F1 Racing Centre on collaboration with Gifty

Despite Closed Doors, Still Off to a Flying Start

Floris Boers is co-owner of Racesquare (4 locations). Founded under this parent company is also F1 Official Racing Centre (1 location). Both brands offer a virtual racing concept. In a nutshell: Formula 1 racing. This racing can even accommodate up to 60 people simultaneously, each in a special game seat. It’s also taking off as a gift.

The Gift Card: Revenue Despite Closed Doors

Floris: “We had a bit of a rough start. Just before we were scheduled to open our doors in 2020, the pandemic hit. We had to quickly pivot: how could we get started with closed doors? An important solution was gift cards. The plan was to develop them quickly.”

Michael: “I knew Gifty from my previous job and thought: they can also help with tools for gift cards. We sat down together in no time. That saved us a lot of Corona-related revenue loss

Handmade Gift Cards?

Floris: “True, our line of business is well-suited for gift cards. People find this so cool that they want to give it as a gift or experience it with friends or colleagues. We have various packages for that, all of which can be put on a gift card. The idea of making such a card ourselves became increasingly unlikely. We realized that it wasn’t just about crafting a card. The entire handling and sending process take a lot of time. Plus, it has to go perfectly, otherwise, the positive customer experience goes up in smoke.”

Well-Organized Process

Michael: “Customers expect everything to be easy and fast, as I notice in daily practice. So you don’t want to disappoint them. That process must be well-organized: ordering, receiving, and redeeming.

Floris: “And not just for the customers but also for your own accounting. Otherwise, our finance department would get very nervous. We’re dealing with multiple locations, large quantities, and significant amounts. Gifty’s system is well-equipped for that. I can even see in real-time what is being spent and redeemed per location. What I also appreciate is that you can set at the employee level who has which permissions.”

Convenience is Key

Michael: “Most purchases are digital gift cards. Convenience is key, right? But physical ones are also selling well. People have raced here and see the display of cards at the checkout. They’re happy to give that experience as a gift too. I must say: our physical cards look really cool. With a powerful logo, totally awesome.”

Unredeemed Gift Cards

Michael: “We also know that 20% of purchased gift cards are never redeemed. Fine, you might think as a company, because you’ve already made the revenue. But I’d rather have those people in my establishment; they’re the ambassadors after all. I don’t want to miss that opportunity

The Person Behind the Business

Floris: “Gifty is, of course, one of the platforms, but it’s also about the company behind it. At Gifty, they’re just nice people. When connecting the systems, they thought along with us. I value that involvement. It sets Gifty apart from others.”

Michael: “Recently, we urgently needed extra gift cards and a different design because of our collaboration with Red Bull; then they’re also super helpful. That makes you happy, doesn’t it?”

Floris: “Absolutely! Everyone has their own expertise, I think now. Gifty’s expertise just isn’t mine. I’m glad we leave it to them. I contribute to it, but that’s logical; racing isn’t free at our place either. The sale of our gift cards is a significant revenue stream. I take that very seriously.”