Global Korean gifting platform Giftiicon enters Indian market with casual gifting app. There is a huge opportunity for widescale adoption of technology-driven online gifting platform in India, says Ji Hyun, Co-founder and COO, Giftiicon.
New Delhi: In current times, aimed at millennials and Gen Z, the concept behind the online gifting platform is to simplify the gifting process and eliminate cumbersome registration requirements along with personal information. In the post-Covid era when people are socially distanced yet want to retain their human connections, Giftiicon offers a low-contact gifting option for anyone with a smartphone. Incorporated in 2019 and headquartered out of Bangalore, Giftiicon enables pan-India marketing and requires no extra inventory investment as products are only required when the gift is paid for. Giftiicon also has tie-ups with payment gateways, which eliminates the hassle of POS integration and encourages immediate purchases. The Sunday Guardian spoke to Ji Hyun, Co-founder and COO, Giftiicon. Excerpts:
Q: How has Giftiicon brought the power of technology to gifting?
A:Giftiicon has launched a casual gifting app specifically designed for the India market. The app enables users to send a gift of their choice in just 30 seconds through SMS and WhatsApp without necessarily knowing the address of the recipient. Giftiicon is bringing physical gifting experience in virtual space (Choosing a gift, wrapping a gift, personalise it with a message. and emoticon). The app allows scheduling a gift up to 30 days in advance that prevents users from forgetting the gift. The idea of instant gifting makes user possible to send a gift even at the last minute.
Q: How does the Giftiicon app work? What can first-time users expect?
A:Giftiicon allows users to pick from multiple categories of gifts listed on the platform, from F&B and cosmetics to home decor and flowers. Users can simply send an e-gift (a form of a mobile voucher) to the recipient. The recipient can redeem a gift at the store or get it delivered. Users can request a gift that they want. They will receive a gift that is already paid for by the person who accepts the Tease. At the time of redemption, users have the option of visiting the store to pick up the gift or request a pick-up via apps such as Dunzo, which is Giftiicon’s delivery partner
Q: What features of the app set it apart from its competitors?
A:Giftiicon app has a couple of interesting features like a) instant mobile voucher gifting; b) tease feature (requesting for gift); c) various types of brand categories under one platform.
By checking user’s favourite contact’s gift wish, they can check what their close friends wish to receive. For mobile voucher gift, users don’t require the address to send a gift. They only require a mobile number.
Q: In comparison to the global market, how challenging has the Indian market been? How has the journey been so far?
A: Since Giftiicon is a new gifting concept, it is taking time to make users understand how it works. The retail market has been a very slow last year due to the pandemic and many things have been delayed. However, by seeking for solutions to adapt to the current situation of the market, the Giftiicon app has been enhanced and was able to build stronger USP.
Q: What are the similarities between the Indian and Korean markets?
A: The key similarities between the Indian and Korean markets are a) consuming pattern of the youth (earning more & spending more) is same; b) consumers have been tech-savvy and quick adaptors; c) the active use of a mobile application; d) customers have been curious about new platform as they have a fear of missing out on the trend.
Q: What are your upcoming strategies to enhance your business model?
A:Giftiicon has hit gross merchandise volume of $4.5 billion in 2020 with over 24 million users using the platform and over 20 million transactions taking place every month. Our upcoming strategies would be a) onboarding more renowned global, national, and local brands on the platform. b) Enable group gifting features for bulk orders and gifting together feature which enables many to one gifting. c)Expand to additional Tier-1 cities and make Giftiicon a pan-Indian brand.
Q: What are your post Covid plans?
A: The 1.3 billion population market in India is a huge opportunity today, especially due to increased earnings and simultaneous growth in the spending pattern. With many premium brands across multiple categories onboarded, Giftiicon aims to appeal to these working professionals based in Tier-1 cities where there are multiple brand outlets that recipients can collect their gifts from. We look forward to integrate with more delivery partners for the same.