The Evolution of Gifting: IGP's Technological Reinvention

E-commerce was becoming more and more popular worldwide long before the epidemic hit in 2020 because of its superior product variety and ease of use compared to traditional brick-and-mortar retail. Imagine a virtual market place that can source fine dining products from chefs or stunning artwork from far-off places—a selection so good it will surely impress everyone. In addition, the increasing application of computer vision, AI/ML, and visual search allows for the creation of personalised product recommendations and the best possible recommendations based on user preferences. Consequently, it should come as no surprise to learn that the conventional gifting market is completely moving online.

The Rise of Online Gifting in the Post-Covid Era

In the Covid and post-Covid years, corporate and consumer gifting has grown exponentially as companies and individuals seek safe, convenient, and customised options. However, corporate gifting accounts for more than 80% of the total gifting market. The online gifting market in India is expected to reach $72.6 Bn by 2029 as customers are willing to pay for offbeat and innovative gift items.

Bridging Gaps: Tarun Joshi's Vision for IGP

Entrepreneur-investor Tarun Joshi recognized the need for a premium, highly curated gifting marketplace to address the shortcomings of early online gifting experiences. Thus, IGP (formerly Indian Gifts Portal) was born, offering a wide array of exquisite gifts, including delicious cakes, gourmet chocolates, fresh flowers, home décor, fashion accessories, toys, party props, office stationery, and more.

The Three-Pillar Strategy of IGP's Success

IGP operates under Joint Ventures, overseen by Tarun Joshi. Its three-pronged approach includes IGP for Business, Interflora India for fresh flowers, and Masqa for gourmet chocolates. By catering to both corporate and individual customers, IGP ensures a diverse product range and personalised gifting experiences.

Tech and Logistics: The Backbone of IGP's Operations

Leveraging AI-powered recommendation systems and strategic logistics partnerships, IGP ensures personalised gifting solutions and global reach. With partnerships with 10 logistics leaders and a robust AI-driven platform, IGP can deliver goods to 100+ countries within five days and offers same-day delivery to 25+ Indian cities.

Fueling Growth: Funding and Expansion

With a customer base exceeding 10 Mn and a 50% YoY revenue growth in FY23, IGP aims for INR 300 crores in revenue in the current financial year. The platform has raised $35 Mn from investors like VCats, 9 Unicorns, MO Alternates, and DSG Consumer Partners, enabling its rapid expansion and technological innovation.

Customization and Sustainability: IGP's Commitment

IGP prioritises customization and sustainability, offering handcrafted products by skilled Indian artisans and personalised gift options. Through its AI-powered recommendation system, IGP creates unique shopping experiences, resonating with the growing demand for personalised gifts.

Agility in Adversity: Navigating the Pandemic

The Covid-19 pandemic posed logistical challenges, prompting IGP to adopt a creator-to-customer delivery model to ensure timely deliveries and minimise reliance on intermediaries. This lean delivery model, coupled with an expanded product range and omnichannel presence, positions IGP for continued growth amidst changing market dynamics.

The Road Ahead: Omnichannel Expansion

IGP plans to expand its offline presence with new dark stores across India and international markets. This omnichannel approach aligns with the evolving preferences of consumers and positions IGP for sustained growth in the global gifting market.

Conclusion

IGP's technological prowess, strategic partnerships, and customer-centric approach have propelled it to the forefront of the online gifting industry. With a focus on customization, sustainability, and seamless delivery, IGP is poised to redefine the gifting experience for millions worldwide, bridging distances and fostering meaningful connections in an increasingly digital world.

- Bhumi Rathore