A happy gift giver will become a repeat customer. The happy receiver will become a new client. Both of these customers introduce new customers to the retailer that provided the original gift.” -Carrie A. Johnson from Forrester Research
In the highly competitive and constantly evolving world of ecommerce, winning and keeping customers is key to success. This is also the most difficult and expensive aspect. To stay on top, e-commerce managers must be open to new technologies and innovative ideas. We need to look at one of the oldest traditions in human history to see how e-commerce can be a multi-billion dollar business: the gift exchange.
Gifting creates a huge demand for consumer goods and is a self-perpetuating mechanism of reciprocity. This creates a chance for retailers and brands to convert more customers into satisfied customers which leads to higher sales. Managers of e-commerce must navigate the maze of solutions constantly. It is important to ask yourself the most fundamental question: What gifting strategy do you have? Is there one?
1. Gifting is an important driver of e-commerce.Gift purchases account for one in five transactions on your e-commerce site. This is the only transaction that will automatically bring two customers to your online shop. Do you know how to take advantage of this?
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2. How to leverage the behavioral science behind gifting.Gifting is an important part of human interaction. It helps to build relationships and strengthen bonds. Gifting is a science that has been around for centuries. It can provide valuable insights into how to use gifting in your shop.
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3. What other options are there for moving beyond gift cards?E-gifting, which is a natural improvement on the gift card, has become a profitable business for retailers. It is projected to increase from $300 million in 2012, to more than $10 Billion annually by 2016. Are you able to understand e-gifting and how you can benefit from this growing market.
4. Data can help you create smart e-commerce gifting plansA retailer’s success and growth depends on its ability to leverage data. E-commerce businesses experience significant growth around major holidays. However, many retailers have little or no gifting data. This is why it is so important for e-commerce.
We invite you to download our free ebook entitled This is a gift: An Ecommerce Manager’s Guide To Gifting. This ebook is for everyone responsible for acquiring customers, optimizing ecommerce sales, and senior executives who want to stimulate strategic thinking and plan for gifting in larger ecommerce initiatives.
New mobile payment option for retailers
A recent FDIC study found that 9.6 million American households don’t have a bank account. This target market is ALTPY, a mobile payment company that will allow retailers to reach a wider audience.
ALTPAY provides its services to mid-market retailers like supermarkets, convenience stores, convenience stores, pharmacies and grocers. This technology replaces bank accounts and allows customers to communicate directly with their smartphone to receive a customized customer rewards program.
Victor Cook is the managing partner at ALTPAY. He stated, “ALTPAY has been one of two first to market companies that have clients and revenue.” ALTPAY also offers an alternative for customers who are not banked. It allows its retailers to adapt to customers’ needs, which in turn helps to grow its customer base.
Just recently, the company announced that they have been awarded a $1million equity investment. The company released its technology six months before Apple Pay. ALTPAY works with Android, Apple, and Windows mobile phones.