A Stamford-based financial services company, Synchrony Financial announced that it is ready to buy the digital gifting platform Loop Commerce which is used by retailers to make every product giftable. Yet, the financial details of the deal were not revealed. Loop Commerce specializes in digital as well as in-store gifting services.
The acquisition will help Synchrony can send products to any recipient on their mail IDs with Loop’s GiftNow feature. Even the company can schedule delivery time of product including real time. People can exchange item and then sent to the address provided by the recipient. Even, Loop would Synchrony to move into a growing market.
Synchrony CEO and President, Margaret Keane said, “Our disciplined approach to growth and investments is designed to help us better execute in the digitally transforming world.” Further, Keane added, “The acquisition of Loop Commerce will deepen our bench of digital talent and create new capabilities in gifting, as we continue working toward creating the most compelling consumer experience at every touch point.”
Synchrony said in the statement that the team believes there’s an opportunity to reinvent the gifting category into one that encompasses shopping for others, is something that consumers do quite often but don’t think of as gift shopping.
Most of the brands including Banana Republic, Neiman Marcus, Athleta, Saks Fifth Avenue already using GiftNow.
Loop’s CEO, Roy Erez said, “Loop Commerce has pioneered the market of gift-commerce and working with Synchrony will allow us to rapidly expand our footprint, and further drive and fuel new business opportunities to our retail and ecosystem partners.”