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What are 6 suggestions and examples which a card business can do to diversify?

What are 6 suggestions and examples which a card business can do to diversify?

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Answer #1

A card business can diversify through the following suggestions:

1) Since cards are primarily used for gifting purpose, it can start a new line of products focussed on apparels which can be used to complement the gift cards.

2) The card company can start its distribution on a wider scale and start shipping to newer states through an online portal. Thus it can diversify its customer base.

3) The card company can start using recycled paper for ~50% of its production and sales. Through doing this it can diversify its supplier base and raw material consumption.

4) The card company can tie up with few corporate clients to ensure more stable revenue streams and can diversify from an exclusive retail customer base.

5) The card business can also start international operations or export of cards to foreign customers to hedge the business risk

6) Lastly, the card business can also start a gift voucher product which can complement its card business and the voucher can be used at partner outlets thus opening up scope for partnerships and further diversification.

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