Gyft adds a new feature as holiday season begins

Some of you may know about Gyft… those who don’t, it’s a startup that lets you buy, share and store plastic gift cards on your iPhone.

Doesn’t sound too impressive right, well it is. The site is now rolling out a “Gyft It” feature because of the holiday season that will allow users to re-gift their own cards by sending them to others via email, Facebook or text.Gyft

CJ MacDonald, the co-founder of Gyft explained that “Ninety percent of the hundred billion dollar gift card market is plastic cards. Sixty percent of that is in the months of November and December,”

So what he is saying is basically around 80 percent of consumers will plan or buy a gift card over the new few weeks leading up to the holidays, so this is now Gyft’s best time to capture the interest of consumers.

So from now on till the holidays, the company will be promoting its service on national talkshows and hosting giveways from major retailers in order to capture consumers’ interest. Mac Donald says that from now until Christmas in the U.S., Gyft will give away $500 per week in various promotions.

So what does the new ‘Gyft It’ feature do?

The new gift card re-gifting feature will allow the app’s users to give their unused cards to friends and family. Think about it, its genius. It’s a last-minute gift option (especially if you’re running low on cash).

Mac Donald says that more new features will soon arrive that will allow users to swap gift cards from within the app, or even sell the cards for cash.

Since its launch in September this year, Gyft has grown from 200 to 300 retailers, with newer notable additions including Nike, Gap, Toys R Us, Sears and Gamestop.

200 of these 300 retailers also support deeper integration with their own systems to enable things like checking card balances or the ability to purchase cards, for example.

The updated version of the Gyft application is now available in iTunes here.

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