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Moonpig has swung to a loss over the primary half of its monetary yr, because it revealed shoppers are choosing cheaper expertise presents like bar vouchers or meal subscriptions.
Shares within the on-line greeting playing cards retailer tumbled by greater than a tenth on Tuesday morning following the replace to traders.
It reported a loss earlier than tax of £33.3 million for the six months to the top of October, in contrast with a revenue of £18.9 million generated a yr in the past.
Whole revenues for the group, which incorporates Dutch model Greetz, nonetheless grew 3.8% year-on-year to £158 million.
This was pushed by a better quantity of orders for Moonpig, which noticed gross sales leap by a tenth.
It additionally noticed an even bigger proportion of spending on customising playing cards, together with audio messages, synthetic intelligence (AI)-generated textual content recommendations, stickers and photographs.
However Moonpig stated a more difficult financial surroundings was affecting its expertise presents enterprise, which noticed revenues tumble by greater than a fifth year-on-year.
The experiences, which vary from spa days and helicopter excursions to afternoon tea and cinema tickets, are extra pricey and depend on discretionary spending, which has been squeezed in the course of the cost-of-living disaster, Moonpig stated.
Shoppers have as a substitute been choosing extra inexpensive experiential gifting choices, with the retailer reporting a very good response to new informal eating vouchers with manufacturers like Slug and Lettuce and BrewDog.
It additionally stated it had expanded its vary of subscription presents resembling with recipe field manufacturers Good day Recent and Gousto, and historic monuments charity English Heritage.
The group additionally makes cash from promoting add-ons like wine, chocolate and flowers when individuals buy playing cards.
Moonpig informed traders it has been enhancing its use of AI to personalise the procuring expertise – together with AI-generated card and reward descriptions, and the launch of AI handwriting this month.
Nickyl Raithatha, Moonpig’s chief govt, stated: “Forward of Christmas, we’re excited to have launched ‘Your Personalised Handwriting,’ an AI-driven characteristic that enables clients so as to add their very own handwriting to our playing cards.
“This launch is a key step in our road-map of revolutionary options, leveraging rising AI applied sciences to reinforce the card-giving expertise.”
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The Impartial
#Moonpig #swings #loss #consumers #choose #cheaper #presents
Anna Clever , 2024-12-10 12:01:00
