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The pandemic Covid-19 has created a global panic. The existing market was going through a slowdown with companies struggling to
The pandemic Covid-19 has created a global panic. The existing market was going through a slowdown with companies struggling to boost sales and demand, the global outbreak of the virus has added fuel to the fire. Experts suggest that the coronavirus will have a more severe impact on the world than the 2008 recession.
With majority of businesses getting affected, can this pandemic also infect the Corporate Gifting Industry?
Since the outbreak of the virus in China, Wuhan in December 2019, the trade exports were stopped in January 2020. Many Indian corporate gifting, as well as product-based industries, small and mid-size businesses were directly dependent on the Chinese market for raw and finished goods.
India’s top ten imports from China comprise 79% of the overall imports from China. The majority of the share is held by Electrical equipment (HS-85) at 34.5%, followed by Mechanical appliances (17.7%) and Organic Chemicals (9.2%) among others.
Reviving Chinese market
Chinese businesses are striving hard to go back to normal. There have been companies that were even functional during the peak epidemic crises. Currently, they are planning to open and restore many more factory operations.
Data compiled by China’s internet giant Baidu Inc(BIDU.O) shows that Guangdong province, an economic and export powerhouse in the south, and Zhejiang province, a major manufacturing hub for textile and machines in the east, are seeing significantly more return of migrant workers since last week. At the current daily travel flow rate of more than 14 million people, about 192 million people are likely to return to cities where they work, beating a government projection of 120 million.
“Guangdong is prioritizing production resumption at information technology, automobile, petrochemicals and household appliances firms… especially Huawei, ZTE Mideaand GAC Group,” said a senior Guangdong official in a statement.
The Indian Corporate Gifting Sector
How will the booming 12000 crores corporate gifting sector respond to the crisis?
The answer to this question can be analysed by understanding how the market responded during the earlier recession and how relevant was corporate gifting sector in those days.
Going back to the economic recession in the early 1990’s which saw a dramatic reduction in corporate gift-giving activities, however, by the mid-1990’s the sector recovered and had created a firmer niche within the marketing sphere, and since then corporate gifts and incentives have continued to grow exponentially.
A report published in November 2008, by Economics Times stated that during the recession period,” the corporate gifting market had fallen nearly 30% as stated by the shopkeepers and traders”.Later the sector revived soon exponentially.
Amidst the similar patterns, there is a difference between the 2020 pandemic and slowdown combined with the one in 1990 and 2008– A stronger significance of corporate gifts among clients and customers.
“During the recession, Corporate Gifts work as a kind of business investment.”
Today, corporate gifting has more significance than ever in the new age business circle. With new companies adopting various policies to build strong public relations with their clients and customers, Corporate gifts have become one of the most reliable tools to enhance corporate image and create goodwill.
In such times, when businesses attempt to revive their business through effective sales, marketing and public relationship strategy, corporate gifting used in coordination with other tools in the marketing communication mix can help in easing the initial communication and attain the objective of adding value to the current and future service offering, maintain a good relationship with both customers, employees and stakeholders.
With well-defined objectives, companies can ensure that the gifts are correctly targeted, creative and ethically accountable.
Experts suggest that “Corporate gifting during the recession is indeed an opportunity to build a more organic relationship with clients and customers.”
And it would not be unrealistic to predict that post the lock down when companies and sectors would be on a route to revive their processes, the corporate gifting market may see a positive revival and may prove as a vaccine to severely impacted industries infected by a global virus!
“All the world’s a stage, and all the men and women merely players..” – William Shakespeare Shakespeare’s words are still
“All the world’s a stage, and all the men and women merely players..” – William Shakespeare
Shakespeare’s words are still so relevant in today’s world. Apart from the metaphorical relevance to a 25ft x 20ft stage with the real world, the stage with the limited dimensions itself is a universe that has no infinity.
Every year, 27 March is observed as World Theater Day across the World to create awareness about the losing importance of Theater. It was initiated in 1961 by the International Theater Institute ITI to reflect the importance of theater and the impact of the art form on the world.
For years the audiences who have been attracted to the stage have only grown over time encouraging a wide range of experiments and forms. The live performances market in India is more then worth 354 billion and is growing at a speed of 13.5% every year according to a report published by FICCI in 2016.
And with years, the experience market will only grow exponentially as the live art form not only possesses the ability to create memories but indeed can endeavor real-time transformations.
Hence, apart from the product gifting market, the live experience sector is booming at a significant pace as the new way of gifting.
Corporate companies, individuals and organisations are tending to gift experiences to their clients and employees by organizing live performances, gifting concerts and shows passes as a part of their cultural programs, important corporate gifting occasions and occasional retreats.
Despite the growing demand of the OTT platforms like Netflix, Hotstar, Amazon Prime, etc., where viewers can view best entertainment shows at their home; the live experiences market stands stronger and grows at its own pace as the fascination of interacting with live performers and experiencing live art has got its loyal audiences which keeps growing with time and shall continue to contribute in keeping the life of live art alive!
Giftex is here again! The 2020 edition is set to underline why the event is without a doubt among the
Giftex is here again! The 2020 edition is set to underline why the event is without a doubt among the most keenly awaited and highly valued shows in its domain. It’s truly one of its kind events not only in Mumbai but across India.
Indeed no other exhibit revolving around the theme of gifting manages to generate so much buzz and excitement as this annual show. What are its features that make Giftex so special and unique?
The overwhelming response to the previous Giftex edition 2019 was because of extremely enthusiastic participation. This is another exciting aspect of the event. Top business professionals cutting across a diverse spectrum of business industries, domains, brands, and domains is a testimony to the rising popularity of this hugely successful event.
“Get closer than ever to your customers. So close that you tell them what they need before they realize it
“Get closer than ever to your customers. So close that you tell them what they need before they realize it themselves” – Steve Jobs
We all have heard Consumer is the King! Their behavior drives the future of the market and it impacts the world economy. Everyone in the world wants to win over consumers and they drive the success and the future of their business.
Research companies put billions of dollars to understand their psychology and the way they will think in the future and companies indeed spend millions and billions to know that!
But, when it comes to celebrating World Consumer Day in real sense, what is the gift that we as creators, manufacturers, service providers, businesses and traders can gift to over consumers to acknowledge their immortal importance?
Here is a small checklist:
A Fair Deal: Consumers are always in search of getting more then what they pay. A deliverable that values the price they pay, an equation of quality over quantity.
Trust and Transparency: The biggest companies are the ones who have developed a brand of trust over their years of trade practices. Consumer loyalty can only be developed with consistent trust and transparency through one’s product or services.
Better Trade Practices: Although there are various company norms about ideal trade practices. In the era of competition, everyone is willing to win the market and the consumers. Better trade practice concerning the standards of manufacturing, marketing and reaching out will always benefit the consumer in choosing the right product.
Value Their Feedback: Sell what your consumer want and not what you want to sell,” this old quote sums up everything. The best market research lies in consumers’ feedback.
But among all, the most valuable and memorable gift every consumer deserves is Value and Experience. The only way the product or service can speak for itself it through its value and experience it creates its users. If anyone consistently manages to do that, then they have done their part for their consumer!
Every second Wednesday of March marks the significance of No Smoking Day. People are scared of the pandemic Coronavirus that
Every second Wednesday of March marks the significance of No Smoking Day.
People are scared of the pandemic Coronavirus that lead to thousands of deaths this year, but there are many more dangerous things around us which we take for granted.
Do you know?
Tobacco kills more than 80,000,000 people each year. More than 7,000,000 of those deaths are the result of direct tobacco use while around 1.2 million are the result of non-smokers being exposed to second-hand smoke, according to the World Health Organization.
India is home to nearly 12% of world smokers and nearly 1 crore people die each year due to direct intake of tobacco. 34.6 adults in India are smokers, reports a study by India Today out of which 47.9% are males and 20.3% are female smokers.
Gift yourself a new start – Quit Smoking!
Nearly 70% of smokers are willing to quit but they are looking for medication or assistance to do so. Here are simple ways you can start with:
Among multiple methods of quitting, we recommend you to choose a method that goes best with you. A forceful quitting decision has ended abruptly and has not given the desired results.
Here are some tips suggested by the experts that can help you quit smoking!
Begin with telling your family, friends, colleagues and co-workers about your plan of action:
Daily routine activities – such as waking up in the morning, completing a meal, and taking a tea or a coffee break can often trigger your urge to smoke. If you have tried to quit before, think about what worked and what did not.
Some tips for your quit day:
Hacks!- The following actions may help you to battle the urge to smoke:
A study suggested four Ds that can help you formulate the process of your new journey more productively!
This year, do not wait for the Tobacco Day to quit smoking, this is the right time to gift yourself a habit that may change your life and people around you – a habit of living a better, smoke-free, and a tobacco-free lifestyle!
From delicious food to home-made ‘Bhang’, the joy of spraying colors to playing with water balloons and pichkaris, the festival
From delicious food to home-made ‘Bhang’, the joy of spraying colors to playing with water balloons and pichkaris, the festival of Holi is all about excitement and celebration.
This year, with the outbreak of the Corona Virus and rising global health concerns, advisories are being issued to stay safe and avoid crowded gatherings, including crowded Holi celebrations.
Amidst the safety concern, it is important to take necessary precautions at the same time, not miss out on celebrating the festival and making the most of it.
Hence, we thought to give you some ideas of how you can do that!
Here are a few things you can do-
1) Use Eco-Friendly Colors – safe to eyes, skin and the environment.
2) Eat Healthy Food- intake of food that doesn’t spoil celebration mood.
3) Save Water- Redefine Holi with a shower of compassion and warm greetings
4) Gifts your Guests a Plant- You must have gifted a chocolate box, or a traditional gift, to your guests, friends, relatives or business colleagues. This time try to gift a plant that will not only make them feel good but also make them realize how much you care about the environment. And Holi is one of those festivals, where such gestures not only brings great impact on people’s mind but also have significantly more than ever.
Some plants that you can gift- Tulsi Plant, Aloe Vera, Succulents, Mint Plant, Lavender, Ficus, Jade Terrarium, Spider Plant
We hope you have an exciting and meaningful Holi celebration. Wishing you all a very happy and safe Holi!
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