Redemption Report
Q2 2024
This Quarter’s Key Findings
The second quarter brought spring weather and seasonal celebrations, making notable impressions on this year’s redemptions.
The Moms, Dads, and Grads season had a clear impact, with gift card redemptions up, likely due to popular gift-giving occasions. Their versatility and convenience made gift cards a go-to choice.
Travel redemptions dipped slightly, as people likely favored local entertainment options between spring break and summer vacations. Meanwhile, cashback, still the top pick, saw a minor decline, suggesting consumers felt more financially secure and explored other options.
The biggest shift was in merchandise redemptions, which jumped by 2.2%, likely driven by the appeal of tangible gifts for seasonal occasions.
Overall, Q2 saw steady trends that balanced practicality and the pursuit of tangible and experiential rewards.
Q2 2024 – Point Redemption Activity
-
Cash Back
44.1%
Q1: 46.7%
-
Gift Card
31.5%
Q1: 46.7%
-
Travel
15.5%
Q1: 16.7%
-
Merchandise
8.7%
Q1: 6.5%
Top 5 Points redeemed for Merchandise
RAZR featured the Ninja Ice Cream Maker and Microsoft Xbox Series on this quarter’s Moms, Dads, & Grads’ merchandise page, anticipating their popularity for the season. Highlighting these products successfully influenced buyer behavior.
Ranked #1
Apple AirPods with Lightening
Charging Case (Gen 3)
-
#2
Ninja CREAMi
Ice Cream Maker -
#3
Apple
AirPods Max -
#4
Shark Cyclone
PET Handheld Vacuum -
#5
Microsoft
Xbox Series X1 TB
Top 5 Points Redeemed for Gift Cards
Gift card redemption choices stayed consistent from Q1 with Amazon reigning supreme once again. Its convenience and variety make it a top pick for consumers and a standout feature on merchandise pages.
Ranked #1
Amazon – $25 (top)
$50 – $100
-
#2
Target
$25 – $100 -
#3
Walmart
$25 -
#4
Home Depot
$25 -
#5
Lowes
$50
Top Events by Point Redemptions
Q2 brought warmer weather, and redeemers were eager to get outside! They soaked up the sun with live music, outdoor sports matches, and activities the whole family could enjoy.
Specific Events:
8 Seconds Juneteenth Rodeo
Avril Lavigne, All Time Low & Royal and The Serpent
Billy Strings
Bruce Springsteen
& The E Street Band
Cirque Du Soleil – O
Exodus Festival
Indigo Girls & Amos Lee
Joe Bonamassa
Judy Collins
Neil Young & Crazy Horse
Pink, The Script & KidCutUp
Pittsburgh Pirates vs. St. Louis Cardinals
Pixies & Modest Mouse
San Diego Zoo Safari Park
Seattle Mariners vs.
New York Mets
Seattle Sounders FC vs.
Minnesota United FC
Sleep Token
WWE: Smackdown
Zach Bryan,
Turnpike Troubadours & Levi Turner
Event Categories:
Concerts
Festivals
Zoo
Live Performances (Rodeo, Circus)
Sports (Baseball, WWE, Soccer)
Early Q3 Predictions
Back to school season is already upon us and its impact on Q3 redemptions is undeniable. Cardholders are gearing up with tech gadgets, school supplies, and dorm necessities.
As Fall rolls in and cooler weather begins, expect a dip in redemptions for outdoor gear and activities.
At RAZR, we’re all about setting cardholders up for success. We’re switching out our merchandise page to spotlight all the must-have items for a great school year and smooth transition into the season ahead.
Consider Advanced Merchandising to Increase Redemptions in 2024
Take time to understand your customers’ needs and leverage these insights to build loyalty. At RAZR, we help clients build engagement and increase redemptions by designing and implementing merchandise pages that have a measurable impact. Click here.