Exclusive | On a gifting ride: ItzGift's Bhavik Vasa
Giving and receiving gifts has always been an integral part in the life of an Indian family. This extensive gifting culture is also considered customary and auspicious. There are plenty of occasions like weddings, new births, birthdays, anniversaries where giving gifts has become a norm. Now the scope has widened with days allotted for different members of the family like Fathers Day, Mother’s Day etc. For decades now people have been giving cash envelopes, sweets, cookers, crockery etc and a change was long overdue.
Bhavik Vasa, General Manager of ItzCash.com says “We Indians love gifts. Be it giving receiving we love gifts. Culturally we have always been a extensive gifting culture be it any festival, religious occasion or life occasion like weddings, new births, birthdays and anniversaries gift giving is considered customary and auspicious.” That is how the concept of ItzGift evolutionised.
ItzGift introduced by ItzCash India’s leading prepaid products company is a part of the Essel Group. Already a pioneer in prepaid cards and its new business ItzGift fulfils the need of choice, experience and personalized gifts with a world of innovative offering across gift cards.
Vasa also said that “ItzGift is a one stop solution for different and all gift giving requirements. They offer an array of gift cards and vouchers of leading retail brands across varied categories such as lifestyle, shopping, dining, entertainment and a lot more. They are also available through a strong distribution network of neighbourhood retail outlets and internet stores namely www.ItzGift.in.” “The gift giver finds smarter and savvier ways of planning gifts for their friends and loved ones and the recipient has an ultimate range of choice, experience and freedom,” he said.
With regard to marketing Vasa said, “The total gift market in India is estimated at US$30 billion annually so I guess we haven’t even scratched the surface potential for gift cards. As per Global Prepaid Exchange prepaid gift cards are predicated for an undisputed 30% year or year growth.” “As per research last year already over 1800crores worth of gifts and vouchers were sold annually volumes no retailer can afford to ignore or overlook” he said.
As far as competition is concerned a variety of new entrants can always be expected considering the market size and growth. ItzCash has always welcomed and encouraged newcomers in this business. According to them the more the players there will be more awareness which will allow them to achieve their true market potential.
Vasa also feels that gift and prepaid cash card is a new phenomena in India and needs a lot of consumer awareness initially. But prepaid has always been a successful concept with great uptake in India as recently proven by the prepaid mobile subscription.
Specifically for gift cards in the initial phase the target segments are SEC A and SEC A++ and all marketing strategies are aligned accordingly. Internationally for gift cards BTL activities driving product trial have proved more impactful driving impulse purchase behaviour amongst consumers.
Specific occasions and festive seasons are core to ItzGift’s marketing plans. Hence with Mother’s Day fast approaching Bhavik Vasa concludes by saying “Currently with Mother’s Day around the corner I am sure we all want to buy something special for our mother so come find that perfect gift at ItzGift.”