Silver lining for the gifts and gadgets industry
We all are going through a challenging time, here are some of the more positive and uplifting things happening in the gifts and gadgets industry during this coronavirus pandemic.
Looking at the current news flow on covid pandemic, it can be difficult to stay positive, but for every dark cloud, there is usually a silver lining. Most of the time, you have to really dig to find good news stories, but there just as many great things happening amidst the chaos.
Home Décor
Work from home is the new normal now due to lockdown. Past dishwasher or a vacuum cleaner, food recipes, people are now investing in a pc desk or workplace chair, curtains, sofas etc. A latest report by the Retailers Affiliation of India, says that the furnishings business is experiencing winds of revival. Home Décor & Furniture demand has grown up during lockdown.
Health Gadgets
The Covid-19 pandemic has also triggered a sense of health awareness and anxiety, which is energizing a new category of health tech. The fear of corona has accelerated the adoption of apps and wearables as a means to feel better protected. Users, insurers and health-care providers are all seeing the benefit of health gadgets, in a shift expected to persist long after the outbreak subsides. That’s galvanizing the development of new devices by startups and gadget outfits in Asia, where the novel coronavirus first struck and consumers are known to be early adopters.
Some inspiration
FRINZA - an aggressively growing online gifting startup from India prospered during this pandemic. It works on the concept of cloud kitchens. It is all set to take the gifting space by storm as it plans to roll out world’s first and one of its kind Artificial Intelligence(AI) and Machine Learning(ML) powered annual-recurring-subscription-model-based one-stop-gifting-solution. They made sure that in these testing times, all their staff was monetarily compensated and they also got their medical insurance done. As a result, during this lockdown period (Mar-Apr’20) when most businesses were finding it hard to make their ends meet, FRINZA observed the month-on-month (MoM) growth of 103.5%. FRINZA also has recorded a year-on-year growth (YoY) of +137.6% for the year 2019-20.
Considering the current pandemic situation, FRINZA has decided to diversify its Category & product portfolio, it will now have 60% gifts that will be delivered physically and 40% digitally.
There is a lot more to talk on the positive things from the industry. One this is for sure the gifting and gadgets industry is not sitting idle instead it is trying hard to find out innovative ways and solutions to grab the opportunities arising during the pandemic.
Annual B2B exhibitions like India Big7 hosts a perfect platform that brings together the entire range of products, solutions and enable manufacturers, traders, wholesalers, stockists, corporate buyers altogether on one place to conduct business. This year India Big 7 is scheduled on 17-18-19 December 2020 at Bombay Exhibition Centre, Mumbai.
“We know these are challenging times for the industry, and we understand the need for extra support to fast track business recovery. We at India Big7 have designed specialized and best in class digital packages to support the exhibitors to accelerate their business. What they need to do is just connect with us” said Chaitali Davangeri, Portfolio Director, Reed Exhibitions India.
Also read: 5 in-demand Corporate Gifts during Covid-19