And a service like GiftNow makes it easy to step through. The pandemic opened the door for retailers to step into this burgeoning market for corporate gifts. When you think about the scale that this could provide, it is a huge opportunity for a retailer to develop.” Those would be purchases moving through a new corporate gifting channel, not through the store or the website. “Say you need to buy 500 gifts for your clients or employees this holiday or 50 shirts for a holiday event. ”The opportunity that is overlooked by retailers is that corporate gifting can be a new channel for retailers,” Payne relates. What the research study uncovered is how many dollars retailers are leaving on the table by not tapping the rapidly growing corporate gifting market. Opening a new gifting channel for retailers This saves headaches for the retailer, who can avoid the opearational hassle of processing returns, but most especially for the gift recipient, who doesn’t have to do the extra work packing up a return or suffer delays during the returns process. More personalization comes with the recipient able to make an exchange before the gift is shipped. These gift notifications can be further enhanced with a video or personal message. The gift recipient can then specify where and when to deliver it. Using the platform, buyers provide the intended’s email address where an instant notification is sent that a gift is on its way. Simplifying and personalizing the corporate gifting process for both one-to-many and one-to-one gifting is where a digital service fits, like GiftNow.Ĭorporate gift buyers don’t need to manage individual recipient’s addresses. This is especially problematic when choosing a one-to-many gift, such as for holidays, rather than a one-to-one gift for recognition and appreciation occasions. Personalizing the gift selection is critical for both corporate and personal gifting.Īs for what corporate gift buyers look for in a gift, that isn’t so different from personal gifting either. They want good quality products (88%), timely delivery (82%) and a wide variety of gifts to choose from (81%).īut in corporate gifting there is an added level of complexity caused by the sheer numbers of gift recipients involved. Similarly, a food basket filled with baked goods would fall flat for a gluten-intolerant person. For example, sending a bottle of wine or Scotch whisky to someone who doesn’t drink or worse is a recovering alcoholic wouldn’t be appreciated. This is where corporate gift buyers can get into trouble. To build deeper emotional connection between the gifter and giftee, the best gifts are those that are carefully chosen and show a real understanding of the recipient. In this way, corporate gifting is not that different from personal gifting. Business and personal gifting are not so different “Even though there are direct monetary benefits of corporate gifting, such as lead generation and improved sales, these are overshadowed by emotional and sentimental benefits,” GiftNow’s Payne explains. Such recognition gifts carry an element of surprise that enhances their value in building an emotional connection. The number one gifting occasion was to show recognition and appreciation to an employee (64%) and about half gave gifts to clients and partners as a token of appreciation too. It drove home the most meaningful effect of a corporate gift: making the recipient feel valued and appreciated by the company. The pandemic changed the game of corporate gifting from simply a routine to a business priority. “Covid looks like it will have more of a long-term impact on corporate gifting, less driven by holidays and more by certain events happening in the organization,” he continues. “We found among our respondents that seven out of ten expect their current frequency of corporate gifting to remain at current levels or even increase,” explains Steven Winnick, senior analyst at Coresight. With these benefits accrued, companies plan to keep their current accelerated pace of corporate gifting or even increase it. Chief among the benefits gained was making the recipient feel valued (45% reported substantial benefits), improved customer loyalty (43% substantial benefit) and improved employee retention (41% substantial benefit). Over 80% said gifts have improved relationships with employees and/or clients, with 48% saying gifting delivered a substantial benefit. It’s been money well spent for gifting companies. Benefits gained through corporate gifting Most spent between $25 and $125 on a corporate gift, with the largest percentage reporting the sweet spot between $75 and $100. The amount spent on a per gift basis is also surprisingly high. Corporate gifting budgets got a boost too, with more than half of respondents reporting their budgets increased because of Covid.
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