How are e-commerce platforms introducing new concepts and innovations in the corporate gifting space?
Gifting has always been an integral part of Indian culture. India, as a country, offers umpteen occasions to share and exchange gifts. People use gifting as an expression of appreciation and gratitude. Gifts help in establishing new relationships and re-energizing existing ones as well. The Indian festive spirit remains buoyed up throughout the year, and it adds to the growth of the gifting industry. Recent research by Quiksilver suggests that the size of the gifting industry in India is bound to breach the $84 billion mark by 2024. Retail, hospitality, airlines, and consumer goods industry has been fuelling the growth of the gifting industry.With the advent of social media and e-commerce, the gifting landscape has undergone a seismic change. Millennials have fuelled the culture of gifting for occasions such as Women’s Day, Father’s Day, Valentine’s Day, work anniversaries, etc. There has been a shift in consumer behavior, which has forced ecommerce platforms to come up with innovative gifting solutions. There is an increased demand for cash backs, discounts, vouchers, coupons, etc. It has driven the demand for e-gifting solutions such as e-gifts. E-gift cards are easy -
redeemable and are quite popular amongst masses. They can be sent instantly and offer the recipient the freedom to buy things of his/her liking. E-gifts are being used by business houses extensively for corporate gifting. B2B sales drive more than 30 percent of the sales of gift cards.
Corporate gifting has matured over the years. It has come a long way from being a part of sales promotion and forms an integral part of the marketing and communication strategy. Today, organizations have defined corporate gifting policies in place, and budgets are earmarked for business gifting every fiscal year to nurture and create goodwill among business partners and stakeholders. Corporate Gifting Industry Trends: India, 2019 report from Giftex highlights that the pharma sector is the leading buyer of corporate gifts followed by Banking and Financial Services (BFSI), IT industry, and Travel, Tour and Hospitality Industries. Gifts, novelties. Promotional merchandise, electronics, food, and travel accessories such as backpacks are some broad product categories chosen by businesses for corporate gifting. There is a marked shift from obvious gifting choices towards organic and eco-friendly gifts for corporate gifting. New customer acquisition is the primary reason why businesses continue to invest in corporate gifting.
Gifting is also about the experience. E-commerce platforms are leveraging technology to ensure the on-time delivery of gifts at competitive prices. Today, consumers are spoilt for choice, and the urban millennial generation wants more. They look for tailor-made gifting at reasonable prices. Emerging technologies such as artificial intelligence and machine learning are being used by gifting players to offer personalized recommendations to consumers at attractive prices.
As the gifting industry continues to adapt to ever-changing new age demands, innovation will be the sole differentiator for e-commerce platforms. More unique options will outpace conventional gifting items. The acquisition and retention of new-age customers is not going to be easy. Personalization and improvisation will hold the key to success for gifting players.
Corporate gifting has matured over the years. It has come a long way from being a part of sales promotion and forms an integral part of the marketing and communication strategy. Today, organizations have defined corporate gifting policies in place, and budgets are earmarked for business gifting every fiscal year to nurture and create goodwill among business partners and stakeholders. Corporate Gifting Industry Trends: India, 2019 report from Giftex highlights that the pharma sector is the leading buyer of corporate gifts followed by Banking and Financial Services (BFSI), IT industry, and Travel, Tour and Hospitality Industries. Gifts, novelties. Promotional merchandise, electronics, food, and travel accessories such as backpacks are some broad product categories chosen by businesses for corporate gifting. There is a marked shift from obvious gifting choices towards organic and eco-friendly gifts for corporate gifting. New customer acquisition is the primary reason why businesses continue to invest in corporate gifting.
Gifting is also about the experience. E-commerce platforms are leveraging technology to ensure the on-time delivery of gifts at competitive prices. Today, consumers are spoilt for choice, and the urban millennial generation wants more. They look for tailor-made gifting at reasonable prices. Emerging technologies such as artificial intelligence and machine learning are being used by gifting players to offer personalized recommendations to consumers at attractive prices.
As the gifting industry continues to adapt to ever-changing new age demands, innovation will be the sole differentiator for e-commerce platforms. More unique options will outpace conventional gifting items. The acquisition and retention of new-age customers is not going to be easy. Personalization and improvisation will hold the key to success for gifting players.
