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In the time of crisis can you imagine Gifting in a whole unique form? The gifting industry in India, which
In the time of crisis can you imagine Gifting in a whole unique form?
The gifting industry in India, which grows approx. 200% every year is expected to touch USD 84 billion by 2024 from USD 65 million. Amidst the lockdown and ongoing pandemic that has created waves of economic challenges, the relevance of gifting, which was considered a luxury expense is now surprisingly evolving and redefining its relevance itself in innovative ways which may change how gifts would be perused!
Innovative Gifting experiments in the lockdown
In a recent article published in The New Indian Express, Pawan Gadia, CEO of Ferns N Petals, India’s leading Gifts and Flower retailer brand shared a unique insight about their new experiment in the gifting sector. In a statement, Mr. Gadia said, “Since we can’t deliver anything in physical form, one of our team members, Surender Singh, came up with this idea of Guitarist on Video Call. If a person X wants to send some love to a friend Y as a musical gesture, they can place an order on the site by selecting a bouquet of songs or the mood of songs. After the order is placed, the guitarist contacts the sender and takes down the list of songs to be played via WhatsApp video conference call with the sender and recipient. The guitarist will play the songs for 10 to 30 minutes, depending on the option chosen by the sender. It’s a gift that brings a smile on everyone’s face. It is a great way to cheer up and gift happiness to your loved ones even when they are miles apart.
Analyzing the impact of this unique experiment, Mr. Gadia added that, “When we saw this idea working, we moved on to the second one, Personalized Video Message. The sender has to add images, and a personalised heartfelt message in the text box and then FNP’s guitarist will record that message and club it together with the song and images to create a beautiful personalised video with music, which will be sent to the receiver as well as the sender. The third option is e-greeting – a digital card with a photograph and your voice message accompanied by music. This is similar to the video message. The fourth one is Personalised e-books that comprise storybooks, romance books, and books for kids. Here, a child becomes a character from the book, such as Aladdin, Cinderella and Snow White. Then, there are Personalised Caricatures and Posters to wish dear ones on their birthday or any special day. They have even tried to include professional instrument players. For instance, if someone likes qawwali, or saxophone, or guitar tunes, you can gift them a 15-minute session. The artiste will call the person and play the instrument”.
The first four digital gifts – guitarist on call, video message, e-books, and e-greetings is getting good traction from the customers.
Growing online customer traction
Currently, online platforms are boosting the country’s gifting market. Though it would be obvious to expect an increasing number of consumers opting for online gifting during the lockdown, the evolution of gifting ways and forms is more exciting. Increasing digitalization and the adoption of technologies are significantly driving the gifting market in India.
To boost customer confidence personalization and customization of gift products with creative packaging, personalized notes, initial engraved boxes, etc., always played a crucial role in customer engagement. In the same way, personalisation of E-Gifting is gaining significant traction in the new normal phase.
The gifting industry has always played a vital role as a mediator helping bridge the relationship between clients and customers in both good and bad times. This time, it seems to be playing the same role but in a more unique and experiential form!
Dear Readers, Greetings from Giftex! We hope you are safe and in a good light. We realise that the current
Greetings from Giftex!
We hope you are safe and in a good light.
We realise that the current situation hasn’t been something anyone of us would have expected. This pandemic has brought all of us in a phase of redefining the way we have been living and working.
Since the last three decades, Giftex has time and again been the voice of the industry through its platform. The trust of our partners and clients empowered our vision to constantly work towards defining how buyers and sellers interact with each other. That said, we have been consistently working to build an ecosystem that helped businesses explore the best opportunities to serve their target clients and customers.
Today, the unprecedented circumstances have left the industry in a state of shock and we realise that at such times we have a responsibility towards the industry as a platform.
Amidst the crisis, the negativity surrounding the news about the ecosystem, economy, employment, and businesses is doing more harm than good. This needs to change!
To revive any kind of situation in a time of crisis, hope and positivity play a vital role. Someone strongly needs to speak about the other side- The Positive Side and share a fact-based narrative that ignites hope, positivity, and opportunities in tough times.
Hence, with immense pleasure, we wish to introduce ‘Giftex Good News’– A series of positive news about the market and the industry which will aim to inspire our readers with real stories of business growth, new demand, innovation, and progress in the time of crisis.
To begin with, let us give you a quick sneak-peak of the Good News during the pandemic that must have missed. Here is what happened among various sectors!
Gifting: An article in the New Indian Express suggested that during the lockdown the E-Gifting market got significant traction with makers introducing new forms of gifts to attack customers!
FMGC: With the supply chain stabilising, FMGC companies report sales growth in June!
Banking: HDFC bank loan grows 21% during the lockdown quarter.
Automobiles: The automobiles sector sees a surge in recovery with June with a significant rise in demand.
Stock market: The stock market continues to surprise with the occasional rise and surge during the pandemic.
Real Estate: The real estate digital sales have come up in a big way during the pandemic, quotes Godrej Properties MD, Mohit Malhotra.
Urban and Rural markets: RGP group chairman and industrialist Harsh Goenka estimates that rural markets will bounce back better than urban industrial economy.
And many more!
We hope these series of ‘Good News’ will inspire our readers to look at the situation with new spirit and positivity and help them adapt to the new normal with innovative approach.
We are in this together to emerge stronger than ever!
The pandemic Covid-19 has created a global panic. The existing market was going through a slowdown with companies struggling to
The pandemic Covid-19 has created a global panic. The existing market was going through a slowdown with companies struggling to boost sales and demand, the global outbreak of the virus has added fuel to the fire. Experts suggest that the coronavirus will have a more severe impact on the world than the 2008 recession.
With majority of businesses getting affected, can this pandemic also infect the Corporate Gifting Industry?
Since the outbreak of the virus in China, Wuhan in December 2019, the trade exports were stopped in January 2020. Many Indian corporate gifting, as well as product-based industries, small and mid-size businesses were directly dependent on the Chinese market for raw and finished goods.
India’s top ten imports from China comprise 79% of the overall imports from China. The majority of the share is held by Electrical equipment (HS-85) at 34.5%, followed by Mechanical appliances (17.7%) and Organic Chemicals (9.2%) among others.
Reviving Chinese market
Chinese businesses are striving hard to go back to normal. There have been companies that were even functional during the peak epidemic crises. Currently, they are planning to open and restore many more factory operations.
Data compiled by China’s internet giant Baidu Inc(BIDU.O) shows that Guangdong province, an economic and export powerhouse in the south, and Zhejiang province, a major manufacturing hub for textile and machines in the east, are seeing significantly more return of migrant workers since last week. At the current daily travel flow rate of more than 14 million people, about 192 million people are likely to return to cities where they work, beating a government projection of 120 million.
“Guangdong is prioritizing production resumption at information technology, automobile, petrochemicals and household appliances firms… especially Huawei, ZTE Mideaand GAC Group,” said a senior Guangdong official in a statement.
The Indian Corporate Gifting Sector
How will the booming 12000 crores corporate gifting sector respond to the crisis?
The answer to this question can be analysed by understanding how the market responded during the earlier recession and how relevant was corporate gifting sector in those days.
Going back to the economic recession in the early 1990’s which saw a dramatic reduction in corporate gift-giving activities, however, by the mid-1990’s the sector recovered and had created a firmer niche within the marketing sphere, and since then corporate gifts and incentives have continued to grow exponentially.
A report published in November 2008, by Economics Times stated that during the recession period,” the corporate gifting market had fallen nearly 30% as stated by the shopkeepers and traders”.Later the sector revived soon exponentially.
Amidst the similar patterns, there is a difference between the 2020 pandemic and slowdown combined with the one in 1990 and 2008– A stronger significance of corporate gifts among clients and customers.
“During the recession, Corporate Gifts work as a kind of business investment.”
Today, corporate gifting has more significance than ever in the new age business circle. With new companies adopting various policies to build strong public relations with their clients and customers, Corporate gifts have become one of the most reliable tools to enhance corporate image and create goodwill.
In such times, when businesses attempt to revive their business through effective sales, marketing and public relationship strategy, corporate gifting used in coordination with other tools in the marketing communication mix can help in easing the initial communication and attain the objective of adding value to the current and future service offering, maintain a good relationship with both customers, employees and stakeholders.
With well-defined objectives, companies can ensure that the gifts are correctly targeted, creative and ethically accountable.
Experts suggest that “Corporate gifting during the recession is indeed an opportunity to build a more organic relationship with clients and customers.”
And it would not be unrealistic to predict that post the lock down when companies and sectors would be on a route to revive their processes, the corporate gifting market may see a positive revival and may prove as a vaccine to severely impacted industries infected by a global virus!
“All the world’s a stage, and all the men and women merely players..” – William Shakespeare Shakespeare’s words are still
“All the world’s a stage, and all the men and women merely players..” – William Shakespeare
Shakespeare’s words are still so relevant in today’s world. Apart from the metaphorical relevance to a 25ft x 20ft stage with the real world, the stage with the limited dimensions itself is a universe that has no infinity.
Every year, 27 March is observed as World Theater Day across the World to create awareness about the losing importance of Theater. It was initiated in 1961 by the International Theater Institute ITI to reflect the importance of theater and the impact of the art form on the world.
For years the audiences who have been attracted to the stage have only grown over time encouraging a wide range of experiments and forms. The live performances market in India is more then worth 354 billion and is growing at a speed of 13.5% every year according to a report published by FICCI in 2016.
And with years, the experience market will only grow exponentially as the live art form not only possesses the ability to create memories but indeed can endeavor real-time transformations.
Hence, apart from the product gifting market, the live experience sector is booming at a significant pace as the new way of gifting.
Corporate companies, individuals and organisations are tending to gift experiences to their clients and employees by organizing live performances, gifting concerts and shows passes as a part of their cultural programs, important corporate gifting occasions and occasional retreats.
Despite the growing demand of the OTT platforms like Netflix, Hotstar, Amazon Prime, etc., where viewers can view best entertainment shows at their home; the live experiences market stands stronger and grows at its own pace as the fascination of interacting with live performers and experiencing live art has got its loyal audiences which keeps growing with time and shall continue to contribute in keeping the life of live art alive!
Giftex is here again! The 2020 edition is set to underline why the event is without a doubt among the
Giftex is here again! The 2020 edition is set to underline why the event is without a doubt among the most keenly awaited and highly valued shows in its domain. It’s truly one of its kind events not only in Mumbai but across India.
Indeed no other exhibit revolving around the theme of gifting manages to generate so much buzz and excitement as this annual show. What are its features that make Giftex so special and unique?
The overwhelming response to the previous Giftex edition 2019 was because of extremely enthusiastic participation. This is another exciting aspect of the event. Top business professionals cutting across a diverse spectrum of business industries, domains, brands, and domains is a testimony to the rising popularity of this hugely successful event.
“Get closer than ever to your customers. So close that you tell them what they need before they realize it
“Get closer than ever to your customers. So close that you tell them what they need before they realize it themselves” – Steve Jobs
We all have heard Consumer is the King! Their behavior drives the future of the market and it impacts the world economy. Everyone in the world wants to win over consumers and they drive the success and the future of their business.
Research companies put billions of dollars to understand their psychology and the way they will think in the future and companies indeed spend millions and billions to know that!
But, when it comes to celebrating World Consumer Day in real sense, what is the gift that we as creators, manufacturers, service providers, businesses and traders can gift to over consumers to acknowledge their immortal importance?
Here is a small checklist:
A Fair Deal: Consumers are always in search of getting more then what they pay. A deliverable that values the price they pay, an equation of quality over quantity.
Trust and Transparency: The biggest companies are the ones who have developed a brand of trust over their years of trade practices. Consumer loyalty can only be developed with consistent trust and transparency through one’s product or services.
Better Trade Practices: Although there are various company norms about ideal trade practices. In the era of competition, everyone is willing to win the market and the consumers. Better trade practice concerning the standards of manufacturing, marketing and reaching out will always benefit the consumer in choosing the right product.
Value Their Feedback: Sell what your consumer want and not what you want to sell,” this old quote sums up everything. The best market research lies in consumers’ feedback.
But among all, the most valuable and memorable gift every consumer deserves is Value and Experience. The only way the product or service can speak for itself it through its value and experience it creates its users. If anyone consistently manages to do that, then they have done their part for their consumer!
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