Personalized Gifts Market Share

GROWTH OF THE E-COMMERCE INDUSTRY IN ASIA-PACIFIC

Asia-Pacific is considered as the engine of global growth and offers excellent growth prospects for the personalized gifts market. Rapid economic growth, a rising mid-income population, and high migration rates from rural to urban areas have led to increased awareness and sales of personalized gifts in Asia-Pacific. The market of personalized gifts is mainly driven through the e-commerce industry. Online retailing is trending for gifting options across the region as it gives ease of product selection and delivery to distant places in a short period. With product bundles and increasingly accurate product recommendations, shopping online is becoming the preferred choice for many.

Also, it is witnessed that consumers tend to shop for gifts at the last minute. Owing to these reasons, most of the players operating in personalized gifts function through an online platform. India is among the fastest-growing e-commerce markets in Asia-Pacific. According to the India Brand Equity Foundation (IBEF), the Indian e-commerce market is expected to grow to USD 200 billion by 2026. The ongoing digital transformation in the country is expected to increase India’s total internet user base to 829 million by 2021 from 636.73 million in 2019. Also, since 2014, the Government of India has announced various initiatives, namely Digital India, Make in India, Start-up India, Skill India, and Innovation Fund.

The timely and effective implementation of such programs will likely support the growth of e-commerce in the country. Furthermore, in December 2018, China’s online retail turnover was reported at CNY 9,006.497 billion (approximately USD 1,360.51 billion). This was a record increase from the previous year, which stood at CNY 7,175.07 billion (USD 1,061.90 billion). Thus, the growth of the e-commerce industry in Asia-Pacific creates innumerable growth opportunities for the market players to invest and explore the untapped market.