The TOI states that the global gifting market is estimated at USD 475 billion, and India – the strongest contributor – is expected to touch USD 84 billion by 2024, with corporate gifting accounting for a whooping >80 percent of all gifting items.
According to Forbes, 94% of top executives believe gifts facilitate a deeper personal connection and are crucial to business success. In fact ROI increases by 40% with a memorable business gift. Corporate gifting boosts relationships, brand loyalty and employer brand. Apart from the obvious benefits of reduced costs, standardization, and smoother inventory management, here are some other reasons why you need to craft your corporate gifting strategy.
- A holistic strategy allows you to focus on everything from the delivery to packaging finesse to the unboxing experience. Gifting goes beyond a checkbox item to an opportunity to tell a story. Bienville Capital was celebrating its 25th anniversary. Instead of a traditional box, the gift concept was a box of “things that last forever like us.” Teak & Twine, an online gifting company, offered a QR code on their client’s box linked to a video of a crackling fire, so the recipient could have a fire in the background as they unwrapped their holiday gift.
- As com reiterates, personalization is a key trend in corporate gifting strategies. Beyond employees and clients, companies and brands are creating gifts for family as well. Value driven gifting like eco-friendly, sustainable gifts is also a big factor. Offineeds.com observed that ‘made in India’ gifts are trending. Moreover, many handicraft items can be customized, making the gift extra special.
- Automating gifting can both save valuable time and enable personalization at scale, two aspects that historically contradicted each other. Having an in-house e-boutique of company merchandise or an integrated benefits program allows department heads to choose the gifts that fit their needs, especially when gifting to employees. Platforms like Vantage Circle or Sendoso offer custom landing pages and a host of integration features especially helpful for a remote workforce.
- Adding a charitable touch to your corporate gifting program highlights your business social responsibility efforts and is an excellent way to engage with customers and employees at the same time! A Packed with Purpose study found that 43 percent recipients would do business with a brand that gave a gift with a positive social impact.
XOXODay a corporate gifting company believes “The business world is in dire need of a magic wand that will joyously humanize and positively healthify all the relationships that constitute your business ecosystem.” So, gift yourself a Corporate Gifting Strategy. It’s a gift that will keep on giving.