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How retailers can find bliss this Valentine's Day

Arielle Steinhaus, strategist at FITCH, offers up tips on how retailers and brands can make Valentine's Day gifting invaluable to shoppers looking to spread love.

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February 6, 2020 by Arielle Steinhaus — Strategist, FITCH

Valentine's Day is just around the corner, and many shoppers will be willing to pay extra for the perfect gift for that special someone. But finding that "perfect gift" isn't easy, especially with a new generation embracing minimalism. It can be a struggle for both the gift giver and the receiver. So how can brands and retailers make Valentine's Day gifting invaluable to shoppers looking to spread love and the bottom line?

Here's how to tap the gifting economy and build loyalty, while many consumers are focused on paring down:

• Create experiences to emotionally connect. Embrace Valentine's Day as an opportunity for people everywhere to show their appreciation for their significant others, closest friends, family, or even themselves, and create lasting memories.
• Show how you give back — and how their purchase helps the greater good.
• Be generous. Go the extra mile to give shoppers a gift of their own — time, delight, advice, rewards. A little extra goes a long way.
• Put simplicity, seamlessness and speed on a pedestal. The last-minute scramble for a thoughtful Valentine's Day gift is real and stressful. Save your customer's day with added conveniences and empathy to emotionally connect. Think highly curated assortments, all-in-one grab and go's, tailored recommendations and experts on demand.

Retailers and brands that are thoughtful and purposeful about adding value will win consumers' hearts, minds and wallets in the long term. Remember, it's all about building trust and ongoing customer engagement.  

Retailers looking to make an impact with minimalists and maximalists this Valentine's Day should keep in mind:

• Consider that shifting views on gender, age, sexuality and race are giving rise to evolved traditions and new milestones. Changing consumer lifestyles are influencing what people value, how they celebrate and why they give.  
• Think beyond mainstays like roses and chocolate, but rather to experiences that connect emotionally. Today, people want real-life connections more than ever. A 2019 survey by Eventbrite commissioned through Harris Poll found 85% of U.S. adults agree that experience gifts are a great way for both the giver and receiver to enjoy something together.
• For many, objects are associated with memories and are valued as expressions of identity and personal history. Help consumers create, save and showcase moments by becoming part of people's stories and stay top-of-mind with positive associations.
• Tech is your friend. Tools like AI chatbot and data-driven recommendations, to employees as styles concierges, new technology allows retailers to put customers in control without feeling alone.

Simplicity builds confidence, and by focusing on why people are giving and what they hope to achieve retailers can add ease to the gifting process and provide peace of mind to their increasingly stressed-out customers. And that's worth at least a peck on the cheek this Valentine's Day.

Arielle Steinhaus is a strategist at FITCH, based in Columbus, Ohio.