Half of Singapore customers admitted that they are not happy with the gifts they have received.
“To prevent such loss in economic value and environmental damage, cash is theoretically the most efficient solution. However, giving cash as a gift is crude, and could be seen as derogatory. Hence, many people have resorted to getting gift cards, which is a convenient way to gift while reducing economic waste. This explains the rapid growth trends in the gift card market,” Gratify CEO & CFO Dao Xiong Teng explains in an email to e27.
But even gift cards are not perfect.
“If we think about it, most people would remove the price tags and the receipts from their gifts before giving them out, so that the dollar value is not so glaringly in-your-face. Yet, ironically, for gift cards, the dollar value is practically the gift itself,” Teng continues. “What we need is a gift that is as flexible as a gift card, but without having the gift value blatantly apparent and crude.”
This is the opportunity that local startup Gratify aims to seize.
Launched earlier this month, the startup builds a platform to enable customers to purchase and send gifts to their loved ones. But what sets them apart from other e-commerce platform is that they provide options for gift recipients to receive, swap the gifts, or donate it to a charity.
The platform works by enabling the customer to choose from a wide array of products on their platform. Once they have checked out and given the recipient’s details, the recipient will be notified and be given the options.
If they choose to not accept the gift, for whatever reason, they can opt to swap it with a more suitable one as available on the Gratify platform. They can also choose to donate the value of the gift to a charity organisation that the startup is partnering with.