It's only fair to curse the pandemic, lockdown, and coronavirus because it rained hell on humankind. However, there were a few silver linings that people get to spend with their loved ones. Furthermore, the covid slightly influenced climate change and alleviated work from home culture. All and all people suffered emotionally, mentally, physically, and financially. So those hopeful prospects are insignificant to compensate for in any means. Corporate and business sectors faced the maximum turbulence on this ride of the covid express. While keeping up with video calls wasn't sufficient, companies initiated corporate gifting to catch up with clients and staff.
Recent studies in the US show that there is a sizable boost in the corporate gifting culture. Furthermore, the companies use it as a luring and marketing strategy to maintain the old customer base and entice new ones. Therefore, business gifting is in popular demand in the post-pandemic time. Surprisingly, the search results for "corporate gifting ideas" have increased by 43% over the past year. However, what exactly is corporate gifting and its significance? Let's look at the concept to comprehend it better.
What is Corporate Gifting?
Corporate gifting is an enactment of giving gifts to clients, partners, and workers. In order to encourage specific behaviors and improve public relations. Generally, the business gifting circles around health & personal care, safety, and home accessories. However, companies often present things related to their own products and services to raise brand recognition. Such practices are a strong desire of an organization to maintain business relationships. At the same time, many sectors of the economy are still recovering from the pandemic's assault. Also, many corporations are looking for healthcare kits and hampers as gifts for their employees and business partners. Therefore, it is an opportunity for the business gifting industry to provide things suitable for work-from-home.
Significance of Corporate Gifting –
People often say gifting is a selfless gesture, where you don't expect anything in return but just give. However, business gifting entails a bit of a different purpose as companies provide corporate gifts to aid professional relationships. Furthermore, it can be to establish and commemorate a professional alliance. Also, it can be to express gratitude towards an employee for their hard work and consistent efforts for the company. Basically, you don't get a return gift, but you accomplish your purpose of giving the gift.
Many businesses send gifts to their customers at Christmas or New Year to thank them for their continuous support. These might include seasonal delicacies for folks to enjoy as they prepare for the holiday season. Gifts can also be a meaningful way to commemorate a particular occasion, such as a birthday or wedding. Furthermore, it could be the birth of a child, good luck, or get well soon gesture for a sick person.
Unwrapping the American Corporate Gifting Opportunity, a Coresight Research report says that the sector is positioned for continuing expansion. However, corporate gift buyers have difficulty with the lack of shopping experience and no innovation. Gift givers have specific standards and want higher-quality gifts with diverse objects. Also, they look for faster delivery and a more straightforward end-to-end gifting process. The following are some observations from the Coresight Research study:
- As per their observations, the corporate gifting market in the United States is expected to reach $242 billion by the end of the year.
- 60% of corporate gift spending went to items for clients and outside partners. In comparison, the remaining 40% goes to internal stakeholders and employees.
- Therefore, the Covid-19 pandemic brought along the shift in the means to maintain professional ties. Furthermore, many companies have extensively changed their gifting budget.
Covid-19 And Business Gifting In The Post Pandemic World –
The year 2020 came with the proper advent of work-from-home due to the global pandemic. Many firms are still operating under their comfort premises; hence, corporate gifting is snowballing. Companies are looking for fancy yet affordable gifts with lucrative purposes. However, searching for the ideal gift for people outside the organization is more difficult. However, to put it simply, Covid-19 definitely sky-rocketed the business gifting activity. As earlier, the corporate gifts were only a token of appreciation. But now companies give gifts on every sort of occasion to encourage the clients, partners, and workers.
However, the delivery is on the negative side of the impact. Previously, gifts could be sent to an office address during office hours to ensure safe delivery. Also, to check that the recipient is the correct person. Although not many people are commuting to their regular workplace now. Therefore, it isn't easy to ensure a gift reaches its intended recipient and correct location on time.
Talking about the scenario and practices of corporate gifting in the post-pandemic world, the act will ease up. This is because people are conducting gatherings and meeting face-to-face in the post-pandemic world. Henceforth the activity can see a significant rise in the present time. The lockdown and pandemic period slowed the process because of the guideline constraints. As for now, the companies are generally operating in their office, and employees are having regular meetings. Therefore, corporate gifting as a practice will face an increase. However, gifting internally(inside the company) can decrease. It is so likely to happen because the companies and organizations are back on track. And need more expenditure to grow the company than to appease the employees.
Corporate Gifting Ideas –
To all our readers, we also have some suggestions for business gifting. Following corporate gifting ideas have their symbolism to deliver. However, again, gifting is a gesture, and one should consider the person's intentions.
- Gift Cards – Not all, but many consider giving gift cards as a present. As they are easy to get and do the job. Furthermore, gift cards are available in both physical and digital formats. Also, gift cards were one of the most purchased corporate gifting items last. Gift cards can be anything like shopping vouchers, discount coupons, restaurant vouchers, etc.
- Gratitude Hampers – They are simple hampers and boxes consisting of goodies and snacks. One of the best ways to show that you care is a gratitude hamper. Furthermore, you can customize such hampers as per the liking of the person you are gifting them to. The box can have tech merch, stationery items, good-quality food, or anything you wish to add. Moreover, such gifts inspire joy, relaxation, and contentment.
- Experience – Gifting experience is a little extravagant but is totally worth it. You can take your employees or partners on a golf outing and host a delicious brunch. Furthermore, you can organize therapy or massaging/spa sessions. Moreover, you can host a petite yet lavish lunch for your special clients to appreciate their patronage.