Mobile devices propel domain of gifting

On the eve of this Mother’s Day, a cloud-based new enterprise solution provider for both B2C and B2B gift cards was busy powering the merchant gift card programs, to give many last minute shoppers and those who could not be with their Moms on this very special day with personalized gifts. This symbolizes the infusion of technology, especially the mobile devices in the domain of gifting. Read More

Sectors that corporate gifting industry players can target

A report prepared by Morgan Stanley estimates Indian food and beverages to go up by about another seven to eight percent. Home & personal care products sales will increase by up to four percent, driven by an increase in disposable income in the next five-six years. Adding appeal to India’s consumption story is fast-rising rural wage levels that have continued to go up, more than 18 percent on YoY basis as of 2012. Read More

Economics of the upcoming Mother’s Day celebrations in America

An interesting piece of information published by the Week throws light on enormous economics of the upcoming Mother’s Day celebrations, indicating that Americans are likely to spend over $2 billion so as shower their moms with gifts and flowers this Sunday. The numbers below indicate how an occasion like Mother’s Day can provide a big boost to gifting, giving, and offering presents, resulting in a huge business opportunity to vendors, retailers and manufacturers. Read More

Clients becoming more selective while picking gifts

According to corporate gifting industry sources, the estimated market size is in the region of Rs12,000 crore for corporate gifts, and the same is projected to increase between 5 to 10 percent annually.

Keeping this in mind, emerging players from the domain are unleashing an array of exciting, end-to-end gifting solutions. The idea is to tap the immense business potential and opportunity in this particular segment that has been still unexplored to a large extent

Of course, the competition is more intense and clients are getting extremely choosy. Those from the metro cities seek customized offerings for the branding purpose. Emphasis on their part is on proper packaging and attractive presentation to enhance their image. Companies located in tier II & III cities owing to constrained budgets are more conservative in approach. But there’s clear realization of the fact that gifts are a must to enhance the brand image.

An elaborate news report in The Economic Times highlights how corporate gifting industry players located in Noida and Greater Noida are gearing up to leverage the vast potential offered by the segment. Based on a series of interviews with the industry insiders, it makes some interesting observations about the current trends and corporate gifting market scenario.

For example, people in metro cities are more tuned to the prevailing market conditions and ground-level realities in terms of what is presently available and in demand, whereas those belonging to tier II and III cities are not averse to go with what is available instead of customizing their gift items because that is not feasible owing to lower budgets. The priority is to cut costs so they crosscheck with different gift providers so as to bargain harder and secure a better deal.

Despite tough market conditions, corporate entities especially from FMCG, travel & tourism, media etc stick to periodic gifting programs since these boost the morale of their business associates, lift the spirit of their employees and help them win client goodwill, thus nurturing mutually beneficial business relations with all stakeholders.

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Branded content as the new ‘tangible’ corporate gift

Corporate gifting has been an integral element of marketing strategies for long, since it’s an effective tool to acquire and hold on to key clients. However, stringent and complex corporate governance policies, in many countries, are hampering the scope for giving and receiving gifts, as it could be construed as a bribe. Continue reading

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Market research vital to success in today’s competitive corporate gifting market

Tcho chocolates, comprising organic ingredients and made of ‘fair trade’ quality cacao beans from Peru, Ghana and Ecuador, are making headway into Indian taste buds. The luxury chocolate maker from San Francisco is keen to penetrate the vast Indian market, with a plan to sell there in the next few years.

Its luscious chocolates with flagship dark feel and flavor, laced with nuts can be popular in India, the company feels. Its president Jane Metcalfe argues that people in the country have a culture of consuming sweets; it’s a big aspect of the food for them so India is certainly an excellent opportunity though it remains not only a big but also very complicated market.

They are banking on the fact that Indians will move away from costlier albeit more traditional sweets to chocolates during big social and personal celebrations like Holi (the spring harvest season) and Diwali (start of the Hindu New Year) as well as weddings anniversary and birthday celebrations. The country’s premium market is going to be huge in a decade from now, the chocolate makers believe though for now they just want to position themselves there, get prospective consumers to know more about their products and strike a chord with them.

There’s clearly a lesson to be learnt here. Market research, studying customer behavior, localization and customization are absolutely vital to sustain and expand a product-service in today’s challenging times. By tuning their offerings to Indian taste buds, the US chocolate companies are trying to open themselves up to the country’s potentially limitless customer base.

In today’s competitive and fast-evolving market conditions as well as technological advances, corporate gift providers must remain tuned to the trends and mindset of the target audience so that they are able to align their product/service portfolio to the current trends. It is no more possible to work in isolation and expect customers to accept what you are offering. Executives clearly are looking for more dynamic and innovative options to promote their personal and business image, something that the corporate gift manufacturers need to imbibe in their overall work culture.

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