Gift cards may have a reputation as the thoughtless gift, but studies show they’re actually the present everyone hopes to receive. The problem is whether you get the gift card to the store you want.
Companies are increasingly aware of this problem, and online consignment retailer Twice is catching on. The site announced Wednesday (Feb. 18) that it is launching a program for customers to use their unwanted gift cards for other retailers at Twice. The company is allowing gift card holders to stores like Macy’s, Banana Republic, Old Navy and other major clothing brands to exchange those cards for Twice credit.
What’s more, the firm says customers will receive 100 percent of the value of the gift card to use on Twice. That means with Twice’s discounted products, shoppers that prefer often pricier brands can get more bang for their gift card buck with the consigner.
To take advantage of the new program, shoppers can choose the retailer for which they hold a gift card on Twice’s dropdown menu and enter in the card’s number and PIN. The amount available on the card will appear, and customers need to either sign in or create an account to have that balance transferred to their Twice account.
The new program was launched in partnership with PayGarden.
Reports say Twice is tapping into the growing gift card space – a market that reached $124 billion last year – while simultaneously bringing potential new customers to the site.
Twice first launched in 2012 amid several other peer-to-peer and online consignment retailers like ThredUp and Threadflip. The company says it holds 50,000 items in its inventory and has one million users in its network.
On the other end of the business spectrum, Walmart announced late last year that it would offer to buy back customers’ unwanted gift cards to more than 200 retailers and exchange them for WalMart gift cards.
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