Retail giant Wal-Mart Stores has just launched a new test program, in which it is allowing customers to exchange their gift cards from more than two hundred retailers, airlines and restaurants for Wal-Mart cards.
The Wal-Mart cards being given under the exchange program do not expire and can be used in its brick and mortal stores as well as online. The program is expected to send more shoppers to the website of the retailer.
Ravi Jariwala, a spokesperson for Wal-Mart, said, "We recognized that this was an opportunity. A large number don't get redeemed. We figured this was a good way to get gift cards in the hands of more customers."
Jariwala said the retailer had no specific metrics to assess the success of the gift card-swap program However, the chain would watch how shoppers react. If the program receives strong response, the program could be made permanent.
However, shoppers will receive the full value of their gift cards from other hundred retailers, airlines and restaurants at Wal-Mart. For instance, a card from Amazon. com will provide up to 95 per cent of the card's value at Wal-Mart. For Staples and Gap, the figure is up to 90 per cent. For certain brands, it will be just 70 per cent of the original card's value.
Nevertheless, it is a very good opportunity, given the fact that nearly $1 billion worth of gift cards remain unused each year as their recipients can't figure out what to buy or simply lose them.
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