The gift of giving just got a whole lot easier and more digital, thanks to one Portland, Me.–based company. Prepaid commerce solutions provider CashStar recently announced the release of its new Product eGifting solution for retailers.
CashStar’s Product eGifting enables online shoppers to digitally send physical gifts from a retailer’s eCommerce site to the desired recipient via email. The gift giver chooses a product to send without needing to know details such as size or preferred color (for garment purchases) and without needing a shipping address.
When gift recipients receive a message, they can tailor the item to their specific preferences, select a different product or opt to receive a gift card instead — without having to notify the sender of their decision. And since 73 percent of Americans fake their reaction when they receive a gift that misses the mark — and only 10 percent of people actually tell the truth about that unwanted gift — Product eGifting can take the unknown and the “thanks, but no thanks” out of gifting.
In this way, CashStar’s solution addresses the issues gift giving can cause for consumers and for merchants. Giving presents often drives lower conversion rates but more costly returns. According to data from the National Retail Federation, about 15 percent of holiday sales were returned last year — an estimated $90 billion worth of merchandise.
Ben Kaplan, president and CEO of CashStar, was quoted as saying, “Our new Product eGifting solution enables retailers to better capitalize on the $500 billion gifting market opportunity while delivering an improved, personalized egifting experience for consumers. Certainly, there are many situations and consumers for whom gift cards are not the right option. Our award-winning CashStar Commerce platform already powers many prepaid commerce and digital marketing use cases beyond traditional gift cards. Product eGifting reflects our vision for prepaid commerce and is a natural extension of our platform.”
Nordstrom is a fan of CashStar’s plan. The major fashion retailer announced recently that they had launched CashStar Product eGifting on their website in time for the holiday season.