Gifts: The Next Big Industry Fueled by India’s Growing Middle Class
You’d be right to sideline gifting as a negligible industry in India until now. Because as it turns out, the Indian gifting industry is worth an estimated $30 Billion. Although that number may look big, it isn’t nearly as big as it could be. To give you some perspective, the online gifting space is, at this point, estimated to be worth about $100 million, leaving tremendous potential for growth.
The past few years have seen a remarkable increase in Indians buying online. With the consistent rise in internet and smartphone penetration in the country, even more, Indian customers will shop and look to purchase gifts online. The question is if India’s online retailers are ready for that kind of demand.
At this point, there are very few players dedicated to enabling customers to buy gifts online. However, there have been some online gift portals that have been aggressively promoting online gift buying. The availability of Ferns and Petals coupons online is a good example of how discounts could help one-stop-gifting portals to get some love from customers. The potential for unique and personalized gifts is also something that could accommodate many more merchants.
Buying a unique gift is a problem that keeps most buyers irritated. But it is also an opportunity worth millions of dollars. Portals for creative and unique gifts haven’t emerged yet in India and are expected to take off with the first significant player that appears. More consumers are willing to shell out more money to avoid the clutter of all-category retail for some precious high-quality choices.
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Fan merchandise is an opportunity that’s worth too much to be ignored. Pop culture, TV, and Films have extremely high potential to sell merchandise in collaboration with retailers. From T-shirts to themed gaming consoles, the opportunity in the space is enormous. The increasing nerd population in the country is not something to be taken lightly.
Although many purchases of personalized gifts are currently made offline, there is no reason for the behavior not to change. Personalizing gifts could be made infinitely easier online than otherwise. Unfortunately, though, there hasn’t been a player who could successfully crack the market yet.