Best Buy IdeaX

[#1]

There`s a large segment a customers who get stuck with large amounts of unwanted giftcard credit to other stores that they don`t shop at or don`t want. I know BB previously had a temporary promotion with one of the bigger card swap companies but I think BB could expand it into something bigger & more profitable.

Maybe install a kiosk that would accept the unwanted giftcards & issue a BB giftcard on the spot or a voucher receipt which can be spent in-store or redeemed at the register for a BB giftcard. Obviously, there would be a cost associated with the kiosk so a flat % fee on the transfer would be needed BUT allow a customer to process multiple different giftcards in 1 transction. Too further increase the volume of card transfers offer mybb points on the FULL amounts of each giftcard transferred especially since the customers won`t get any points by using the recieved BB giftcards.

To further enhance profits/revenue associated with the kiosk print coupons/offers on the receipts based upon the amount of the BB giftcard recieved. Allow additional offers to print based on what that specific wants to promote to further increase the value & volume of usage per kiosk.

If the kiosk can be programmed to provide other services that would also allow for additional ways to add revenue/profit per unit obviously go for it too. Maybe try to get sponsered promos on the receipts for products sold in BB.

[#2]

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enuf wrote:

Maybe install a kiosk that would accept the unwanted giftcards & issue a BB giftcard on the spot or a voucher receipt which can be spent in-store or redeemed at the register for a BB giftcard. Obviously, there would be a cost associated with the kiosk so a flat % fee on the transfer would be needed

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I like the idea, but adding a Fee might drive customers away. I have personally used a machine I am sure most people know of that charges a fee if you convert to stright cash, but waves the fee when used to purchse a gift card. I always go the gift card route because I think they take almost 10 cents per dollar witch adds up quick. 

[#3]

I love the giftcard swapping idea, but I do feel this is going to need a lot of review to make it market worthy for BestBuy.

[#4]

There would have to be a fee otherwise it won`t happen other cardswapping sites take a % too. The only way to get dollar for dollar is to trade with an actual person stuck with unwanted credit too. On one level partnering up with an established card swapping company maybe the way to go but over the long term either company may want the lions share of the profits. The kiosk would have to subsidized to warrant their expense but if they can be multi-purpose along with mulit-profit then they got a winner.

[#5]

Would anyone else like to see some version of this idea? Any thoughts on this would be much appreciated. Remember to vote for an idea if you like it.

[#6]

I've got a Target gift card I would take to Best Buy right now to exchange for Best Buy credit

[#7]

If there was a fee maybe they could make it a little more worth while by not putting any restricitions on it. Like give the choice to convert to a BestBuy, iTunes, Kindle, Steam gift card or allow customers to use the gift card that just got converted to buy an  iTunes, Kindle, Steam gift card

[#8]

@IceTeaCrisis, you can already use a BB giftcard to buy any of those items(assuming they sell steam giftcards). There`s no fiscal way I can see there being no fee though as I can`t think of any other giftcard exchange service that doesn`t charge.

[#9]

@enuf.

If you can that's my mistake then. I thought I had read fine print somewhere that BestBuy gift cards can not be used to buy other giftcards.

[#10]

You can`t use a RZ cert. to buy a BB giftcard & you`re not supposed to be able to buy a BB giftcard with a BB giftcard. People routinely load smaller BB giftcards onto 1 BB giftcard & the system allows it but some store reps may deny it.