April 26, 2019
2018 was the busiest year to date for UK-based Enjovia, whose SaaS platform enables businesses to sell more gift vouchers. And the industry continues to change and expand, which bodes well for continued company growth.
The results are being propelled by the expansion of the ‘experience economy’. Particularly in western countries, consumers are hitting what is called ‘peak stuff’ — owning all the material items they need or want. This is pushing more discretionary spending into acquiring new experiences instead. A recent Mckinsey & Company report found that consumers are favouring experience-related services four times more than they are the purchase of more goods.
In a related example, a recent Barclaycard survey discovered that positive experiences now have the second largest influence on buying decisions, with 81% of survey respondents saying that a good experience is critical to most of their purchases. As a result, the experience economy is booming, as stated, and businesses are starting to think hard about how to turn their offerings into unique customer experiences to capitalize on the trend.
Gift vouchers and cards themselves are changing as well. Increasingly, they are becoming digital. As wallets shrink in physical size thanks to the increasing use of digital payment systems, the idea of a paper or plastic gift card or voucher is less and less popular. Many consumers are now seeking simple emails or codes or local print features that can be gifted electronically to loved ones or other recipients.
Enjovia is suited well to respond to and exploit these market changes, as the best way to sell experiences is now through online gift vouchers and tickets. In late 2018, the company launched an updated version of their platform which is now capable of ‘onboarding’ a new customer in minutes and deploying a full storefront with active voucher sales for that client within 30 minutes. This flexibility enables Enjovia to service a wider range of business sizes. The customer list now includes activity centres, theme parks, retailers, schools, experience providers, ‘glamping’ sites, theatres and a pub chain with more than 180 locations.
The new system has helped increase the overall customer base by 35% since being introduced. Overall revenues are up 15% from the previous year, and 2019 is looking to be an even stronger year as the company begins expanding into North America.
We will provide updates on the progress in future issues of Q. enjovia.com