Why eGifts Help In The Journey Towards a Great Customer Experience
What people are spending their money on has dramatically changed over the past few years. Where many would have once purchased tangible items that would, over time, develop an emotional attachment, they are now opting for digital experiences and gift cards.
The advancement of technology and a shift in consumer behaviour have put consumers in control of the digital marketplace. Empowered consumers place elevated expectations on every interaction they have when it comes to a purchase and with the high level of variety and competition, it’s easier now more than ever to switch brand.
Change the Status Quo
Now is the time to change the way in which we approach the experience that consumers are currently having. With personalised, valuable, and immediate experiences available to everyone, the online retail options are greater now than they have ever been.
While once upon a time consumers would prefer to own material items, they are now moving away from this; examples include choosing a holiday over a new kitchen or an activity day instead of a new watch or even giving someone a gift card when they would have once bought them a present.
With this in mind, the way in which we gift has shifted. With 70% of consumers (Sales Force UK) reporting that technology has made it easier than ever to eGift someone due to the rise and ease of digital purchasing.
The Rise of Gift Cards
Moving with the times is essential for any business – especially those that have an online presence. Immediacy and personalisation are two of the main factors involved in digital buying. While only building in momentum in the past decade, gift cards were originally launched in 1995 when they were created by Neiman Marcus the previous year.
Since then, many retailers, both offline and online, offer the option of gift cards as a way to shop or give money to friends or family. With two different options, physical and digital, gift cards are great for those who are concerned with losing money or who shop regularly and don’t want the hassle of cash.
Beneficial to Business
An eGift results almost always in a win-win situation for the businesses that offer them. When an eGift is purchased, the full value of the sale goes directly to the retailer regardless of whether or not the gift card is ever redeemed.
It’s estimated that there are around 10% of gift cards or eGifts that aren’t claimed each year. While this may not seem like a high figure, it can be quite a significant amount from a business point of view.
Customers Want an Immediate and Responsive Service: Fact
As connectivity continues to become ubiquitous, immediacy has become vital. According to Sales Force, a recent study claimed that 64% of consumers expect companies to respond to and interact in real time. As Millennials become more powerful in the marketplace, these statistics will grow higher, and therefore, it’s essential that online retailers keep up.
The crux of the matter is that if you don’t offer existing and potential customers the opportunity to eGift or purchase electronically, you’re disengaging an entire market. Allowing people to be able to purchase directly from your website with ease is becoming more of a prerequisite for businesses who have a presence online. Don’t miss out.