In the swiftly changing landscape of Indian e-commerce, few sectors have seen the kind of dynamic growth and innovation as India’s online gift market. The upheaval brought by the Covid-19 pandemic only accelerated this trend, catapulting both corporate and consumer gifting to unprecedented heights. Furthermore, the online gifting space continues to evolve, driven by technological advancements, shifting consumer preferences, and an ever-growing demand for convenience.
Leading the charge in this thriving domain is IGP.com, an online gifting platform renowned for its unique and personalized gift offerings tailored for every occasion.
International Gifts Platform, or IGP.com, is a Mumbai-based company that was founded in 2017 and has been a steadfast supporter of the Vocal for Local initiative. The company’s innovative ideas and business acumen have been highlighted by recent recognition from The Economic Times, which includes the “Entrepreneur of the Year – D2C” award at the ET Entrepreneur Summit & Awards 2024 and the “Excellence in Gifting & Stationery category” award at the ET Great Retail Awards 2024.
In a recent conversation with SnackFax, Tarun Joshi, the Founder & CEO of IGP.com, shared insights into the brand’s remarkable journey over the past year and outlined its ambitious plans for the future.
Reflecting on the past year, Joshi remarked, “Last year’s journey at IGP has been truly remarkable.” He shared that the platform experienced a substantial year-on-year growth of 50% across all categories, attributing this success to the team’s dedication and strategic initiatives.
This remarkable growth is a result of the hard work, strategic thinking, and unwavering dedication of our team to providing our esteemed clients with the best goods and services possible. We’re thrilled to keep up this momentum as we aim for even greater success in the future. We’re incredibly proud of what we’ve accomplished,” he remarked.
Regarding the first quarter of 2024, Joshi expressed excitement about the significant milestones achieved. “We began the year with a resounding triumph during Valentine’s Day, exceeding expectations by selling over 10 lakhs stems in India, which resulted in a surge in demand for hampers and chocolates. As our presence is not just limited to India, we also had successful Valentine’s Day launch sales in Dubai,” he shared.
Continue Exploring: Online gifting giant IGP enters Dubai, aims at $10 Million revenue in 1.5 years
Currently the brand is on the expansion spree, expressed Joshi. Discussing expansion efforts, he highlighted that IGP.com has been actively expanding its reach both internationally and offline. “Over the past month, we’ve made significant strides in our international expansion, particularly in the MENA region, connecting with new customers. We are soon launching in Singapore as well to strengthen our presence in the international market,” he told us.
A study conducted by TechSci Research reveals that the online gifting sector in India is projected to reach a market size of $72.56 billion by 2029. This growth is propelled by evolving consumer preferences and a heightened awareness of gifting norms. Moreover, corporate gifting serves as a significant driver of the robust expansion of the gifting market in India.
Additionally, a market research report by Technavio forecasts that the global gifts retailing market will witness a substantial expansion of $13,491.69 million between 2022 and 2027. The report anticipates a CAGR of 3.01% during this period, with the growth rate expected to accelerate.
In response to these trends, IGP.com plans to strategically increase its physical presence. The company has already opened three offline retail storefronts in key areas including Bandra, Vashi, & Breach Candy. “The response to our offline expansion has been overwhelmingly positive, underscoring our commitment to reaching clients wherever they are. Our ambitions include increasing our store footprint to improve the giving experience for our clients.”
Joshi highlighted the growing importance of offline retail in the current market environment, pointing out that it is now a significant portion of the market for all businesses. “As a result of our recognition of the growing importance of offline retail in the current market environment, IGP operates three offline retail locations in Mumbai. Many more physical stores are being opened across the nation by us right now”. He stated, “Our goal is to develop immersive experiences that change people’s perceptions about and interactions with gifts.”
Continue Exploring: IGP unveils its first retail outlet in Mumbai, eyes expansion across India
Joshi further explained that the initiative to expand offline presence underscores their commitment to providing convenient access to their products and enhancing the shopping experience for customers. Initially focusing on Mumbai as a key market for offline expansion, the brand plans to gradually extend its presence to all major cities.
Joshi elaborated on the strategy, stating, “This strategic approach allows us to establish a strong foundation in significant metropolitan areas while strategically scaling our operations to reach a wider audience across various urban centers.”
Furthermore, Joshi highlighted the brand’s growth strategy, which includes a focus on tier 2 and tier 3 cities alongside their existing emphasis on tier 1 cities. “By catering to these markets, we aim to tap into new demographics and serve a broader customer base while remaining true to our mission of enriching relationships,” he said.
However, expanding into offline retail also comes with challenges of its own, among them is soaring real estate costs. But to conquer the market challenges posed by the real estate prices, IGP.com is revolutionizing retail spaces into vibrant showcases of the gifting brand essence, fostering unparalleled customer engagement.
“Coupled with our relentless pursuit of product perfection and unwavering commitment to customer satisfaction, profitability will not only endure but flourish, propelling us to new heights of achievement. Additionally, we’re offering customers the opportunity to buy online by integrating a digital screen within our retail stores. This enables customers to explore more products, providing both visual attraction and the convenience of scrolling through our offerings in-store and ordering instantly,” he said.
Navigating further, with the world moving towards quick commerce and convenience, Joshi discussed how IGP.com is enhancing its delivery capabilities. He explained that expanding their physical footprint is one of the key strategies that is helping brand to do so.
“The strategic move toward quick commerce and convenience significantly enhances our ability to deliver better at IGP. By introducing a 30-minute delivery option for over 100 products across 2000+ pincodes in India. Further, with our presence in 150+ countries we’re ensuring that our customers receive their orders swiftly, meeting their urgent gifting needs with ease,”
Continue Exploring: IGP takes gifting to new heights with 30-minute instant delivery service
Additionally, brand’s strategic tie-ups for speedy deliveries further streamline the process, allowing them to fulfil orders efficiently and reliably. “These initiatives underscore our commitment to adapting to the evolving demands of the market and providing unparalleled convenience to our valued customers,” he elaborated.
Overall, Joshi is optimistic about the future of IGP.com and its role in shaping the online gift market in India.
