The gift card market in India is one that has grown very rapidly in the country and it is expected to grow even further in India in the coming years. With a population exceeding 1.3 billion people, India presents immense potential for the gift card trading market, offering a vast consumer base eager for diverse gifting options. Physical gift cards were in popular demand before but now people are transitioning to buying digital gift cards which are easier to get.
The rising popularity of digital gift cards in India opens up a new business niche for online traders. Gift vouchers are becoming more popular with every passing year in India so it would be wise to take this chance to become a gift card retailer and start selling while this business niche is still accessible. With competition still low, entering the market now allows you to establish yourself before the landscape becomes more crowded. There’s huge potential to make money through selling gift cards in India which is why you should also understand how to sell gift cards.
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This guide will provide you with basic knowledge on how to enter the Indian gift card market and sell your first gift cards. To stay professional as a gift card reseller, you will need some time and practical experience. As we know, we learn best from our experiences, practice is the best teacher.
Understanding Gift Cards
Gift cards typically consist of a scratch-off code that can be redeemed for specific products or services on the associated platform. They offer the convenience of topping up digital wallets with funds or instantly acquiring digital products like video games and virtual currencies. Gift voucher codes can be used online or at local stores during the checkout process.
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Popular gift cards in India:
Amazon,
Steam,
PlayStation,
Xbox,
Razer Gold,
Myntra,
Flipkart,
Paytm,
Uber.
These gift cards are some of the most popular gift cards used in India.
Types of gift cards commonly used in India
There are three popular types of gift cards available in India which are retail gift cards, digital gift cards and prepaid gift cards. Retail gift cards are physical gift cards that have a scratch code printed on the back which you can redeem. Digital gift cards are a type of gift card that you can get online without having to go to a retailer. Online gift cards are in the form of the digital code which you redeem on a platform. Prepaid gift cards are also available that have a certain amount of cash on them which you can use to purchase anything until the balance is used up.
Factors to Consider Before Selling Gift Cards
Legal and regulatory considerations
To establish a successful business, it needs to be legit. In order to ensure a long-running business, you will need to comply with all the Legal laws and the terms of service of whichever platform you’re going to establish your business on. Find out what the tax policy is regarding earning income from selling gift cards.
Choosing the right platform or marketplace
The most important decision for establishing your business comes before you even set it up, which is choosing the right platform. If you want your gift card business to be the most successful, picking the right platform is extremely important. Certain platforms may charge you lower commission rates or offer you better terms of service.
Strategic platform selection: Minimizing seller fees for greater returns
In today's competitive market, strategic platform selection is paramount for sellers aiming to maximize returns on their investments. By meticulously evaluating and opting for platforms with minimal seller fees, businesses can significantly enhance their profit margins. Selecting platforms that offer low transaction costs allows sellers to retain a larger portion of their earnings, ultimately translating into greater financial gains. Your sentence is grammatically correct. However, for clarity and style, you might consider a slight adjustment:
The fee policies of platforms vary significantly, with commissions ranging from 1%, as seen in the case of Buysellvouchers, to 10%, 12%, or even higher on platforms such as Kinguin or G2A.
Where to Sell Gift Cards in India
Online marketplaces
Have some unused gift cards, but do not know what to do? To sell gift cards online could be the first thing to consider. You can easily become a seller and start selling gift cards on popular online platforms and marketplaces such as
Amazon,
Kinguin
G2A
Eneba
Flipkart,
Paytm.
Dedicated gift card exchange platforms (e.g., Zingoy, Woohoo)
There are also local platforms in India that are dedicated just for the exchange of gift cards such as Zingoy and Woohoo. These platforms specialize primarily in local gift cards, catering to the specific needs of the Indian gift card market. If you have some local Indian gift cards you want to sell, these platforms could be the ones to choose. If you aim to expand your customer base beyond India for globally oriented products, the platforms mentioned in the previous paragraph would be more suitable.
How to Sell Gift Cards via Buysellvouchers.com
Before describing the voucher selling process, a few words about Buysellvouchers. This is a gift card trading platform registered in the Philippines. It is known for its long history (established in 2012) and its low-fee policy. For example, a seller pays only 1% of the sold gift card amount. The use of the platform is free. To register an account, you only need an email; credit card details are not required as they may be on other platforms.
These are a couple of reasons why we chose the Buysellvouchers platform for a sample gift card sales process.
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The step-by-step process for selling gift cards online
1. Creating an account on the chosen platform
To create an account on BuySellVouchers, click on the Register button at the top.
After that, you can either Sign Up using your existing Google account or alternatively create your own unique BuySellVouchers account by entering a valid email address, username, and password.
Take into account that the username cannot be changed later. So choose it wisely and with purpose.
After you input your details and click on the Sign Up button, you will then be asked to verify your email by clicking on the link you just received in your email address. Do that and you’re all good to go.
2. Listing the gift card for sale
To list a product for sale on BuySellVouchers, follow these steps:
Click on Account Preferences from your profile.
Go to the Profile tab.
Click on the Start Selling button.
Complete the verification and then go to the My Products tab.
Click on My Products.
Select Add New Product.
3. Setting a price and terms of sale
Search for the product you want to sell.
Enter the value of the product.
Choose the currency that the gift card can be redeemed for.
Enter the Price.
Enter a description of the product.
4. Completing the transaction and receiving payment
Once a buyer has decided to buy your product, he will first send you the payment for it. After the system has confirmed the payment, the product will be delivered to the client’s email address.
Buysellvouchers plans to allow its VIP sellers to create personalized gift card stores in the near future. Which will allow the seller to further adjust his store to his needs.
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Tips for maximizing the selling price and minimizing risks
To maximize the profit bargain of your products, try bulk selling gift cards for a higher price. Set a price that you think is good but also fair to the buyer. In this way, you improve your prices without turning buyers away.
Dealing with potential challenges or scams
To prevent issues from arising, always make sure that your product is ready to be delivered and is as you advertised it to be. Your product shouldn’t be any different from what you offered in the product description. In the case of dealing with scammers, save gift card purchase receipts and other information, which could be useful for the support team as a result of the dispute.
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Best Practices for Selling Gift Cards
Keeping track of expiry dates and terms of use
Certain gift cards may have an expiry date and if you accidentally sell one that has already expired then it will cause issues for you and the buyer. Which can lead to negative feedback and refunds. Therefore, you should check the expiry date of the gift card and then deliver it to the buyer if it is still in date. The terms of use of the platform should also be reviewed from time to time in case there is any change in them regarding the use of gift cards.
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Maintaining transparency and communication with buyers
Once a client has established contact with you and starts questioning you about your product, it is important to establish strong and clear communication with him and address all his concerns so that he can gain your trust.
Safeguarding personal and financial information
When delivering the gift card that you need to sell to a buyer, avoid disclosing any unnecessary and personal information about yourself to the buyer. Your only responsibility is delivering what you advertised to do.
Case Studies or Success Stories
Testimonies of people who’ve successfully sold gift cards in India
Below you can see the success stories of 3 people who have successfully started selling gift cards in India:
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From the experience of these 3 people, we can understand that selling gift cards in India is not a difficult task. You won’t have to wait long for someone to reach you and sell gift cards to them. Once you’ve successfully sold your first gift card, it’ll only get easier from there to catch new buyers.
Conclusion
The key points covered in this guide thus far state that there is a potential to earn money through selling gift cards online all while doing it from the comfort of your own home. Make sure what you’re offering is different or better from what others are selling and treat your clients in a friendly manner.
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Remember that this is not business advice, but an educational article. Always weigh the risks and benefits on your own. If you’ve decided to start your own gift card business, then the eBay advice we can give you is that customer satisfaction and honesty should be your motto and success will come banging on your front door.
Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.
