Gone are the days when gifting was a stressful activity. With technology being implemented in almost every aspect of our lives, finding the perfect gift for your loved ones is easier than ever. Singapore-based Gifts Less Ordinary was started with a similar mission. The idea of this luxury online marketplace came to its founder Amy Read when her best friend sent her a gift that contained a personalised baby blanket and a pair of shoes with her newborn son's name embroidered on it.
“I always knew I wanted to run my own eCommerce business, and the concept of GLO was sparked when my third son was born. Celebrating his arrival, my best friend had sent a gift set from the United Kingdom that came personalised with his name a beautiful gift box. I realised you couldn't find gifts like this in Asia, and hence this platform came into existence,” says Read.
The startup, offers unique and personalised gifts in Australia, Hong Kong, Japan, Singapore and United States.
Future Scope of Online Gifting Marketplace
There are plenty of growth opportunities for the online gifting industry because consumers are leading increasingly busy lifestyles that limit the time available for their shopping needs.
“Consumers want more unique goods within a 2-3 day lead time, which is what we are focusing on. Businesses are also starting to recognise that to attract and retain top talent, they need to celebrate key employees more and give them the thanks they deserve through gifting. Millennials don't want the usual corporate gift, they want something that is reflective of their values and needs,” emphasises Read.
Gifts Less Ordinary will be leveraging its technology to roll out white-labelled Corporate Gifting Portals later this year, allowing employers to send their employees an ecard to say thanks, entitling them to choose their gift of choice from a carefully curated selection of unique gifts and experiences on the employer's portal.
The Hunt for that Perfect Gift
The gifting industry has witnessed high growth in recent times as more and more people are recognising the importance of giving the right gift.
“They want the gift to wow, despite the fact that they don't have to time to search the malls. They are in search of a brand they can trust with a well curated selection of luxury gifts, and they want the ability to make that purchase online in the comfort of their own home/office where they don't feel rushed with their personalisation or message choices,” says Read.
This mindset is also observed in the corporates that have approached the startup for its corporate gifting portals.
“Corporates hope to reward and recognise employees and clients with luxury and meaningful gifts, but do not have the luxury of time to hand-pick every single gift. They also want everything digitalised, so they have more meaningful analytics in how gifts are received and greater control over costs and spend,” she adds.
What’s Fuelling Growth?
The corporate sectors are known for using gifting solutions to the maximum. Shedding light on the rising trend, Read shares that the banking and insurance sectors are disrupting the growth of the gifting market.
“The nature of these sectors involves money, and often in large sums. Money can be a sensitive topic and involves a high level of trust. In order to attract new clients and customers while increasing brand loyalty among current clients and customers, businesses from these sectors have fostered strong relationships on individual levels. Personalised gifting enables them to create and maintain a high level of trust by showing that every individual is cared for,” concludes Read.