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Gifting isn’t the same as it used to be. Thanks to last minute gifting. This has led to a massive change in the gifting industry, with Loop Commerce.
Loop Commerce is disrupting the $200 — $300 billion gifting market with their understanding of gifting commerce — changing the gift buying and receiving experience for customers. Loop Commerce have reasons to believe that all consumers have different mindsets while they shop and so the experience can’t be the same.
The platform takes care of virtual gifting by making all products easily giftable. Gift recipients can unbox their gifts virtually through a beautiful experience online. They can also exchange their gift with something else. One of the main issues retailers face is a decrease in the number of transactions per customer that results in lesser sales. Professor Dan Ariely, an expert in Behavioral Economics works closely with Loopcommerce, a lot of studies on consumer psychology and behavioral economics confirm that gifting is an emotional process.
Loop Commerce data suggests that around 40% of the gifts are purchased on the day of the occasion or the day before since a lot of people forget to buy gifts. Many retailers don’t take this last minute gifting habit into consideration, which leads to customer drop off. Some of the largest retailers are slowly adopting Loop’s solution. Implementing G-Commerce can help retailers increase customer satisfaction and double conversions.