Cashless Cannabis: SpringBig's New Gift Cards For Retail Payments
Portfolio Pulse from Patricio Liddle
SpringBig Holdings Inc (OTCQX:SBIG) has launched 'Gift Cards by Springbig,' a new payment solution for cannabis retailers. The service includes both physical and digital gift cards, aligning with consumer trends that show a preference for such payment methods. With 76% of consumers purchasing gift cards last year and 61% spending more than the card's value, this innovation could lead to increased revenue for merchants. CEO Jeffrey Harris compares the ease of use to the Starbucks app, suggesting a focus on smartphone convenience. Springbig, known for its loyalty and marketing solutions, could see a boost in sales and customer engagement from this launch.

November 20, 2023 | 11:13 pm
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POSITIVE IMPACT
SpringBig's new 'Gift Cards by Springbig' could potentially increase sales and customer engagement for cannabis retailers, aligning with consumer payment preferences.
The launch of 'Gift Cards by Springbig' directly impacts SpringBig Holdings Inc as it could lead to increased usage of their platform by cannabis retailers. The positive consumer trends towards gift card purchases and the tendency to spend more than the card's value suggest a potential increase in revenue for SpringBig's clients, which could, in turn, lead to higher demand for SpringBig's services. The comparison to the Starbucks app by the CEO indicates a strong focus on user experience, which could further drive adoption and customer satisfaction.
CONFIDENCE 80
IMPORTANCE 75
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