Ravn-Sørensen emphasizes the potential of data-driven insights and AI to improve gift-giving by better matching gifts to recipients' preferences, thus reducing returns and preserving the spirit of gift-giving. By leveraging technology, the industry can tackle logistical and environmental challenges, aiming to eliminate "Returnuary" and enhance the Social Shopping sector, which is projected to grow significantly by 2025.
Key takeaways:
- The holiday season sees a significant number of gift returns, with nearly $900 billion worth of goods returned in the U.S. alone, highlighting a major issue in the retail industry.
- Gift-giving often results in unwanted presents, particularly among younger generations like Gen Z and Gen Alpha, who value personalization and may feel misunderstood by receiving irrelevant gifts.
- Data-driven insights and AI are seen as solutions to improve gift-giving by better matching gifts to recipients' preferences, aiming to reduce returns and enhance the joy of giving.
- The Social Shopping industry is expected to grow significantly, with a focus on using technology to address the challenges of unwanted gifts and preserve the spirit of gift-giving.