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Across ecommerce, marketing teams are being tasked with doing more with less; every pound has to work harder, and quick-win revenue opportunities are driving reactive strategies. Longer-term, experimental strategies used to be acceptable, but now that’s being replaced by a need for tactics that convert quickly. Brands and retailers are on constant lookout for things that can be implemented fast, with quick testing for proof of concept, and scaled if they work. Plus, a busy and competitive market means that there’s always an alternative for customers to shop with if they don’t find what they’re looking for, or if you get that experience wrong and they take their clicks elsewhere.
Alongside that, there’s a warehouse challenge as well. Last season’s leftover stock sits stale, or maybe there is some slightly damaged packaging holding items from being shipped. Perhaps the team over-ordered and sales didn't match forecasts. It happens, all retailers have been there.
The standard response is probably to slash prices and run clearance sales, or even potentially write off excess stock and focus on next season. This a cycle of endless spend. But, not only that, it trains customers to wait for discounts, and it slowly chips away at your overall brand value.
You’ve probably spotted that there’s an opportunity to marry these two issues, right? The warehouse and the shop front can work together to solve their common challenges.
The global gifting market is set to surge from $113 billion in 2023 to $301 billion by 2030. Yet most brands treat gifting as a peak three times a year: Christmas, Valentine's, Mother's/Father’s Day. Done.
But that approach misses the bigger picture.
Gifting isn't about the biggest calendar dates. It's about how your customers find, experience, and share your products – and, ultimately, your brand. Gifting hits any time a customer browses for a birthday gift, whenever they spot something and think ‘she would love that’, or when someone browses for treats for themself too. Importantly, it hits every customer touch point; from clicking the buy button, to sharing reviews on social.
The brands nailing it aren't constantly launching expensive new product lines, or overhauling ecommerce offerings. They're working smarter with what they already have.
But how?
The opportunity is immediate. The infrastructure already exists.
Through strategic bundling, mystery boxes, limited editions, premium packaging, and personalisation, you can generate substantial new revenue without the cost, risk, or lead time of developing new products.
Click here to chat with our experts about going beyond seasonal campaigns.
We've just launched a brand-new online playbook - The Ecommerce Guide to Gifting.
And it's yours for free, to help you activate the quick wins that will make all the difference to your bottom line.
Note for readers: At the time of publishing, information was checked for accuracy. Our blog and guide content isn't a substitute for tailored, professional advice, so please get in touch or consult an expert for guidance specific to your business.
References:
https://www.forinsightsconsultancy.com/reports/gifting-market#utm_source=chatgpt.com