Giftpack, an innovative AI-driven gifting solution, has helped HRs and marketers save over 50,000 hours in the two years since its start. The service can build a “wish list” customized to each person’s preferences by evaluating employees’ or clients’ social media profiles.
While the profile algorithm is helpful, not everyone uses social media. Giftpack’s AI also examines each person’s unique keywords and digital footprint to discover their tastes and preferences.
According to Giftpack founder and CEO Archer Chiang, the pandemic has raised responsibilities for marketing and sales departments, as well as human resources. Traditionally, those departments are in charge of everyone’s gifts, but the “new normal” leaves them with little time to find the appropriate present.
“With AI, we alleviate the stress of making decisions when humans are already overwhelmed,” Chiang remarked recently. “It’s also about retaining employees and clients, as well as keeping stronger professional ties.”
The Giftpack AI technology picks presents from a library of 3.2 million products that are available online globally. The business also handles delivery logistics, so buyers don’t have to worry about overseas shipping, packaging, or other activities.
Giftpack raised an additional round of funding in March, increasing the company’s total funding to $1 million since its inception in 2020. The New York-based business with Taiwanese roots runs a global operation and is now assisting over a thousand corporations around the world in reshaping their gifting processes.
The AngelList syndicate Accelerating Asia; global business hub Draper Startup House; Singapore’s largest corporate gifting player, Axxel Marketing; Japan’s first acceleration program, Open Network Lab, established in 2010 by Tokyo-based tech conglomerate Digital Garage; and a group of angels from the United States and Asia are among the company’s investors.
The monies raised will be used to improve AI accuracy as well as to expand sales. Giftpack presently serves 1,142 corporate accounts as well as thousands of individual customers. Though headquartered in New York, the corporation also has offices in Tokyo, Seoul, San Francisco, and Taipei.
Giftpack also considers cultural differences, down to the color of the packaging: for example, red is considered lucky and joyful in some cultures, but it may not “translate” that way in others.
Giftpack achieved a 99.2% satisfaction score last year by rejecting the “one-size-fits-all” approach to corporate gifts. During the pandemic, the company expanded at an exponential rate.
According to Coresight Research, the corporate giving industry in the United States is expected to reach $306 billion by 2024, growing at a rate of more than 8% each year. In today’s fast-paced market, efficiency is becoming increasingly important. By studying social media and other digital platforms, AI can assist marketers in selecting customized presents.