Incredible Gifts is a brand of YV Ingenious Designs Pvt Ltd. that offers its customers with high-quality and unique gift products at affordable prices. The gifting industry in India has changed a lot and grown into leaps and bounds over the years.
According to a recent survey, the gifting industry is believed to grow to a massive market of around 475 billion USD in 2024. And India is one of the largest gifting markets and is expected to reach $250 billion, of which the corporate gifting alone amounts to $120 billion. The survey also further states that the market is bound to grow by 200% every year.
How it all started?
Vikram Pratap and Yashpal Sharma were childhood friends and even worked in the same company, Info Edge, for around four years. Both of them left their job in 2010 and started doing several small businesses together, and in 2012, they even did have an office space.
They started working from Vikram’s home for two years as the online gifting industry was not very popular. Even though people were buying gifts, it was only through retail stores and gift shops, online purchases was very less.
Even many popular online websites didn’t bother to update or improvise their gifting products to a large extent. After two years, they hired an office space in a factory-like place. It can be best termed as a manufacturing unit. Since there were no investors or seed money, to begin with, Incredible Gifts was started only on the money saved by the two founders Vikram and Yashpal. Today, they are one of the leading gifting websites in India.
Obstacle Faced During Their Long Journey
The founders of Incredible Gifts say that they both knew that the path to success is not filled with a bed of roses, and it is going to be very tough. But they were determined in their objective and placed every step with care. One of the biggest obstacles that they had initially in their journey is their inexperience in handling clients, payment, etc.
They initially placed a lot of faith in some clients and offered products to them on a trust basis. And those clients never gave importance to trust or any business ethics and vanished into thin air after getting the products. At that time, they incurred a huge loss in terms of both products and money. Only after that horrendous experience, they gave some serious thought to legal documents, agreements, and contracts. Another lesson they learned was that when they added partners from other industries and it didn’t go very well, and they even a considerable sum of money.
Breakthroughs in Their Long Journey
Initially, the sales were meager, and they had no clue about how to increase sales and generate traffic to their website. But through hard work, dedication, and belief in their goals, they were able to add a lot of unique gift items to their product list and also added a lot of gifting categories. Then one fine day, they thought it was time to launch their products on online giants like Amazon, Flipkart, eBay, Snapdeal, etc.
Till now, both of them think that as a significant breakthrough as sales started increasing, and the company started grabbing a lot of attention in the gifting industry.
USP For Success
Every business looking to perform well need to have a unique selling point that differs from others and adds move value to its customers. When it comes to USP (Unique Selling Proposition) for Incredible Gifts, personalized gifting products was the selling point. One of the top-most sellers in their product list is the personalized plaque. Whenever you think of a personalized product, you will think of your name printed on that right. But that is where they differ, instead of printing names, they engraved it. Hence, you can physically feel your name, its depth, etc. Even after launching this product 5 years before, it is still one of the best-selling products in the photo-frame category in Amazon.
Incredible Gifts Market Results
When Incredible Gifts was started in 2012, it had barely had any results to show. Then it slowly began to make an annual turnover of around 6 lakh rupees, but it was not generating profits. But being one of the unique leading product selling portals in India, now they are making an annual turnover of around 4 Crores. While just started as a service only to cater to the needs of Delhi, now they cater to the gifting needs of people all over India. They are also planning to open their doors to the international market.
Unique Gifts – Future Plans
According to Vikram, Co-Founder of Incredible Gifts, they have several plans for the future, and one of the things they are looking forward to in the near future is about adding printed gifts to their product list