With the holidays coming up and Q4 preparations in full swing, Cratejoy is happy to announce our latest product update: Gifting 3.0.
First off – Why is gifting important for sellers?
- October, November, and December typically give sellers a 40-60% boost in new sales, a large portion of which comes from gifting.
- Gift-givers are more likely to purchase multiple subscriptions from a single seller than non-gift-givers.
- Gift-givers are 60% more likely to prepay for several months upfront, and therefore 60% more valuable to sellers.
- Gift purchasers are essentially marketing on behalf of your subscription, giving you an absolutely free shot at enticing a new lifelong subscriber!
For more information on the benefits of gifting and the holiday season, head on over to Subscription School.
Why is Gifting 3.0 better than Gifting 2.0?
As it turns out, only 25% of gift-givers want their subscription to renew. With Gifting 3.0, sellers can either ask subscribers for their renewal preference on checkout (Cratejoy’s recommendation), choose to auto-renew, or never renew.
This update eliminates the confusion around accidental gifting renewals – a pain point that caused 11% of all holiday gifts to be refunded last year.
Gifting 3.0 eliminates 1.0’s problems with unknown shipping costs and unclaimed gifts. These pain points, which previously stemmed from not knowing the recipient’s address until after payment occurred, are no longer an obstacle for sellers. We’ll toast to that!
How Gifting 3.0 Works on The Cratejoy Marketplace
When using gifting on the marketplace, the default setting for subscribers is to “Ask on Checkout.” This can be changed in the checkout settings of your listing page. On the subscriber end, Gifting 3.0 will look like this:
So what next?
If you’d like to change your gifting settings, you can do so from the Seller Portal. Once updated, all changes will be reflected in the checkout and customer account pages.