Oh, How I Wish...

The days of the wish list have really advanced from the bridal registry kept at the local jewelry store. Today many online retailers host not only registry options for brides and babies, but also wish lists for those of us who really dread getting another sweater (you can insert your most expected gift here!)

Today's wish lists are even advancing to the point of being able to add items from other retailer sites. Amazon launched this service a few months ago, and today Best Buy announced that it too was launching a new registry feature called Giftag. This not only allows future grooms to choose PCs instead of place settings or big screens instead of bakeware, but couples will also be able to look for great items on other sites and add them to their Best Buy list.

So as a retailer, or even a manufacturer selling directly to the public, you have to ask yourself, "Why are these guys doing this, and what does it mean to my business?" Here's the scoop... registries or wish lists help your business in three important ways:

• First, they hook consumers and make them spend more time on your site. As online retailers know, more time on your site and more page views usually turns into more $$$. It also makes shoppers more aware of your full online assortment and encourages them to come back in the future.


• Second, people with wish lists tell other people! This form of viral marketing is better than most forms of advertising you can buy. These consumers email links, talk at showers, tell family, friends and co-workers. Most importantly come back to your site repeatedly to see what is being purchased!


• Third, sales. Having run a wedding registry program for a Fortune 100 Company for 5 years, I can assure you that the registry sales are higher per transaction than your store or site average. The average sale of a wedding registry purchases was 3 times the value of the normal home store purchase at the company where I worked. Guests don't go cheap when they are sending gifts they won't be able to touch and see first, so they opt for stepping up the purchase price.

The spending doesn't stop there either. People with registries and wish lists often "complete" their lists by buying the rest of the items for themselves. Many retailers give an incentive to do so, but after all the marketing and sales this person has generated for you, it is a small investment.

Finally, registry consumers who have a good experience during this time in their lives, are usually hooked as a long term customers shopping consistently with that retailer for the next 5 to 10+ years. What would you spend to generate that kind of loyalty?

Maybe it's time to start wishing for a wish list on your site.