Moonpig: video and audio cards drive more orders
Moonpig has said its technological innovations are driving more orders as customers now want more than just words to send to their loved ones — they want videos and songs in greeting card format.
In half-year results, the online cards and gifts company posted revenue up almost five per cent year on year, causing shares to spike two per cent on Tuesday.
It put this down to “encouraging traction” with Moongpig Plus subscriptions and new features such as video and audio messages, stickers, emojis, flexible photographs and artificial intelligence (AI) personalised messages.
In recent months, Moonpig has consistently achieved a similar rate of growth to this.
“We continue to innovate to attract and retain our loyal customers,” said chief executive Nickyl Raithatha.
“During the period nearly four million customers used our innovative card creativity features such as audio and video messages, AI-generated text suggestions, stickers, flexible photos and digital gifting solutions.
“As the clear online leader in greetings cards, we remain well positioned to benefit from the long-term structural market shift to online,” Raithatha added.
The company is rolling out another subscription service called Greetz Plus during the second half of the financial year, even though Greetz’s revenue dropped 9.8 per cent from the first half of last year.
Moonpig’s profit rose 15.3 per cent to £89m and it said its full-year expectations remain the same despite a “challenging” external environment.