The Growing Trend Of Customized Gifting In India
India’s eCommerce story is treading at a very high speed and has completely changed how we shop today. Being the fastest-growing segment in the world, it is expected to reach USD 84 billion in the next couple of years. Whether we need groceries, cosmetics, or presents for our loved ones, or, rather, personalized products for ourselves, everything can be found online. And now even online gifting has become an integral part of our lifestyles. Let’s have a look at the factors for the significant growth in customized gifting.
Growth of Digitization
Although the nation’s startup ecosystem and favourable policies are supporting its growth, smartphones, and internet penetration have been the true growth vector for the sector’s impressive trajectory. The pandemic has acted as a further catalyst, thereby making all businesses embrace the digital way - either partly or completely. Digital shops or eCommerce have become the one-stop solution for people to purchase anything and get it delivered right at their doorstep. The logistics landscape in India has still a way to go but it has been improving over the years to ensure timely deliveries. Besides, online shopping is not restricted to millennials alone anymore. Even senior citizens are getting very comfortable while shopping online and nowadays it’s not a surprise to find your grandmother order her idli mix or moong dal from Amazon. Successful e-commerce companies in the personalization space like Vistaprint have also strived to make the purchase journey simple and enjoyable with easy-to-design attractive templates and mobile-friendly experiences. All these are creating conducive conditions for the gifting market as it gears to occupy a lion’s share in the eCommerce segment.
'It’s the thought that counts'
Personalization or Customization is when a customer can modify or improvise on a product. Hence personalized products, true to their name connect with a person at a personal level. Personalization strikes an emotional chord instilling universal emotions like joy, pride, empowerment, and a sense of identity. Hence gifting personalized products elevates the status of the gift and consequently that of the gift giver.
For brands, personalization or customization also helps to break through the clutter and build a brand that offers something unique. Moreover, it leads to higher customer retention, loyalty, and advocacy as the products are designed according to individual tastes and fancies.
Premiumization
Undoubtedly, premiumization is a growing trend in India, traversing across both personal and corporate gifting. The trend has evolved by leaps and bounds as aspirational brands drive the demand for premium products. Gone are the days when greeting cards and chocolates were the gifts of choice. Today, you can gift canvas prints, branded apparel or wine bottles that are personalized, all at the click of a button. The entire shift is fostering consumer aspirations vis-a-vis the exclusivity factor. Tailor-made products make for more than USD 20.4 billion industry which is set to rise to USD 31.6 billion in the coming years. Premium products are also becoming increasingly popular amongst Gen Z and senior citizens, thanks to higher disposable incomes and a taste for quality products. Even organizations are increasingly inclined towards gifting premium products to their workforce on different occasions or delighting their loyal customers with one-of-its-kind gifts and packaging.
The Way Ahead
The rise of personalization as a trend and personalized gifting as a concept is great news for the e-commerce industry and consumers. With the increased range of products, different packaging options, more premium products, and mobile-friendly experiences, the online customized gifting industry is expected to significantly grow in the foreseeable future.
