The Boom of Gifting Industry and its Major Contributing Factors

Gifts as the name itself comes to mind, the excitement level in each one of us increases. The trend of gift-giving has been followed for several years. No matter what the occasion is, gifts have become the part and parcel of any occasion. This has directly benefited the gifting industries. The gifting industry is however categorized into two types – B2B (which is corporate gifting) and B2C (which is personal gifting). Both B2B and B2C gifting gives rise to the next two types of gifting i.e. Product gifting and Experience Gifting.

Experience Gifting is the latest innovation in the gifting industry. It started in the year 1990 in the UK when Red Letter Days came into existence. The company was founded by Rachel Elnaugh, a British Entrepreneur when she stumbled upon the idea of gifting her father a ticket for an England team Cricket match. This idea gives a huge success to Red Letter Days. Later on, following this idea several other companies were founded across the world.

Among the corporate gifting and personal gifting, the former one covers 80% of the overall share of the market. With the dawn of the digital economy and modern technology, the overall growth of the gifting market in India has taken a strong leap. This has eased the customers’ shopping experience from gift stores online and at the same time enhanced the level of their satisfaction by making online shopping viable.

However, the Indian customer plays a strong role in bringing this revolution. Their willingness and ability to look for seamless gifting options have altogether made the industry push towards creativity. Certain factors like personalized notes, creative packaging, initials engraved boxes, personalized photos on chocolate wrappers, and lots more have altogether rendered a seamless experience. People nowadays are enjoying the options to send flowers online, midnight deliveries, last-minute deliveries, etc.

Driving Factors Contributing to the Emergence of Gifting Market in India

Increase in Purchasing power: This factor has successfully contributed a lot in transforming the buying nature of the consumer. Wealthy lifestyles and rising buying needs have caused a tremendous shift in the buying behavior of a consumer. Nowadays, people are seen shifting from the traditional gifting options to personalized ones. This has transformed the gifts not just as an item but as a token of love to enhance the personal bond. The digital e-commerce platform has given room for several gift stores online to come up with uncountable collections to be chosen from. The digital era has caused a great boom of gifting industries as people can easily opt to send flowers online wherever they want. 

 Influence of western culture: One of the major factors contributing to the Indian gifting market is the influence of western culture. Several major market players have come up with the concept of corporate gifting for their employees during Diwali, Christmas, New Years, etc. Apart from that, trends of celebrating Mother’s Day, Father’s Day, Valentine’s Day, Thanksgiving Day, and lots more have contributed a lot towards the significant boom to the overall gifting industry. Nowadays, customers have a wide range of options to order gifts from gift stores online. These stores are offering great value to customers making their relationships grow stronger. The methods of sending flowers online have become so easy that in no time they can be sent anytime anywhere across the world.

The boom in the e-commerce industry: Over the past decades, India has noticed a tremendous boom in the online shopping experience. This has become successful owing to the start of digitization, deeper internet infiltration, and most importantly smooth and efficient logistic functions. Today with several gift stores online, customers are now open to wide spectrums of options. These stores are offering them a shopping experience that values not only money but time as well.

However, the future of the gifting industry is bright. It is expected to take a strong leap ahead to be counted as one among the top emerging industries. Advanced technologies taking place every day and secured payment structure are also playing a major role in contributing to rapid growth. The global gifting market is assessed to be USD 475 billion. And India is expecting to emerge as one of the strongest contributors by 2024.

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