eYantra's Report 2023 Unveils Transformative Trends in Indian Corporate Gifting Industry

PNN
New Delhi [India], December 28: eYantra Industries, India's largest B2B merchandising and corporate gifting company, has released its 3rd Annual Corporate Gifting & Trend Report 2023. It covers over 7,000 HR professionals, employees, and founders/CEOs across diverse sectors. The report explores the current state of corporate gifting and provides insights into future trends like market growth, average spending, and preferences. This year the scope of the report goes beyond the realm of corporate gifting to discuss the rise of merchandising in the business expo category, homegrown D2C to B2B brands, and challenges surrounding logistics.
eYantra's report reveals that over 26% of the corporate gifting spend is around employee onboarding rituals like joining kits with a whopping 78.4% of employers relying on welcome kits to enhance the onboarding experience for new hires. Promotional gifting is also claiming a lion's share in the corporate gifting space with companies spending 15-20% of their marketing budget for merchandising like jute bags, stationery, and mementos.
The report finds that a brand's reputation is closely tied to the quality of the merchandise with 72% emphasizing the importance of a good promotional product. However, procurement, logistics, and technological challenges are creating apprehensions. D2C Made in India brands have emerged a hero with most corporates willing to try new brands closer to home with greater perceived. Homegrown D2C brands are estimated to reach the market size of $60 B by 2027 from $12 B in 2022 with yearon-year growth rate of 40% in B2B sales.
Archana Purohit, CEO of eYantra Industries, said, "Merchandising is still an aspirational category in our country. Although companies are relying on it as a great engagement strategy for both marketing and employee engagement, its direct impact on productivity and profitability are not easy to track. In our report, we highlight the value addition a well-organized merchandising approach can bring in to drive business growth. The report also discusses the implications of outsourcing procurement and logistics in achieving greater efficiency and consistency for the corporates. It has led to a large number of D2C brands foraying into B2B gifting."
Further, the report draws into how companies are struggling to implement an effective and seamless merchandising and procurement plan due to the absence of internal research and analysis. An overwhelming majority of 45.9% companies claimed that the lack of unique gifts impacts their corporate gifting strategy. This is closely followed by budget allocation (27.7%) and logistical issues (14.8%). Nearly 60% of the companies are open to the idea of having a brand store if logistics, procurement, and stocking are taken care of.
Corporate gifting and branded merchandising is not just a nice-to-have, but a must-have for any business to grow its brand identity and build engagement that lasts beyond a moment.
eYantra Industries is a leading corporate gifting and merchandising business in India. Established in 2000, eYantra has been serving the needs of various industries and sectors, such as IT, Pharma, and more. We help our clients to enhance their brand visibility, employee engagement, customer loyalty, and business performance through innovative and customized products and services. Our core offerings include:
* Corporate Gifting
* Rewards & Recognition Programs
* Brand Stores
* Experiential Gifting Solutions
* B2B Marketing
For more information, visit: https://eyantra.com/
Key Takeaways:
* The corporate gifting industry in India has witnessed a rapid growth to Rs12,000 crores in market value in 2022 and is projected to reach a monumental increase of Rs18,000 crores over the next five years.
* Companies spend on joining kits has seen a massive 50% increase to Rs3000 from Rs2000 in the previous year underlining the growing significance of enhanced onboarding experience.
* Branded merchandise (36%) and office supplies (20.3%) are the most popular products in a joining kit.
* 8 in every 10 companies are establishing their brand identity and increasing brand recall value through customized merchandise for giveaways at expos and trade shows.
* Although 60% of the companies are interested in improving their corporate gifting experience with a brand store, there is hesitation to outsource by nearly 46% organizations owing to multiple challenges like lack of technological awareness, data compliance complexities and data breach risks.
* D2C are seeing 40% growth in B2B sales banking on the Made in India sentiment.
* More than 45% reported that lack of unique gifts is a major obstance for companies to implement client gifting plan, followed by budget restrictions (27.7%) and procurement (14.8%).
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