11.4% in 2019. 2000% Year-Over-Year Increase in 2020 According to GCVA, nearly a quarter (24.5%) of consumers who purchased a gift card for someone in June 2021 A similar percentage (24.9%) was expected to continue buying to close local businesses and local high street support. Support local businesses with gift cards.

Future Expectations

By 2023, it is estimated that around 12 million people in the UK will use mobile phones as their primary means of payment. In 2019, 81% of Britons used online payments, the highest percentage in the world. By 2022, mobile payments will overtake both cash and credit cards, becoming the second preferred payment method after debit cards.

Users Diversity 

Research shows a link between age and digital wallet usage. 48% of 18-34-year-olds have a digital wallet, down to 44% of 35-44 year-olds, 37% of 45-54-year-olds, 29% of 55-64-year-olds, and 22% of 65+-year-olds .・Adolescents drop out. Munroe believes their new digital gift product will help cities and communities reach out to younger demographics.

According to the 2020 Christmas sale data, our gift card transactions are mostly Baby Boomers (55+) at 34.88%, Generation X (35-54) at 32.33%, and Millennials (25-34) and It shows the growth potential of Generation Z. Age group (16-24). We also know that younger consumers are particularly motivated to buy gift cards and support their communities. In 2020, he was 17.1% across generations, while in the 25-44 age group he was 25.2%. ”

Green-Benefits of E-Gifts

Consumer-identified benefits of digital gift cards include perceptions that digital gift cards make online shopping easier, as well as sustainability and environmental benefits. A trend toward omnichannel redemption was also noted by his GCVA, with 62.6% of his respondents expecting flexibility in gifting.

Other Benefits of the Miconex E-gift App

Loyalty Program 

Perth, a city of about 50,000, has an impressive spread of the Mi Rewards program, with 6,000 registered users and 70 businesses earning points. This demonstrates the attractiveness of the system for customers and businesses.

No need to remember a gift card

One of the main reasons traditional loyalty programs fail is that customers have to remember to carry their points-her card or log into the app on their phone. Costs outweigh benefits in customer internal cost-benefit analysis. Mi Rewards requires you to link your existing credit and debit cards to your Mi Rewards account. After that, you will earn points every time you pay with your registered card at a registered store. In this way, Mi Rewards provides a smooth and simple user experience and rewards shoppers when they shop on the site. Works for businesses of all types and sizes

Works for all types and sizes of businesses

The big advantage for locations, businesses, and customers is that Mi Rewards works regardless of the size of your business or the size of your transaction. So if a customer doesn’t bother to pull out their loyalty card for a small transaction, Mi Rewards rewards them regardless of the size of the transaction. This expands the program’s reach and usefulness for businesses of all kinds.

Exciting data insights

One aspect of Mi Rewards that both places and businesses are very excited about is the visibility of spending that the program offers. This spending data allows businesses and places to better understand who is spending money on their business, what they are buying, and when, allowing them to be more strategic with their marketing and can drive more traffic and spending. Data is essential to adapting and continuing to build the shopping streets of the future. ”

Works for all customers

All customers can benefit from Mi Rewards. Even users with low usage will have a chance to win prizes, and more changes will be earned with usage. Traditional loyalty programs exclude many segments of the community that may have lower spending, but with Mi Rewards, you have the opportunity to engage with lower-spending and lower-spending segments.

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