In your search for gifts that can be personalized, you may have come across Printcious. You have been in the gift industry since 2007, but initially under a different name: Heartbeat.my.
Now they are completely online and will celebrate their sixth anniversary as Printcious in 2021.
It's a proud achievement for the team as they made it this far while they were still booting and are seeing healthy cash flow.
Since our last interview with the team in 2016, you have switched from a B2C focus to a B2B focus.
CEO Vincent Tong told Vulcan Post that there were three reasons:
- B2B has a higher average order value,
- B2B tends to have lower customer acquisition costs (CAC) and higher lifetime value (LTV) than B2C.
- There is still a great opportunity for B2B giveaways in the market.
This move has paid off as they saw 20% user growth year over year, with 70% of their revenue coming from the B2B sector and 30% from the B2C sector.
"In 2020, regardless of the COVID-19 pandemic, we will be printing more than 100,000 items per month from both B2B bulk orders and B2C orders," added Vincent.
Data is king
The changed shopping habits during the pandemic have also spurred their production, and SMEs have not stopped looking for gifts like mugs, button badges and lanyards to promote their brands and retain customers.
Our mood has not been completely dampened by the pandemic, as we still have festivals in small, safe circles and share gifts.
Printcious is used to this influx of orders during the holiday season, and after all these years in the industry, they know the importance of being prepared and ready for the surge in demand.
They forecast their customers' shopping habits in the coming weeks based on the data collected over the months and ensure that their inventory and workforce can meet demand.
The Printcious team / Photo credit: Printcious
“We anticipate market demands or conduct our market research based on Google Keywords Research and Google Trends. In other words, high search volume equates to high demand, ”said Vincent.
For example, from April to June 2020, they found that the demand for puzzles had increased tremendously according to Google searches.
“After researching online, we found that everyone stayed home and enjoyed their puzzle game. With this information, we quickly replenished our materials to avoid shortages. We then revised our marketing and production strategies to focus fully on these highly sought-after products. "
Customer feedback is also important; You can get this via WhatsApp and Facebook Messenger, with your customer service team on call every day.
Stay one step ahead
A simple Google search would tell you that while Printcious is a household name in the personalized gifts industry, it is by no means the only one on the ground itself.
Vincent is of course aware of this and has already put a plan in place to ensure Printcious is one step ahead.
“We have started to focus on the merchandise program and actively look for partnerships and co-branding campaigns with retailers, Youtubers, KOLs and other public figures so that we can work together to build their brand awareness while finding a solution for their products provide goods needs, "he said.
Extensive category offers from Printcious / Photo credits: Printcious
However, he added, "To be honest, gift personalization is not that popular in the ASEAN market compared to Western countries."
For Printcious, competition is a good thing as they can split the “education fee” among themselves when informing the market about gift personalization.
Additionally, Vincent believes this is a healthy part of any industry as it is a reminder to not take things for granted, keep working hard, keep moving and keeping up with trends.
In any case, he also said that most of the players in the personalized printed gift industry are friends of Printcious too.
Personal gifts won't go out of style
I'm by no means a huge gifter, and personally I have trouble personalizing printed gifts for someone as I'm never sure if it's something they like or not. (Though it could be argued that the thought counts.)
With gift trends evolving, I asked Vincent a question from the position of someone outside of the industry: "Do you think personalized printed gifts will ever go out of style?"
In short, he said no. An article by Entrepreneur states, “Industry revenue is projected to reach $ 77 billion by the end of 2022. This means that along with personal and business gifts, the gift industry will hold nearly 80 percent of the retail market share. "
Printcious' own research suggests it is a thriving industry because:
- Now, thanks to advanced printing technology, it's much easier to print a gift on demand at a lower cost.
- E-commerce made the purchasing process faster and easier,
- Phone cameras make it much easier to create personalized gifts with photos.
Not to mention that consumers have gotten bored with pre-made gifts and are actively looking for something special and memorable to impress their gift recipients.
"In addition, touching people's hearts will not go out of style. And as we have more and more to do with our lives and work and are further and further apart due to the pandemic, personalized gifts are offered to recipients as a token of memory and appreciation attach even more weight, ”Vincent concluded.
In fact, they are confident enough to invest in a new production facility this year to have more presses in a larger area for on-time deliveries.
- If you're thinking of gifts for the upcoming holidays, Printcious has given Vulcan Post readers a special discount code: VUL65. This code is valid until December 31, 2020.
- You can find out more about Printcious here.
- You can find more information on what we wrote on Printcious here.
Selected image source: Henry Tong & Vincent Tong, co-founders of Printcious