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The Optimal Strategies of Free Gift Card Program with External Market

Sales promotion has become a popular tool for retailers to deal with the intense competition in the product market, and the gift card program is a common one. Moreover, with the rapid development of e-commerce and mobile Internet, the external market of gift cards is gradually forming. This paper mainly uses consumer's valuation of products and its distribution function to describe consumer's decision-making behavior, on this basis, we construct the retailers' profit optimization model. Then we analyze the conditions for retailers to conduct gift card program and the optimal promotion strategy. After this, we further analyze the effects of different factors on the optimal strategy.