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If you are in retailing, do you increase your sales by offering gift vouchers?

Gift vouchers usually have an expiry date. Be generous with the time you allow for redeeming the voucher, or have no expiry date, as this could give you a competitive advantage.

Consumer NZ last year called on all retailers to have no expiry dates on vouchers as it said consumers were losing up to $10 million a year. Countdown, Kathmandu and Noel Leeming responded positively and now have no expiry date.

It pays to keep a register of your gift vouchers so you know exactly which ones are outstanding.

Customers will often want to use only part of their voucher at any time. Have a system for carrying forward the unused portion of the gift.

The converse applies. If you want to buy some gift vouchers, negotiate the expiry date. Who is going to turn away a sale by limiting you to a niggardly six months?