Gifting Trending in Indian Market
Online Gifting with the economic development gifting has undergone a sea change shifting progressively from merely giving money to relatives to well-wishers, friends, colleagues, economically weaker sections. Simultaneously, the occasion for gifting has also widened significantly coupled with occasion relevant gift items. Some notable trending gift items for Corporate gifts, promotional Gifts, and occasional gifts are clothing, watches, personal utility items, specialty foods, jewelry, and other luxury items. In a way, gifting is seen by the elite as a way of sharing their wealth with weaker sections of the Society.
According to some studies, The Gifting Market in India is worth about $30billion of which the share of online gifting is around $400 million and is slowly increasing due to the following benefits:
- Time Saving as the person can order products sitting in their home without roaming place to place to buy traditional Indian gifts.
- Wider choice and better value for money due to reduced supply chain costs.
- The concept of “Utility Value” differs from person to person.
- Ways to pool resources from many invitees to buy high-value gift items for birthday to someone that makes a lasting impression.
- Personalized gifts tailor-made for a specific person and occasion to improve bonding and relationship building.
Online Gifting can be categorized into Festive Range, Promotional Gifting, and Corporate Gifting Solutions. All of these can be in the forms of cash/cash equivalents/household /utility items/perishable items like Packaged food items like chocolates, Dry fruits, Cookies, and more.
Corporate Gifting is a relatively emerging area and covers gifting by various business organizations to its employees, suppliers, customers, service providers – and other stakeholders. It may be of interest to note that business organizations now look at various stakeholders as ‘Partners in Progress’ and hence resort to gifting during festivals to build lasting relationships. Where online gifting solutions give a unique opportunity to deliver online gifts on a specific day and time when the occasion is being celebrated avoiding last moment delays and other haphazard.
With multiple choices and benefits to consumers, Online Gifting is here to stay and is surely headed for spectacular growth in the many years ahead. With innovations in technology, new and unique product designs consumer preferences and tastes will be well served by Online Gifting!