How Change in Consumer Buying Behaviour Has Revolutionized the Online Gifting Market in India
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The gifting industry in India has witnessed a paradigm shift over the past decade due to rising income levels and aspirations. The global gifting market is estimated to be USD 475 billion, and India is expected to emerge as one of the strongest contributors by 2024. A recent research report by Qwikcilver revealed that the country is set to touch USD 84 billion by 2024 from USD 65 million at present.
Online Gifting and Digital Revolution
India is witnessing a digital revolution which has further transformed the consumers online shopping experience. The Indian consumer today is well-heeled and well-travelled and is on a constant lookout for something new. Increase in disposal incomes, the influence of western culture, extensive exposure of digital media, aspirations and approach to opt for a product which is unique and unconventional are some of the driving factors contributing to the rapid shift in the consumer buying behaviour. India over a decade has noticed an enormous boost of the online shopping experience in India. The advent of digitalization, deeper internet penetration and efficient and smooth functioning of logistics have contributed to the growth of the e-commerce industry in India further giving a boost to personalized gifting online market as well.
The e-tail industry is witnessing huge momentum worldwide, and India is one of the world’s fastest growing online retail markets today. Easy accessibility of International brands, interesting offers & deals, time efficiency, efficient customer support and review management are some of the few factors contributing to the overall growth. This recent shift is revolutionizing the online gifting market in India in a way that today people do a lot of research online before making a mind to purchase. Factors like creative packaging, personalized note, initials engraved boxes etc. render all together a seamless experience further attracting the millennials.
The online gifting trend is gaining immense popularity with a large section of the Indian population being tech-savvy. Today Millennials opt for product/services that render economical and convenient shopping experience. A recent research report by Qwikcilver revealed that the digital gifting transaction would scale 3-fold in the next 4 years. The gifting market in India which is estimated at $30 billion of which $400 million would be attributed to the digital space.
The rise in the income, aspirations and spending capacity of people has contributed towards a significant boost to the online gifting industry. With time the gifts and gifting styles both have evolved. Affluent lifestyle and recent buying needs of the aspirants have resulted in a massive shift in the consumer buying behaviour, especially the young generation. People today are moving from traditional gifting options like edibles and greeting cards and are moving towards unique and unconventional customized gifting ideas which further transform a gift into a symbol or token of a personal bond.
Ability to Pay
Today’s consumer has both the willingness and ability to pay for innovative gifting ideas. They opt for ideas which are unique and render personal touch and feel which indeed has given a boost to personalized gifting market. Even the emergence of corporate gifting trend introduced by MNCs and bigger players of the market has contributed to the overall growth of the gifting market in India.
With the emergence of smartphone culture, the millennials are heading to embrace digital gifting experience on an immense scale. The online gifting industry has witnessed a remarkable growth in the past decade, and the trend expects an upward swing in the future as well. The Indian consumer has evolved over the years - increased consumption pattern due to growing penetration of the internet and easy access to information with the rise in smartphone users has given a boost to the overall online retail marketplace in India.