Rise In Personalized Gifting Industry
The gifting industry witnessed a noticeable shift in the behaviour of the buyer. When it comes to online gifting, the total display share of the online gifting industry is anticipated to reach $84 billion by 2024.
“This year, we have seen positivity and cheerfulness return after the following tough last 18 months. This is also leading to bigger celebrations and family celebrating with loved ones", said Vimal Sharma, Founder and CEO, SMOOR.
Online gifting has emerged as one of the most growing markets in a few years. "Demand for online gifting is on the rise, which will boost revenues of e-commerce firms," said Sweta Gupta, Founder, The Good Road.
Personalized gifts are purely made for your close and loved ones for their special moment as well as for special days. It is not just a snippet of a product that is covered by a gleaming material. The interest in personalized gifts is growing at such a pace that it has unlocked an altogether new industry recognized as the online gifting industry.
While shedding light on increasing demand for custom gifting Akash Sharma, Co-Founder Farmley said, “At Farmley, we have introduced a wide variety of gifting options keeping different consumer personas and discovery channels in mind. While everyone is focusing on brand discovery, we like to keep an additional focus on customer experience and product quality. Diversifying and customizing our offerings have enabled us to take podium positions in our category on almost all e-comm channels".
Festive Gifting: Trends
The gifting has changed over the years, from Archies Gallery to personalised gifting, each has its own charm. Although, buying greeting cards has not become old-school. But online gifting has replaced a visit to a brick-and-mortar shop.
"There is no better way to show up to a wedding or festive occasion than in a pair of custom-made pants, and there is no better gift to your loved ones than giving them something that fits them well and makes them look great and feel good about themselves," said Dhruv Toshniwal, Founder and CEO, The Pant Project.
Every year, firms find new ways of gifting ideas. For instance, gift boxes containing pictures, chocolates, and other items that a specific person enjoys. Also, gift boxes containing chocolates or sweets of particular taste, exotic fragrances are some favourite options. On the other hand, handmade gifts are also gaining popularity these days.
Festive Gifting: Trends - Visual appeal: Brands use attractive packaging to bring about this transition among consumers. Most of the decisions about food gifting items take place in stores and packaging plays a key role in these fast, split-second decisions.
Kartik Singhal, Founder of O2 Cure & Director of Zeco Aircon said, "We pay special emphasis on the recyclable packages along with other imperative measures such as standardisation of labels and merchandises. As a part of sustainable solutions, we partnered with Ozone cell under Montreal act to reduce ozone depleting product usage in any byproduct."
Readily Available: It is worthwhile to note that only those companies that pay attention to their supply chain can reap exponential benefits during the festivity period. The adage ‘supply creates its own demand’ can come true in the festive season with companies whose products are readily available scoring higher in terms of customer preference.
A Click Away: Another trend, which largely mirrors other categories, is the rising importance of e-commerce in the gifting space. Large e-commerce companies like Amazon, Flipkart and Snapdeal have specific sections dedicated to gifting. At the same time, most players in the offline space are widening their online presence to capture the online gifting space.
Road Ahead
New-age consumer: Working professionals and millennials within the age group of 25-35 years are tech-savvy, upwardly mobile, discerning, and usually running on a time crunch due to their busy schedules are some of the key characteristics of our new-age consumers.
- Intuitiveness, uniqueness and innovation factor of personalised gifting: Over the years, our consumer base has become extremely conscious when it comes to the selection, quality, customisation and uniqueness of personalised gifts.
- Green gifting: Gifting plants is an upcoming trend in the e-gifting market.
-Evolution of digital marketing: Social media platforms are the key to digital marketing popularity and success. Promoting products on social media like Facebook, Instagram, Linked In, Pinterest and Twitter help get the maximum visibility of online products. Exciting offers and deals create an immediate buying urge.
