Some of you guys might recall Gastro Couture, a startup which aimed to help restaurant owners fill up empty tables by providing discounts for folks who reserve spare tables online. The startup has ceased working on that model, as co-founder Lester Chia explained that the idea didn’t really have much traction. But that didn’t end the team’s journey as entrepreneurs as it pivoted to launch Happybox.
The shiny new startup, Happybox, aims to innovate in the gifting industry in Singapore. It offers variously themed gift boxes which would include different kinds of gifts inside. Say, a “food and beverage” themed box would include a voucher that can be used in nine partnering restaurants, complete with a guide for your perusal.
I thought the gift industry is a red ocean and a very competitive space but Lester thought otherwise, of course. That said, you might want to discount my views since I’m not a person who likes to give gifts. I would very much prefer to meet up with friends and buy him/her a meal or coffee. Lester argued that Happybox can create a new opportunity within the gifting industry as he banks on gift customization. He explained:
There is a trend moving on toward the customization of gifts, and currently in the market while we can buy vouchers and gifts, we are not able to customize it to show thought and heart in our gifts. We are creating a platform where people can create personalized sleeves to wrap the giftbox (with the recipient’s picture and a personalized message), and also personalized greeting cards to be placed inside the box. So while we’re a traditional gifting company with a physical box, we are also adding in an additional online twist to the concept.
It does sound interesting and perhaps the actual gift would delight me more than just hearing it as a concept. But Happybox isn’t alone in the market. Other startups in the gift industry include Ineedgift (Singapore) and also Fokado (Indonesia). Or perhaps, any e-commerce sites could be competition, ranging from Amazon to iTunes prepaid cards as gifts. And not to mention the ‘subscription e-commerce’ startups – such as China’s MyLuxBox – which can deliver regular or monthly items. Tough market, I would say.