Loop Commerce data shows 60% of e-gifts are considered “hard to gift”
Menlo Park, CA, September 30, 2015 – Loop Commerce, the leading e-gifting service and checkout used by omnichannel retailers, today announced results of a gift shopping survey which revealed the top reasons consumers hesitate to purchase gifts online. The survey was conducted online in August 2015 and consisted of 1,020 consumers. Loop also announced aggregate data from users purchasing gifts through Loop’s network of retail customers.
One in four (25%) respondents cited worrying about buying the wrong size, while another one in four (24%) respondents cited worrying about the hassle of returns as the most common reasons they hesitate to buy gifts online. Nearly one in five (18%) respondents cited concern about getting their gift to the recipient on time.
Additional concerns about purchasing gifts online from the survey include:
- Respondents worry about getting the wrong color.
- Respondents worry about the price tag showing.
- Respondents worry about not having the recipient’s mailing address.
The survey also uncovered gift buying habits by age group and found that while over 84% of respondents over age 45 purchase gifts for the December holidays, only 67% of Millennial-age respondents do so. Additionally, birthdays (84%) were ranked as the leading occasion for which respondents purchase gifts, followed by December holidays (77%) and other major holidays, such as Valentine’s Day, Mother’s Day and Father’s Day. Sixty percent of Millennials purchased “just because” gifts at all times during the year. These findings reinforce that gift giving is a year-round activity.
“There is no question retailers are leaving money on the table by not making it easier for consumers to purchase gifts online. The path to conversion of shoppers buying for others is very different than the path of shoppers buying for themselves. Loop e-gifting eliminates these friction points, including the consumer concern over buying the wrong size or color, as well as eliminates the hassle of returns,” said Roy Erez, co-founder and CEO of Loop.
E-gifting removes any worry around choosing the wrong size or color. It also reduces anxiety associated with buying “hard to gift” items. Loop customer data reveals:
- 42% of e-gifts are virtually exchanged before they ship, removing the hassle for the gift recipient and significantly reducing the return / exchange costs for the merchant. Not only is it a better customer experience, but retailers are introducing new shoppers (the gift recipients, as well as converting hesitant buyers) to their store.
- Over 60% of e-gifts are considered “hard to gift” items such as apparel, shoes and jewelry, that might not otherwise be purchased for fear of getting it wrong.
The complete summary of the survey findings are available here.
About Loop Commerce
Loop Commerce is driving a paradigm shift in e-commerce by removing the obstacles consumers face when trying to buy a physical product as a gift. Loop is an enterprise-grade, fully customizable, e-gifting solution powering the shopping experience, checkout and e-gifting platform for the world’s top retailers. By integrating the personalization of gifting with the convenience of online shopping, Loop makes buying gifts simpler and more thoughtful for consumers, while driving significant business value for retailers. Loop’s solution seamlessly integrates with retailers’ online stores fueling increased business, reducing costly returns and exchanges, and enhancing customer acquisition and loyalty. The company’s groundbreaking SaaS solution was built and optimized with significant R&D and collective experience working with some of the largest and most demanding retail brands. Loop is backed by PayPal and key executives in technology, e-commerce and retail. For more information about Loop Commerce, visit our website and follow us on Twitter @LoopCommerce and on Facebook.