How do you evaluate your gift card program?

I’ve been looking into gift card programs recently and realized that most dashboards (Shopify, Square, etc.) seem to show pretty basic stats like total sales or outstanding balances.

But gift cards seem a bit more complex than that. For example:

• people often spend more than the gift card value when redeeming
• some cards never get redeemed
• there are processing fees and sometimes fraud issues
• unredeemed balances can become liabilities depending on state rules

It made me wonder how merchants actually evaluate whether their gift card programs are performing well overall.

If you run a store that sells gift cards:

• Do you track the real economics of it?
• What metrics do you look at today?
• Is there anything you wish you could see more clearly?

I’m trying to understand how merchants think about this before building anything. Would love to hear how people approach it.