How social gifting and digital rewards fit into HR strategies of companies? Is there any difference in the way your business serves the consumer markers (eg Secret Recipe) vs the corporate markets (HR)?
I’ve explained how Giftee Malaysia serves the consumer and corporate industries in the above responses so I will focus on how eGifts fit into the HR industry.
With work-from-home increasingly becoming the norm, and a growing acceptance of a hybrid or distributed workforce in Malaysia, the need to keep a strong company culture is evident. A big part of this is maintaining company traditions and cultivating the right attitude in the workplace. This becomes even more pertinent during these trying times. As per a recent Achievers Workforce Institute report, employee engagement is key to retaining talent in 2021, and companies have started realising this already.
According to Mercer’s latest Pulse Survey, more companies in Malaysia are recognising the importance of employee well-being for success, and are willing to invest more in employee engagement and support initiatives.
Furthermore, gift vouchers play a big role in many rewards and recognition programmes in the workplace as it drives peer-to-peer recognition and HR believes that they have a greater impact and higher ROI than cash incentives in boosting employee engagement. In fact, according to the Incentive Research Foundation, over 30% of employees feel that a gift card is more thoughtful than cash and is the most popular gift for recipients – whether as gifts from friends or family or rewards from employers. The study also found that the majority of incentive planners believe such gift vouchers can be more meaningful, personal and impactful than cash; almost half believe that, dollar for dollar, they are the most effective reward available. More than 75% believe that they are among the most effective of all rewards, especially in driving loyalty and engagement.
In early July, Giftee Malaysia announced their partnership with altHR, an HR super app developed by Digi. This is a first-of-its-kind HR partnership to introduce corporate gifting to altHR users. Giftee’s eGift System enables digitisation of products; with this collaboration, companies that use altHR can easily launch corporate programmes, such as employee welfare and corporate gifting without a hassle. For example, companies that use altHR can now leverage the eGift System and make it a habit to celebrate employee birthdays with gifts, exchange seasonal gifts, or even express appreciation for daily work.
We have seen considerable success through our corporate eGifting programmes that help companies engage their employees and show appreciation. By making it so easy to launch these employee welfare programmes through the altHR mobile app, companies can better manage their employees’ well-being and create a strong positive work culture.
Until now, consumers would have had to visit the online sales websites for each of these brands to make gift purchases. This partnership is a first-of-its-kind in the HR sector that allows all employees on altHR to purchase e-Gifts from seven different F&B chains on one single platform. The participating partners include Tealive, Baskin Robbins, Llao Llao, Sanfran Coffee, Big Apple and Sushi King.
In order to encourage eGifting between individuals during these trying times, Giftee Malaysia has opened the sales channel to consumers as well, which means employees are not limited to gifting their colleagues, but have the option to send eGifts to their friends, family and loved ones outside of the company too.
What are your future plans? Are you eyeing other markets in ASEAN?
Overall, giftee Inc is keen to continue to expand the eGift platform and expand geographically as a growth strategy. giftee Inc aims to achieve approximately 50% growth in distribution value and approximately 40% growth in sales. Acording to the forecasts for FY2021(Jan 2021 to Dec 2021).
In Malaysia, we have developed local partnerships with notable companies such as Secret Recipe, and Baskin-Robbins who are now eGift issuing companies on our platform. We have also expanded the eGift distribution volume to develop and meet the demands of companies through giftee for Business. These 2 measures are our growth strategy.
Just earlier in July 2021, a new joint venture was incorporated between Giftee Malaysia and marketing communications company, Mekong Communications (a member of Mekong One) to expand the eGift solution in Vietnam. Mekong Communications is part of the larger corporate network of Mekong One, which focuses on three main areas: marketing communications, distribution solutions, and real estate strategic consulting and advisory.
Giftee Mekong will bank on Giftee’s business expertise in the eGift industry acquired through its extensive business in Japan and Malaysia, while Mekong Communications, as one of the top media agencies in Vietnam, will use its extensive client network of F&B businesses to generate engagement of digital marketing services for corporations.
Various business synergies will be implemented with the venture’s new clients such as enabling brands to issue eGifts or opening markets for eGift providers to enable corporations to incorporate eGifts into their business strategy, as well as offering various solutions combining digital marketing strategies with e-gifts.
As of the middle of July 2021, Giftee Mekong has been providing eGift services to more than 65 brands like Phuc Long, The Coffee House, 7-eleven, and Circle K, among others. Giftee Mekong is responsible for growing Giftee’s brand recognition, increasing eGift exposure, as well as maximising distribution volume in Vietnam.
We will continue to explore expansion to other markets in the region.