Loop also reveals 46% of e-gifts were exchanged prior to shipping, reducing the high costs retailers traditionally see with holiday returns
Menlo Park, CA, January 19, 2016 – Loop Commerce, the e-gifting platform and dedicated gifting checkout solution for retailers, today announced data results from their holiday shopping season which revealed a 300% increase in e-gift purchases during the Christmas week of 2015 over the same period in 2014, significantly reducing the high rate of returns traditionally seen by retailers.
E-gifting can be found on product pages of many leading retailers’ online stores. Recipients can get their e-gift delivered instantly anywhere in the country, and then have the opportunity to modify their gift’s attributes (such as selecting a different size or color) or virtually exchange towards a completely different gift–prior to the gift shipping. Unlike gift cards, when a consumer accepts an e-gift, the price tag remains hidden.
Loop noticed that many shoppers decided to purchase previously assumed “hard to gift” items such as apparel, cosmetics, home goods and jewelry. Loop’s 2015 holiday e-gifting data revealed 54% of recipients ended up accepting the gift exactly as it was chosen by the gift giver. It was interesting to learn the reasoning of exchanges of the 46% was that 28% wanted to keep the actual item but change product details like size or color. While women purchased over two-thirds of the e-gifts this year, men were the big spenders, shelling out 26% more on their e-gifts.
Cyber Monday was the clear start of the holiday gift shopping season with a 114% increase in e-gift purchases over Black Friday gift purchases. This data point is interesting as it compares to industry data, which show only a 14% increase in Cyber Monday purchases over Black Friday.
Some consumers started their holiday shopping as early as October while others were procrastinators and continued purchasing their e-gifts as late as the first week of January, specifically:
- 40% of all holiday related e-gifts were purchased from December 20th through December 25th.
- 18% purchased the day before or day of Christmas, avoiding the traditional limitations of shipping constraints, especially as 52% of e-gift purchases were delivered to different states.
- About 5% of all Christmas related e-gifts were purchased after Christmas, enabling those belated thoughtful gifts to be delivered quickly.
Roy Erez, Loop Commerce CEO and Co-Founder, was invited to speak about gifting and share insights and data from the 2015 holiday season at the NRF 2016 Conference in New York, January 17-20th.
Access to additional data is available upon request.
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 leading 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 LinkedIn.