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The $242 Billion Business Of Corporate Gifting Turned From A Routine To A Priority In The Pandemic
A thorough assessment of a retailer’s gifting capabilities can help ensure a successful 2021 holiday season, especially after a very prosperous 2020 winter holiday shopping period that, despite challenging circumstances, saw retail sales grow 3 percent and online sales grow 49 percent from 2019.
A new study, conducted among 300 corporate gift buyers across companies up to $30 billion in revenues, details the changes the pandemic brought about in the business of corporate gifting and predicts the trends that will carry that business forward. The study was conducted by Coresight Research and sponsored by GiftNow, a Synchrony solution, that makes corporate gifting digitally easy for gift buyers and provides access for retailers and brands.
Gift cards remain one of the most popular gifting options. Yet programs operationalizing gift cards are being met with significant dissatisfaction among retailer decision-makers who are lukewarm, at best, about their current gift card solution providers.
New Coresight Research finds U.S. corporate gifting market experiencing 8.1% CAGR and will top $242 billion this year despite the challenges presented by the pandemic and is projected to reach $242 billion this year and experience a $64 billion increase during the next three years to reach $306 billion by 2024.
FTD is leveraging technology from digital gifting company GiftNow to complement its physical merchandise with a personalized digital gifting experience for both the gifter and recipient. With GiftNow, gifters can send personalized digital gifts in seconds and recipients can exchange or modify their items before they ship.
When it comes to driving a healthy gift business, personalizing the gift-giving exchange is key. Retailers can optimize their gift sales by ensuring that they offer certain features on their websites to make gifting easier and more rewarding both for the giver and the recipient — from personal shoppers that help you make just the right pick to gifts that align with social causes.
As the gift card market shifts to a digital-first mindset, merchants can improve & optimize their program strategies from a tender/payment-based approach to a customer engagement approach to help increase gift cards sales & redemption. Learn findings from a new Incisiv’s research study, commissioned by GiftNow, “The Evolution of Gift Cards: From Transactions to Engagement,” and discuss recent data on gifting trends over the past year and their impact on retailers.
This webinar will include findings from Incisiv’s new benchmark research study, commissioned by GiftNow, “Evolution of Gift Cards: From Transactions to Engagement,” and a panelist discussion covering: Recent data on gifting trends over the past year and their impact on retailers, retailers’ and restaurants’ current physical and digital gift card maturity and strategic recommendations retailers and restaurants can take to capitalize on digital gift card growth opportunities.
The IMA Summit is the premier event focused on connecting business professionals within the incentive industry. With a schedule primed full of networking events and education sessions, you will discover strategic tools and tips to advance your programs. Meet us there!
