EXPERIENCES –UNTAPPED OPPORTUNITY FOR CORPORATE GIFTING

Manik Bhatia, Senior Analyst at Coresight Research, says experiences offer a huge untapped opportunity for organisations, as they deliver multi-fold benefits, and he believes they will continue to grow in importance over the coming years.

“First, group events can enhance team bonding and foster oneness among employees. Second, it provides newer opportunities for employees to showcase their strengths/talent outside of work and can be a huge morale-booster. Finally, they can help employees with their worklife balance and provide opportunities to reduce stress.”

Mintel’s recent shopping report indicated that 66% of people aged 25-34 think experiential gifts are better than tangible items and multiple gifting platforms already offer experiences and on-demand services. Among these, Alyce (from historical tours to professional portrait sessions); Tinggly, whose tagline is “Give stories, not stuff’ and which specialises in curated travel experience gift boxes; and Blueboard, whose belief is that experiences contribute more to long-term happiness and do more to foster social connections than material goods.

Lou Elliott-Cysewski, CEO, Coolperx believes experiential gifts can “absolutely work in corporate gifting”, but says they have to be done right. “You can’t abandon intentionality just because you’re not giving someone a physical item. Trying to get your team together for a cooking class or a virtual happy hour can feel like work if your culture isn’t already inclusive and your employers don’t feel valued.”

AI all use AI to analyse the digital footprint of individuals to suggest the most suitable gifts. A personalised list of items is then sent to the recipient from which they can then choose.

Lou points to the ‘gift of choice’ as a trend emerging in corporate gifting circles. “The reality is that it’s impossible to find one thing that all your different recipients will love. My recommendation is to give people three different gifts they can choose from, especially if your company is truly committed to reducing landfill waste and creating an inclusive workplace.”

Not only do recipients feel “empowered, seen and supported” when they get to choose their gift, but they get something they truly love – meaning that fewer gifts go in the trash.

Gifting – pivot to priority in a hybrid post-pandemic world

Taking a mindful approach to the items a company sends as gifts doesn’t just make a difference to the planet – It can also make a difference to the relationships a company has with its customers and employees.

After all, gift-giving, at its core, is all about relationships. “Whether we like it or not, we look at gifts as a reflection of how someone feels about us,” says Lou. “They have the power to make us feel appreciated, approved of, and valued, or disregarded, snubbed, and taken for granted. Done well, swag can increase feelings of goodwill and belonging, which in turn can lead to greater job performance, satisfaction, and loyalty.”

Corporate gifting has always been an important strategy for businesses in building connections and driving loyalty with employees and customers, but during the pandemic it became even more vital as a tool to “support business goals and KPIs for multiple stakeholders”, says Steven – and is expected to continue, as companies look for new ways to motivate and manage remote workforces and connect with clients.

Steven explains how during the Covid19 lockdown in 2020 a growing number of organisations identified gifting as a way of strengthening and building connections