Making his fortune in the 1990s Australian real estate market with his company Precision Group, Founder and CEO Shaun Bonétt is a true startup success, but it doesn’t stop there. More recently the entrepreneur launched Prezzee – a global digital gift card company changing the future of giving.
While Bonétt enjoys his stellar success, thanks in part to the network of shopping centres he acquired earlier in his career, he is also inspiring the business world.
Shining a light on the innovative team behind Precision Group is one of the moments Bonétt is most looking forward to as a Gold Sponsor at The CEO Magazine’s 10th Executive of the Year Awards.
“Sponsorships help businesses increase their credibility, improve public image and build prestige,” Bonétt says. “It’s important for businesses to do their part in celebrating industry players and their people at award ceremonies such as the Executive of the Year Awards.
“By associating with national business accolades, we can showcase Precision Group’s real competitive advantage, which is our people and our culture, and the unique ability of the Precision Group team to build enduring relationships by being professional, living the company values, collaborating well and being solutions focused.”
It’s this competitive advantage combined with being privately owned that allows the Group to play the long game.
“Precision has never been about jumping on a certain trend. We always go back to what the local market needs and focus on that in a very strategic and careful way,” Bonétt explains. “Changing and rewriting the rules of doing business is what makes Precision Group unique.”
Its core team of senior executives has allowed the business to go from strength to strength. Through nurturing seasoned staff and bringing in fresh talent, the Group has met the challenges of expansion in new markets, adapted to the rise of digital technology and swiftly overcome a changing retail environment.
“The stability and experience of Precision Group’s board and management team has been a major reason for the organisation’s success,” Bonétt reflects.
Prezzee: the ultimate feel-good gift to give
We’ve all been there: forcing a smile after opening a gift we know we’ll never use.
In 2019, US$15.2 billion was wasted on unwanted gifts in the US, Finder reports. In the same year, about 154 million Americans received at least one unwanted gift, ultimately adding to the devastating toll consumerism can have on the environment.
This is where Prezzee steps in. Striving to change the future of gifting, Bonétt established the eGift Card venture to make the gifting experience smoother for the giver, the purchaser and even the planet.
“With sustainability at the top of mind for many consumers, it’s never been more important for brands to follow suit,” Bonétt tells The CEO Magazine. “eGift cards are not only a safe contactless gift, but an environmentally friendly choice that requires no plastic or paper.
“As a business, Prezzee has saved more than 64,500 kilograms of PVC plastic and 264,000 kilograms of CO2 emissions.”
Since Prezzee was launched in 2014, more than 16 million eGift Cards have been sold globally with the US leading the global gift card market
“We’re taking the world by storm.” – Shaun Bonétt
While the digital gift card industry is expected to reach US$207 billion by 2027, it’s Prezzee’s approach to technology that sets the company apart from any competitors.
“Our strength is our technology platform,” Bonétt explains. “We’ve created a simple best-in-class experience for customers and retail merchants, and it underpins the white-label product we offer to our whole suite of buy now, pay later and rewards partners.
“It’s not only the product strength that makes Prezzee a success but the people behind the product. We are competing for talent across the fintech sector. Therefore, the culture and the values have to be rock solid.”
More recently, Prezzee was confirmed as a Mastercard Global Digital Rewards Partner where it provides rewards to seamlessly deliver the best range of gift cards into the Mastercard rewards and incentives program. As the program is 100 per cent digital – through email and SMS delivery – it adds to the sustainable appeal.
“It takes us another step closer to managing our overall environmental footprint by not contributing to landfill with plastic gift cards,” Bonétt explains.
There are more than 500 brands globally accessible through the Mastercard Rewards platform, including Apple, Amazon, Bloomingdales and Airbnb.
“This is a game-changer for Prezzee,” Bonétt says. “MasterCard is the leading global technology and payments company. This partnership will take Prezzee beyond borders, to new markets and connect it with billions of new consumers to create meaningful giving experiences.
“Prezzee has revolutionised the way consumers shop for presents and now it’s taking the world by storm.”
Debunking myths
Myth #1: Gift card platforms don’t attract new customers
“Retailers have the opportunity to tap into new customers through Prezzee, creating a wider reach and raising brand awareness away from their own online communities,” Bonétt says. “The B2B platform, Prezzee Business, opens up brands to the lucrative sector of corporate clients with big and small businesses using eGift Cards to reward, incentivise and market programs.”
Myth #2: Customers don’t like gift cards
“Lockdown restrictions across Australia accelerated digital-first innovations, with the majority of Aussie consumers lacking the ability to shop or give presents in-person,” he explains. “Digital gifting has become the go-to for celebrating special moments and milestones from afar.”
Myth #3: Gift cards are impersonal
“Prezzee offers a range of options to personalise the gifting experience – add a video, picture or audio message to create a custom greeting,” Bonétt shares. “These considered touches are what makes a memorable and unique gift experience.”