The gift economy creates an enormous demand and market for consumer goods throughout the year. In this highly competitive market, retailers that understand gifting behavior are best positioned to maximize their online gift revenue.
New York, NY (PRWEB) December 03, 2013
Smartgift, a provider of online gifting technology for retailers, today released its industry report, The Complex Psychology and Economics of Gifting, shedding light on the importance of the gift economy and how online retailers can use behavioral science to boost revenue.
The report, which includes topics such as upselling, personalization and re-gifting, reveals best practices for online retailers to increase their share of the $50 billion gift industry and build customer-centric brands. Between Thanksgiving and Christmas, retailers generate more than 25 percent of their yearly sales and up to 60 percent of their annual profits. However, this is still a fraction of the full annual gifting market potential for retailers.
“Exchanging gifts is the most powerful way of building alliances and stronger bonds. The essence of gifting is based on the self-perpetuating system of balanced reciprocity,” said Monika Kochhar, CEO and co-founder of Smartgift. “Smartgift is rooted in ‘the science of gifting’. The gift economy creates an enormous demand and market for consumer goods throughout the year. In this highly competitive market, retailers that understand gifting behavior are best positioned to maximize their online gift revenue.”
Using behavioral science, Smartgift provides online gifting technology for retailers to maximize their gifting revenue by solving common e-commerce inefficiencies such as abandoned shopping carts and gift returns due to lack of recipient information. As a thought leader in the space, Ms. Kochhar has conducted extensive research on the science of gifting and was a featured speaker on the topic at the recent Fashion Digital New York conference, a leading industry event.
For more information about Smartgift and to download the full report, visit: http://www.smartgift.it.
Smartgift, utilizing behavioral science, offers online gifting technology to retailers. The platform maximizes gifting revenue by monetizing the psychology of gifting behavior. Smartgift solves common e-commerce inefficiencies such as abandoned shopping carts and gift returns due to a lack of recipient information. It uses predictive intelligence to up-sell and cross-sell gift senders and recipients. It also enables retailers to distill actionable insights from gifting analytics. The Smartgift personalization feature brings the real-world feel and surprise to online gifting, while graphical animations replicate the recipient experience of opening a gift. Smartgift’s technology integrates seamlessly into any retailer’s e-commerce platform and can be customized depending on specific needs. To access a demo, calculate your ROI, download the Smart Gifting Report 2013, and for more information about Smartgift visit http://www.smartgift.it and follow @smartgiftit.