Marks & Spencer Records 245% Increase in Annual Gift Card Revenue Through Partnership With Runa
30 November, 2023, 09:00 ET
The partnership helps Marks & Spencer tap into the increasingly digitized global gift card market by offering a frictionless and instant experience for consumers and businesses.
LONDON, Nov. 30, 2023 /PRNewswire/ -- Runa, the global digital value infrastructure for instant B2C payouts, today announced that its platform has brought a 245% year-on-year increase in gift card revenue volume to its partner Marks & Spencer, the major British multinational retailer renowned for its diverse product offerings.
Marks & Spencer operates more than 950 stores across the United Kingdom and hundreds more in 29 additional countries. M&S sought to grow its gift card sales and increase its share of wallet by distributing gift cards across Runa's vast customer base. By utilizing Runa's infrastructure, M&S bolsters its ability to tap into the global gift cards market, which is expected to become a multi-trillion-dollar volume industry within the next decade.
M&S previously lacked a technology platform to conduct B2B sales at scale and therefore faced challenges in selling and delivering digital gift cards to business buyers. Integrating the Runa platform within M&S systems streamlined the ordering process and transformed it into a smooth and instantaneous experience for businesses. This transformation allowed M&S to unlock B2B sales and gain access to a fresh customer base rather than relying solely on their existing sales channels.
"Since signing up with Runa, we have seen continued growth and really impressive results for our gift card sales," said William Wilford, B2B Customer Success Manager at Marks & Spencer. "We've been able to reach new customers and make it easier than ever for them to order from us."
"Runa empowers businesses and consumers to unlock digital value, and the increasing demand for instant gift card transactions underscores the crucial need for speedy and accessible solutions," said Aron Alexander, CEO and Founder of Runa. "Our partnership with Marks & Spencer, which brought a 245% year-on-year increase in gift card revenue, is a prime example of how innovative technology can enhance the customer experience and ultimately drive sales. Businesses worldwide can follow Marks & Spencer's example and leverage technology platforms as a way to reach new customers and revenue, without increasing work for their teams. The upcoming holiday season, when gift card sales reach their peak, provides an ideal opportunity for merchants to rethink their gift card strategy."
Runa's platform is built on a powerful foundation in the gift card and stored-value industry, enabling the integration of various digital assets into a coherent digital value infrastructure. To date, Runa's network reaches over 2 billion consumers globally across 40 countries and 25 currencies. Runa has made it possible for businesses to seamlessly embed gift cards into any software product, for any use case, and integrated FX capabilities within the Runa platform enable customers from all over the globe to purchase gift cards with local currency.
About Runa:
Runa is a digital value payments infrastructure and network that enables people to pay and get paid by anyone, anywhere, instantly. The Runa network reaches more than 2 billion people and connects merchants, organizations, and individuals for fast, affordable, and data-rich payouts in more than 40 countries and 25 currencies.
Organizations of all types rely on Runa's infrastructure to power the movement of digital value and better serve their constituents. Runa provides direct connections to its network partners, enabling value to move more efficiently and economically than legacy solutions. Thousands of the world's top brands use Runa to reward, incentivize, and disburse funds.
Runa is headquartered in London with a globally distributed team. Our investors include Element Ventures, CommerzVentures, Clocktower Ventures, Volution Capital, AlbionVC, and SAP.
For more information, visit runa.io.