Many years ago it was normal to gift a toaster or kettle as a present for the new Mr. and Mrs. However, technology accompanied with millennial’s changing taste and lifestyle choices, are having a huge impact on the age-old industry.
In a recent article in Forbes titled “Millennials Shaking Up The Wedding Industry,” Beth Gerstein, co-founder and CEO of Brilliant Earth, an ethically sourced jewelry company, states “What we’ve seen in engagement ring and wedding ring trends is that millennials want to write their own rules, while still following some traditions. The same is true of wedding registries. Couples are still creating registries at traditional venues like department and home goods stores, but are also augmenting with registries at online stores, including Amazon, as well as stores that speak to their personal interests, such as outdoor stores like REI.”
She adds “Millennial couples are getting married later in life and many also have previously lived together, and their wedding registries are reflecting just that. Since many couples already have traditional registry gifts like cookware and linens, Millennials are building upon their desire for meaningful experiences and registering for snorkeling trips on their honeymoon over a new set of sheets.”
And Gerstein isn’t the only one who sees this change. We have seen wedding registries evolve into a form of group gifting/financing. What’s more, major brands such as Target and Amazon have implemented this crowdfunding gift style. This approach of gift giving mitigates the conventional gifts such as buying a casserole dish, and instead, wedding guests can all chip in to buy a larger, more needed gift. But major retailers are not the only ones jumping on this new retail opportunity.
Jifiti, the leader in branded gift registry solutions, recently announced the launch of its latest version gift registry platform. The groundbreaking platform includes a first-of-its-kind built-in consumer financing element that allows registrants to apply and receive financing for everything that is left on their registry after the event.
Jifiti’s gift registry platform is a white-label solution for retailers to easily launch their own branded, state-of-the-art gift registry experience. The platform requires little to zero system integration and IT resources on the retailer’s end. It includes native mobile apps, desktop and mobile experiences and in-store kiosks. Jifiti’s gifting platforms are utilized by some of the largest brands in the world including IKEA, NIKE and Nebraska Furniture Mart.
In it’s newest release, the platform includes a brand new component that allows registrants to finance items left on their gift registry after their big event. The experience is built into the registry and allows registrants to seamlessly apply, get approved and checkout for their items all within the platform.
“We’re proud to be leading the way in the gift registry space with the most advanced platform and functionality in the market,” said Yaacov Martin, Co-Founder and CEO at Jifiti. “Today we are introducing the first-of-its-kind financing component for any gift registry. It’s a game changer because retailers have a very unique glance at what their customers really want since the products were added to their registry. Our platform enablers any retailer to offer their shoppers instant financing via a single installment loan and easy monthly payments with a click of a button.”
As we look to the future, we can’t be sure that this age-old tradition will continue to change due to a multitude of factors. However, as it does it is important for us to enlighten the lives of the newly married with gifts that are actually meaningful and useful to them. Thanks to innovative startups like Jifiti, we can keep up with this ever-evolving trend and contribute to a gift that will have a truly significant impact.
Disclosure: This article includes a client of an Espacio portfolio company