Raise is an online platform that makes use of unwanted gift cards by allowing consumers to resell them in a crowdsourced atmosphere. The service offers a way to exchange or gain a monetary profit on a card to a store that would otherwise go unused, but might be valuable to a fellow consumer.
Gift cards are a popular purchase item for many consumers that are unsure of what to gift someone. Yet the store credit can go unused if the receiver is uninterested in the brand -- and many gift cards cannot be returned. Raise offers a solution by allowing consumers to sell to other shoppers their unwanted cards with a discounted rate. The cards can also be resold to the companies.
The platform tracks buying and selling habits, tracking which company cards are often being resold.
Crowdsourced Gift Card Platforms
Raise Lets Consumers Resell Unwanted Gift Cards
Trend Themes
1. Crowdsourced Gift Card Marketplaces - Online platforms that enable consumers to sell unwanted gift cards in exchange for a monetary profit are disrupting the traditional gift card market.
2. Data-driven Gift Card Sales - Gift card marketplaces that track consumer buying and selling habits are disrupting traditional methods of gift card distribution and sales.
3. Personalized Gift Card Recommendation Systems - Platforms that use AI and machine learning to provide personalized gift card recommendations based on buyer and receiver preferences are disrupting the traditional gift-giving experience.
Industry Implications
1. Retail - Retail companies can benefit from partnering with gift card marketplaces to resell unused cards and gain insights into consumer buying habits.
2. E-commerce - E-commerce companies can benefit from offering gift cards on marketplaces that enable consumers to resell unwanted cards and generate revenue for the company.
3. Financial Technology - FinTech companies can benefit from integrating with gift card marketplaces to offer innovative payment and redemption methods for consumers.