The concept of gifting has been a major part of our society for centuries. And with the recent developments, the industry has witnessed a major influx in demand. The e-commerce industry has seen a rapid and massive boom in the last decade and the online gifting industry has played a major role in this evolutionary development. This is because gifting revolves around emotions and thoughtfulness. It is a way in which we can show appreciation, support, empathy, and gratitude towards someone. Today, the global gifting market is projected to be $475 billion strong. And it is expected to emerge as the most influential contributor by the year 2024.
While picking a gift, there are quite a few things that need to be considered. Firstly, it should be something useful and secondly, it must be appreciated by the receiver. And the reason why the industry has seen such enormous development is that companies are paying keen attention to the consumers’ needs and the receivers’ expectations. Geekmonkey is one such e-gifting platform that offers unique and quirky gifting options. Established in the year 2017, Geekmonkey has an eccentric range of trendy options at incredible prices.
With the guidance of Mr. Anil Thapliyal (Vice President, IT) and the support of Mr. Harshit Gupta (Product Curation Department), Geekmonkey has grown by leaps and bounds in such a short period. The availability of a wide range of personalized gifting options at this e-gifting site acts as a testament to its advancement. Moreover, the personalized influencer program of this brand needs a special mention here for having provided the company a competitive edge over others in the market. The company also introduced a wide range of options, which can help people stay connected to their loved ones during these tough times. Not to mention, e-gifting offers one of the best platforms if you are planning to surprise your loved ones while ensuring utmost safety. Geekmonkey has always been proactive when it comes to innovating and coming up with new and quirky gift ideas. Although their gifts are aesthetically pleasing, they are quite functional and productive as well.
The thought that goes along with each gift is kept in account which has been a major reason in allowing the industry to grow at an exponential level. By adding value to each product, the gifting industry has been able to reach new zeniths of success.
Customization
Anything custom-made evokes a sense of exclusiveness and uniqueness. This is the reason why more and more people are driven towards customised and personalised gifting options. The thought that one can add personal value to their gift, enhances the overall experience for both – the buyer as well as the receiver. There are umpteen options that can be curated based on one’s personal and unique needs and preferences. This makes the industry quite sensitive towards the emotions of people and makes it a lot more relatable. Moreover, this will help the industry learn consumer behaviour in a better way and thus cut down on general and common gifting options.
Pricing in Corporate Gifting
One of the most important things considered while buying gifts is the budget. While it is a delicate topic, it must be discussed. Since corporates ensure that they make the right impression on their colleagues and clientele while offering a gift, which makes it is a lot more important to set an advisory role with regards to budgets. Even in some of the most professional setups, gifting plays a major role. This mere act can help in humanizing a business and helping you and your colleagues grow a stronger bond. Although the gifts need to be formal and must have a business-minded approach, they can still help you and your brand a lot. And with Geekmonkey’s wide range of corporate gifting options, you can impress your clients and colleagues without even burning in your hole in your pocket.
Employing Digital Marketing Tools
The ever-evolving digital world has also had a major impact on the gifting industry. An e-commerce website needs to have strong sales boost. In the next few years, we can expect to witness an upsurge in the easy-to-assemble gifting options on various e-commerce websites. While it will exhibit a sense of ‘Do-It-Yourself’ (DIY) gifting options, customization also plays a major role here.
To boost sales and gain the trust of customers, it is imperative to adopt a healthy social media approach and interact with the target audience. Since India houses one of the biggest social media bases for all the major platforms, it is important to reach out to the consumers.
The Pandemic Impact
As we all know, the pandemic has helped us realize the importance of family and has even helped us grow closer to our near and dear ones. And since gifting is primarily associated with emotions, the industry has seen a major increase in demand as well. More and more people are now sending gifts to their loved ones all across the world. This has been one of the few things that have helped them have a positive outlook even in such tragic times. Even with so many lockdowns and curfews, the gifting industry has only grown bigger in terms of clientele, trust, and numbers. The industry has also innovated and come up with various customised and creative options to meet the demands of the consumers that have evolved in the past year.
Merchandising
There are many companies, enterprises, start-ups, and even individuals that owe their success to the gifting industry. Local artists and talents have got recognition and got a boost in their work all thanks to this industry. And in the coming years, this trend is bound to become a lot more popular since gifting companies will continue to offer unique and exclusive options to their consumers. Larger and established merchandising brands will notice deals offered by other brands to make popular promotional materials for consumers. And with the ever-growing marketing industry growing, the gifting industry is also bound to innovate and revolutionise. After all, the market is majorly dependent on creativity and uniqueness.
The gifting industry has been recognised by some of the most prominent players which is no surprise at all. While various start-ups have been able to make a significant effect on the way personal and corporate gifting works, it has also managed to bring a shift in the industry that will see investments being made all across the eccentric spectrum of gifting. With so many innovative enterprises, it is expected to receive a major boost from the investments made for digitalizing the services. Also, a major part of the industry plans to invest to establish correct and accurate ways to comprehend consumer behaviour and demands when it comes to gifting. While the predictability of the ideal present has remained to be a mystery for centuries now, the investments made and the technological advancement can help a lot.
(Disclaimer: This is a branded content)
