'Digital Gifting Transactions Might Grow 3-Fold-In Next 4 Years'
Digital gifting solutions have captured nearly 45 per cent of the corporate rewards & gifting market, says the director of Qwikcilver Solutions
The corporate gifting market in India is estimated to be worth Rs 12,000 crores and is rapidly growing at over 200 per cent per annum, says leading management consultants Technopak. Corporate gifting contributes to 20 per cent of the Rs 33,500 crore India’s gifting market.
Pratap TP, Co-Founder & Director, Qwikcilver Solutions talks about the digital gifting trends, changing consumer demands and the outlook of digital gifting solutions.
How much of the corporate gifting sector has been captured by the digital gifting solutions? Will the gifting space be fully digital in future?
Digital gifting solutions have aided in significantly reducing the operational inefficiencies in the management of corporate rewards & gifting by more than 45 per cent, thereby enabling enterprises to provide a wholesome & wonderful gifting experience to their stakeholders. The huge logistics challenges in delivering products and merchandise across multiple geographic locations in a timely manner implied that end customers were more aggrieved than excited by the whole experience!
The Indian Corporate sector has witnessed rapid adoption & growth in the digital gifting segment. Functional Managers including HR, Facilities, Operations, sales & marketing seek innovative modes to meaningfully reward and incentivize outstanding work and nurture staff culture, while marketing teams are looking to efficiently distribute prizes.
The complexities of the requirements of the Indian corporate sector made the concept of instant & personalised delivery via digital gifting a most welcome change. All these benefits & values have resulted to imply that the digital gifting adoption would continue to witness increased adoption and preferred acceptance over the next decade.
What are the key developments in the sector and the changing demands of consumers?
Performance tracking studies indicate that today millennial employees would like to receive novel gifting experiences than traditional or cash modes! The Indian corporate sector has seen rewards such as exciting entertainment & unique travel experience gift cards; fashion apparel & personal accessories related to gift cards – with the freedom of choice provided to the recipients to choose their rewards as per their preferred time & convenience.
Employees behaving as corporate consumers are embracing digital gifting as it is in sync with their chosen mobile-centric way of life. Digital gifting has become necessary for this younger audience, to make both online and offline purchases, and for online gaming as well.
Is digital gifting solutions space growing or being stagnant in India?
More than 75 Million corporate consumers across metropolitan cities & towns have accessed their entitled rewards in a digital mode over the last 12 months! The digital gifting transactions in the corporate sector adoption are projected to scale 3-fold in the next 4 years.
What corporate sectors are known to use gifting solutions to the maximum? Why?
In the Corporate Sector, the digital gifting customers extend from the SMEs & startups to large enterprises & institutions. While the purchase of the rewards and gifts would be centralized through a formalized mode, the end user would be individuals. This would straddle proprietary entities & small businesses managing their regular corporate gifting needs; to large transnational entities requiring to manage their needs in large quantities for staff-rewards programs, channel incentive programs; banks, airlines and credit card majors enabling rewards points redemption & other consumer acquisition and retention strategies.
What can help digital gifting space to penetrate into untouched corporate sectors? Does it improve engagement levels?
The sheer groundswell of preference from the users, employees, channel partners and stakeholders has resulted in corporates having to provide & enhance digital gifting solutions for their respective enterprises and ecosystem. With the business of cashless payments also being triggered and incentivized by governmental bodies, this only implies that it augurs for Indian corporate domain to also drive this adoption.