Power Gift Beta - gift cards with a twist

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Forums › Startups › Power Gift Beta - gift cards with a twist

btone

13 posts

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#94756 18-Dec-2011 14:49

Hey everyone,
So I just launched my new website a week ago called Power Gift - the beta version. At the moment I'm trying to spread the word about it, mainly using social media.

The idea of the web-site is quite simple: It's NZ's first gift card marketplace that allows you take your unwanted gift cards and gift vouchers and cash it in for a % of cash - users usually get around 70-80% of their cards face value and the rate goes as high as 90% of the value on some cards - i.e. for a $100 gift card you can get up to $90 cash. So you go onto the site, and input your gift card's info, and you get to see how much $$ you get back for it.

Power Gift then takes those gift cards and sells them on the site to those that actually want them - at discounted rates. Discount value varies from 5% to 35% depending on the cards.

I'd really appreciate if you guys took a look at it here: www.powergift.co.nz and posted your feedback, of what you think about the site, whether or not it's user friendly etc - all feedback welcome!

And if you're REALLY that keen to use it and exchange an unwanted gift card for cash, or buy one of the current ones at a discount, be my guest

itxtme

2102 posts

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#559285 18-Dec-2011 17:58

Cool concept, will have a look and get back to you on thoughts!

Thoughts- nice clean design and simple in explaining the processes to the customers. It is something that could really take off. To be honest the biggest area of opportunity is in selling the companies NEW gift certificates. You and your partner should be pushing to get contracts, or at least pilot contracts to sell their gift cards. Cool concept, that you can take a lot further if you have the skills to become a ruthless corporate negotiator :P

btone

13 posts

Geek
Inactive user

#559404 18-Dec-2011 22:24

Hey itxtme
cheers for your feedback.
Interesting idea you've got about searching for reselling gift cards from other copmanies (if I understood
correctly?). Would you be able to expand on what you mean though, it was abit unclear as a whole..

Do you mean the idea is to sell other retailers' vouchers straight from them rather than buying it off other users? If so, am I right to assume that we wouldn't really be able to sell them on discounts anymore..? And hence that would mean that the only real reason other retailers would want to go with Power Gift to sell their cards NEW would be that they have another 'medium' to sell gift cards through, other than in-store or on their site (for instance if Power Gift had really high traffic count etc).

kingjj

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#559421 19-Dec-2011 01:32

First impressions are good, good clean site with easy to understand graphics and good navigation. I remember seeing an American site like this a while ago that did the same thing (it was featured on some news website around Xmas last year), however their site was horrible to navigate and bloated. I'm impressed at the free shipping and guarantee, it would defiantly help make customers more comfortable with what must feel like a slightly taboo act. I won't be selling my gift cards on it (already ear marked for new toys), however I will be keeping an eye out for bargains.

Best of luck mate!

Edit: One question I do have after having played a bit more is what formula have you used to decide what rate you buy gift cards at? I notice it mainly seems to vary between 65-75% of the face value. Is it based on estimated popularity of the cards? the least popular being harder to sell so worth less to the seller? If its commercially secret understood, it would be interesting though to know more.

wellygary

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#559446 19-Dec-2011 09:00

itxtme: Cool concept,

Commercially it is known as factoring, and is quite well established.
Nice to see the opportunity being extended to the retail level,

btone

13 posts

Geek
Inactive user

#560234 21-Dec-2011 12:48

Cheers for all the feedback so far!
@kingjj thanks for ur interest :) Gift card rates vary anywhere between 58% and 90%. Rates really vary on the type of gift card, it's popularity, typical values it's bought etc etc.

Please keep that feedback/comments/opinions coming guys - all is appreciated and i am very interested to hear them all!