The power of choice

Edge’s new SwitchIt Gift Card offers customers the freedom and flexibility they demand, without overwhelming their decision-making capacity.

Today’s consumers are more connected, informed and influential than ever before.  Technology has given us unprecedented access to information and the opportunity to make smart, data driven decisions. In addition, social media has given us a voice and the power to influence others.  There’s no doubt about it, consumers are in control - and like it that way.

This new-found power has led to a shift in expectations and demand. Customers dictate what they want, when and how they want it, and expect to be able to shape products and services to suite their own needs.

The key to success? Don’t fight it. Brands that give their customers choice, flexibility and a sense of control will be the ones who win their trust.

Options offer a sense of control

Having options gives people a sense of freedom. Brands must recognise the psychological power of choice and capitalise on the tendency of consumers to prefer multiple options over a single path because options give them more control. The UK-based grocery chain Waitrose successfully leveraged the desire for choices with their “Pick your own offers” program, where customers were allowed to choose the products they received a discount on. Similarly, Edge’s “Choose your own reward” promotion for Medibank allowed customers to select from a range of digital rewards to choose something of value to them.

But too many choices can be counter-productive

While customers expect to have choices, too many choices become problematic. In his TED Talk on the “paradox of choice,” Barry Schwartz explains that people who are given a basic set of options tend to make their decisions faster, and are more satisfied with the outcome, than those given an expansive set of options. This is because with choice, comes sacrifice – when choosing one option, you inevitably miss out on another.

Customers rely on the brands they trust to guide their decision making.  Deloitte research shows that 42% of consumers who are interested in customised products or services would still rather be led by brands and choose from a selection of options.

Introducing SwitchIt, the perfect balance

Edge’s new SwitchIt gift card is the digital reward of choice, allowing businesses to reward their customers, clients or members with something they truly value. Issued as a digital gift card, recipients can ‘switch it’ online for a choice of one or more digital gift cards from a huge range of Australia’s most trusted brands.

To help guide decision making, the experience can be tailored to give customers a more curated selection of rewards to choose from with categories such as Eat + Drink, Entertain, Home, Stream, Wellness, Leisure, Shop, Travel and Essentials.

Digital rewards - anywhere, anytime

SwitchIt gift cards can be redeemed both instore and online, making them convenient and accessible which is more important than ever during this time of crisis. Better yet, rewards are delivered instantly, giving you the ability to respond to ever changing situations with speed and agility. Edge’s purpose built, self-service portal makes it easy to purchase, load and issue SwitchIt gift cards whenever you need, so you can deliver thousands of rewards instantly in just a few simple clicks.

Options all round

SwitchIt Gift cards offer flexibility for brands as well as for their customers as they can be used to suit any kind of program, promotion or gifting scenario. Whether you want to motivate remote employees, engage home-bound customers with your brand or incorporate the gift of choice into your ongoing rewards program, SwitchIt Gift Cards are bound to be a winner.

Talk to us today about how you can use SwitchIt Gift Cards to reward your customers with freedom, flexibility and choice.