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How Online Gifting Marketplace Will Transform In Next 5 Years
The gifting market in India which is estimated at $30 billion in the next 4-5 years of which $400 million would be attributed to the digital space
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The e-commerce landscape in India has witnessed a massive boom over the past decade. Of which, the online gifting industry is one of the biggest contributors to the growth of Indian e-commerce space. The global gifting market is estimated to be $475 billion, and India is expected to emerge as one of the most influential contributors by 2024. A research report by Qwikcilver revealed that the country is set to touch $84 billion by 2024 from $65 million at present.
Today, the concept of personalised gifting has gradually evolved with an increasing number of millennials being inclined toward personalised gifting – both for corporate and personal gifting. The growing popularity of online retailing is increasingly making it easier for consumers to browse and choose products from a variety of options. Both generation X and Y are tech savvy and opt for services available online. It is expected that with the advent of globalisation and increasing internet penetration; the overall online gifting marketplace is set to grow on a rapid rate. The surge in economic growth, rising disposable incomes, aspirations, idea of long distance/overseas gifting and exposure to global trends are some of the driving factors contributing to the growth of online gifting marketplace recently.
Other contributing factors like digital evolution and advancement in technologies, the introduction of Artificial Intelligence and machine learning has given a significant boost to the overall growth of e-commerce space in India and globally. The future of Indian online gifting marketplace is bright and is set to scale threefold in the next five years. It has been witnessed that the market in the last five years has been more organised and is tending to pace its momentum at a significant rate. The gifting market is broadly categorised into festive, personal and corporate gifting. Corporate gifting enjoys the lion's share of the market, accounting to 80%, with consumer gifting contributing to 20%. Another important category making a vital contribution to this space is the gift cards. The global gift cards market is expected to touch $690 billion with India contributing to more than 10% of the total share.
Over the next five years, the online gifting marketplace is going to experience a massive boom further organising the segment at a micro level. Change in consumer buying behaviour and millennials purchasing power is significantly contributing to the overall growth of online gifting marketplace presently. With time the gifts and gifting styles both have evolved. Affluent lifestyle and new buying needs of the aspirants are contributing towards the industry transformation to a large extent. The gifting market in India which is estimated at $30 billion in the next 4-5 years of which $400 million would be attributed to the digital space.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.
The author is CEO & Founder, MyFlowerTree.comMore From The Author >>