What is Miconex? Everything You Need to Know

By: Ann Burdett

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If you are a small business owner, you might be acquainted with the term ‘Miconex’. If not, let us take you through everything about it.

Miconex is an organization that helps the local economy and small businesses by implementing gift card programs in various districts and cities. The whole program started in 2010 when Miconex began as a city-wide gift program in the United Kingdom. They make gift cards that can only be used by the local community’s businesses. It means that an established business organization cannot access Miconex.

Wondering where all the gift cards by Miconex can be used? Read this article till the end to find out.

What is Miconex?

Miconex is a unique business plan that collaborates with local businesses to comprehend and explore different avenues to boost local spending. A one-of-a-kind concept, Miconex uses local currencies and loyalty schemes to increase local economic activity.

This program was established in 2010 in the United Kingdom, and since then, it has gone from strength to strength and introduced many reward schemes worldwide. Currently, Miconex has more than 150 local programs that help generate additional spending in closed communities. With the help of these programs, more than 12,000 businesses are enjoying the multiple benefits that Miconex is offering to them. As per stats, more than 400,000 cards in their loyalty program have already been sold, thus creating an expansive amount of money for the local businesses involved.

What are the Reward Schemes at Miconex?

Although Miconex was established in 2010, it introduced a new gift card program in 2015. Titled Town and City Gift Cards, these reward schemes are digital gift cards working through Mastercard and any digital wallets such as Apple Wallet. They are essentially a local digital currency that you can use in a range of different services to enjoy impressive price reductions and earn rewards you would not receive anywhere else.

With the help of these cards, businesses can offer digital gifting to their customers. This scheme works for everyone, and local businesses get a chance to show new customers their valuable products and services. On the other hand, customers get to support a range of local companies for an excellent price.

These gift cards cannot only be used by consumers alone but employers and businesses as staff rewards too. The reward system helps morale within a business as well as the community. With the help of these rewards, local businesses support their staff. In short, this idea has been designed to bring the community closer and together by spreading positive vibes.

How To Use Miconex Gift Card?

Are you wondering how you can utilize Miconex Gift Card?

There are many ways you can utilize their gift card in your everyday life. For instance, you can buy a Miconex gift card and use it at your local restaurant. You can also use it at the local bakery. As these gift cards are used locally in these communities, it helps to incentivize the residents to support their local businesses, thus serving the whole purpose of this program.

Which Countries Utilize Miconex and its Gift Cards?

What started in the United Kingdom has spread to other parts of the world in various forms. Currently, Miconex operates in the United Kingdom, the United States of America, Australia, Ireland, and Canada.

How Have Miconex’s Reward Schemes Helped the Local Communities?

Micnex reward schemes help local businesses increase footfall and spending within their industry by creating their gift card program. With so many businesses already struggling with the after-effects of the pandemic and the current economic unrest, it has been difficult to earn a steady profit. Even over the holiday period, which is lucrative for many businesses, it was reported that the profits were down compared to other years.

The implementation of reward schemes under this plan ensures the consumers’ money can only be spent with a specific business and promotes shopping with local businesses over multi-national companies. Instead of relying on a paper-based gift card system, it takes the hassle away from both business and its loyal customers, making it easy for the merchants to track and swift for consumers to use.

How Many Local Businesses have Miconex Helped so Far?

In the era of multinational and faceless companies, local businesses are struggling with more competition than ever. Along with the ongoing fierce competition, the volatility of the global economy and several countless world economic problems such as Brexit, the Ukrainian War, and more are causing many local businesses to give up.

These businesses are getting replaced by other chain stores, which serves as a loss to every community in the loop. To counter these side effects, Miconex is working to ensure that local communities and businesses are given every opportunity to survive in such a ruthless and competitive market.

How Successful has Miconex Been So Far?

So far, Miconex’s most successful reward scheme is their Town and City cards. Since its launch, public and private organizations have purchased over £850,000 worth of town and City Gift cards. This scheme has been immensely successful throughout the United Kingdom and Ireland, circulating over £4 million into regional communities.

The program has achieved whopping success in various locations across North America and Canada with its Town and City Cards. According to stats, this scheme helped earn $3.7 million throughout the local economies through the Food Island Gift Card project.

It is not only in the United Kingdom, United States, and Canada, where the Town and City schemes have been launched and earned success but also in Australia (Perth). The scheme has accumulated £2 million by supporting local communities in their businesses.

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