Indian online gifting market is a quintessential contributor to the expansion of Indian gift industry. Moreover, it is ready to take a larger piece amidst the worldwide market in the future.
As a gift market, India proves to be one of the quickest rising markets for the online gifting sector. The online gifting market is predicted to rise over $200 Billion by 2026.
Fueled by the digital transformation, rising online consumerism, the online gifting industry has witnessed a colossal augmentation in the recent years.
Over the past 10 years, the online gifting space saw a consistent rise within the Indian gift market. Thanks to the growing purchasing power, gift manufacturers are boasting extreme creativity.
The two previous years proved to be milestone periods for the personalised gift industry, making it a profitable gift market choice for the customers and business owners alike.
The online gifting industry is divided into two parts: Personal and Corporate with the share distribution of 20% and 80%, respectively. Moreover, the corporate gift industry of India is worth Rs.12000 Crore alone. Moreover, it is growing at over 200% each year!
A customized online gifting item is tailor made for the giftee. It is not just materialistic but wrapped with love from the gifter to the giftee. The growing trend of customized gifting items has grown the entire online gift industry.
Moreover, a huge magnitude of gifters in India are now digitally apt and aiming towards quality online gifting markets that are both pocket friendly and easy to use. Examples include Amazon Handmade marketplace and Shopify. Learn how to open your own gift shop on Shopify and Amazon Handmade now!
Streaming customer satisfaction indicates that gifters aspire to give the personalized items by adding unique, personal features to it. Customized gift items account for more than $20 Billion in the gift industry.
What’s more? That’s just the start!
The cost of personalized online gifting services will rise to over $32 Billion in the near future. The gift market is more eclectic today. The gift industry is seeing the growth of several online gifting businesses which are diversifying the entire gift market.
Moreover, it denotes the start to a merry journey that it will have a major impact over the online gifting ecosystem. There is a plethora of online gifting business owners with a multitude of new entrants who offer similar services, tailor-made gifting options that are not just adding value but also enhancing service experience to the online gifting market of India.
How To Start A Customized Online Gifting Business
The personalized online gifting market in India is guided by a myriad of factors. If you want to be a part of it, here are the six key factors which you must keep in mind:
1) The Corporate Gift Market
Corporate online gifting industry has a huge share in the gift industry. The average order value has increased by $78 to $82 within a year!
Purchasing power of such corporations is around 55% higher than a decade ago! This step up is clear in the trends of the gift market and the online gifting space has been more innovative than ever!
Read this post from Inc to know more!
2) Quality User Experience
Indian gift industry has a wide scope to improve the online buying, delivering and servicing user experience. Gifting online is the most demanding function in the gift industry. The gifter has a small focus area and a wide array of choices, businesses and online shops to visit.
Therefore, you have to ensure the moment a customer visits your website, its beauty and ease of use engages them instantly and hooks them! That way, you’ll be a standout in the thousands of other gifts businesses!
3) Delivery Options
Delivery options significantly affect your online gifting business! The gift market wants everything done at the snap of the finger and ensuring that your delivery options are suitable to the gift industry is of quintessential importance.
Watch this short video to know more about delivery options in India:
4) Plantation Gifting
Plantation gifting is a new fire trend in the polluted world that is today. The modern gifter prefers durable and meaningful gift items such as plantations in place of disposable gifts. Customers can choose from a wide variety of plants including indoor plants, air purifying, medicinal, succulents, flowering plants, etc.
5) Technology
Choosing the right gift for your giftee could even the savviest gifter anxiety. In the modern time, online gifting platforms use artificial intelligence and data analytics to help find the right gifting solutions for customers.
Such technological tools also create an organic base of recurring customers and ensure that the customer has a good time on your online gifting store. It also increases your consumer satisfaction by over 30%!
6) Digital Marketing
India has more than 0.3 billion social networking users and the number is going nowhere but up! Social networking platforms are significant to getting popular amongst digital consumers.
Promoting products on social networking platforms such as Instagram, Facebook, Pinterest, Twitter amongst others help get the maximum visibility of online products.
Nevertheless, most of the time these social networking platforms impose their own rules onto you which you’re obliged to follow. Alternatively, you could build your own platform and do a more cost and time efficient marketing there which will yield better return on investment.
Check out our post on gift business advertising now!
Bottom Line
And we’re through! Now you know how to start your own online gifting for customized products in India!
However, another key factor that will surely affect your online gifting business is market research. Without knowing your competition, manufacturers, partners, amongst a multitude of other factors in the market, starting a business becomes time and cost heavy.
But worry not! Don’t waste multiple months getting trained in market research and then spend more time and money into the research itself! Leverage on our over five years of experience in the gift industry and let us do the market research for you! Check out our FREE Audit and Consultation services now!
Hope you’ve liked this post. If you did, let us know in the comments! In the meantime, check out our post on 7 Top Secrets To Succeed In The Gifts Business!