Meta Planning to Add Gift Cards to its In-House Quest Store
Meta is planning to add gift cards to its in-house Quest Store. It is not clear whether the cards will be introduced in time for the holiday shopping bonanza.
Most leading retailers use gift cards to ramp up sales and rope in new customers. Originally a phenomenon in brick-and-mortar stores, gift cards have long been embraced by online and virtual portals. Gift cards are widely used by Amazon, Microsoft, Nintendo, Google, Sony, Apple, and Zalando among others. Now Meta is set to join the fray with electronic gift cards for its Quest Store.
On top of being a powerful marketing tool, gift cards have evolved into a lucrative retail tool. The coupons not only attract prospective buyers but are also a powerful branding and marketing tool that generates more visibility (eyeballs) for a particular product and brand.
Gift cards do not just attract new buyers. They also boost sales among the more established customers. Studies have shown that the majority of gift card redeeming customers will make purchases worth more than the voucher amount. 76% of customers will buy at least one gift card when doing their holiday shopping. Meta is keen to tap into this lucrative business by creating its own gift cards.
Meta Quest gift cards are coming; nice discovery by BeatsLikeWenckebach. I've also seen them reworking everything refunding, gifts, and balance in the mobile app in the last few app updates.https://t.co/ZLoxFcZyMa pic.twitter.com/iSYLHpjssL
— NyaVR (@nya_vr_) October 3, 2022
They can then pay for paid content for Meta Quest 2 in the store or for the company’s upcoming virtual reality headsets such as the Meta Quest Pro which is launching on October 11. The Meta Quest Store Gift Cards are also not reloadable.
Gift Cards Currently Only Available in the U.S.
The Meta Quest Gift Cards are exclusively available in the U.S. market. It is unclear whether the cards will also be introduced outside the U.S market in the future.
Meta may release additional information about the gift cards after the Connect event on October 11.