Internet and Mobile Association of India (IAMAI) organized a 2 day Conference on 12th September 2012 at the ITC Grand in Mumbai. QwikCilver was requested to attend as a panelist to throw light on the topic “Innovations in Gift & Incentive Cards”, a hot theme getting increasing attention in digital payment circles. While the panel with QwikCilver focused on the growth of the gift card category in India; interesting details emerged about the issues, challenges and opportunities in driving acceptance of pre-paid gifting instruments.
Mr. T P Pratap who as Co-Founder & CMO at QwikCilver & Woohoo.in, shared his experiences in launching gift cards in India. Since the launch of the category three years ago, over 2.5 million gift cards already have been procured by brands and retailers. The rate of adoption has grown significantly, with approximately 3 million cards expected to be absorbed by the Indian market in the coming 6 months. Mr. Pratap also illuminated the audience on the differing rates of penetration of gift cards across India; with the southern cities like Bangalore, Hyderabad and Chennai, seeing both a faster growth in sale and redemption of gift cards.
The panel also discussed the enabling role retailers’ play in driving the adoption of gift cards among consumers. While everybody at first glance understands the conveniences of a gift card over cash or physical gifts; consumer adoption can increase if there is all round commitment towards the initiative from the top management to the store executives. Branding, advertising and point-of-sale promotion also plays a key role for spreading greater awareness; as the gift card needs to be marketed as a FMCG product, rather than as a financial instrument. Towards the end, the panel also discussed the emerging gifting instruments like digital & mobile gift vouchers aimed at further simplifying gift giving in India.
Note: Image is from www. IAMAI.in. Copyright vests with respective copyright holders.
