Market Overview:
Corporate Gift is the outsourced procurement model that takes care of the organization’s procurement functions. The key element of procurement as services includes the service layer, technology layer, intelligence & analytics, and compliance & risk management. The Paas model offers various benefits for organizations such as helping organizations with the selection of categories for sourcing and for handling the procurement arrangement of this category Paas assigns the category expert. It also helps processes such as supplier management to become proactive, and strategic sourcing to become predictive, it reduces the cost of operations. The Paas model provides flexibility and greater value for organizations.
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Top Key Players in the Corporate Gift Market:
Pujiang E-Thing Craft Co. Ltd. (China), Ever Rich Gift Limited (China), Pujiang AF Crystal Craft Co. Ltd. (China), DONGYAODA (XIAMEN) TRADING Co. Ltd. (China), Guangzhou Kinglaiky Industrial Ltd. (China), Foshan Nanhai RongHuaXing Tourist Products Factory (China), Shenzhen Osea Technology Co. Ltd. (China), Caroo (USA), Swagup (US), Quanzhou Changyi Crafts Gifts Limited (China), Ningbo Wilshine Stationery Co. Ltd. (China), Hua-Star Industrial Co. Ltd. (China), and Other Major Players.
Market Dynamics and Factors for the Corporate Gift Market:
Drivers:
Growing Demand from Large as Well as Small Organizations
The SMEs and large organizations have a high demand for corporate gifts to improve the reputation and perception of the company is the key player that provides growth for the market. Companies purchase gifts for employees and clients for various purpose that helps to increase the company’s profit. The trust of employees and clients in the company is most necessary to expand the business, so to gain this trust appreciation of employee efficiency and consistency is required through this corporate gift. Moreover, for the connection of other business, a corporate gift is an excellent way to build and maintains a relationship with new or old customers.
Opportunities:
Opportunity in Innovative Technology in Corporate Gift
Several companies are engaged in the development of new corporate gifts that provide a lucrative opportunity for the corporate gift market. The innovative gifts include promotional technology-related gifts such as laptops, smartphones, digital cards, action cameras, wireless mice, dash cameras, selfie sticks, and more. Corporate gift manufacturing companies adopted new technology for consumers. For instance, Giftchill is a UK-based online gift retailer that launched a new payment option in 2021 to purchase gift cards with cryptocurrencies, through which any organization easily buys the gift.
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Segmentation Analysis of the Corporate Gift Market:
By Type, eGift Card is projected to have the highest market share in the corporate gift. eGift card is a digital corporate gift and simply an electronic version of a physical gift card that can be directly sent to the email address of the person and this is designed to be used online or used over the phone.
By Application, the Employee segment is anticipated to have maximum share in the corporate gift market. Several companies give gifts to their employees for special occasions like birthdays, holidays, work-related achievements, work anniversaries, and incentive awards to show appreciation.
By Type
· Practical Swag Gifts
· Food
· eGift Card
· Personalized Clothing Item
· Airfare or Concert Tickets
By Application
· Clients
· Employees
Regional Analysis of the Corporate Gift Market:
North America is dominating the Corporate Gift Market, particularly the United States, which has a robust and dynamic economy with a significant focus on technology and innovation. This economic strength allows businesses in the region to invest heavily in procurement solutions and services. The region is home to many tech giants, startups, and innovation hubs, fostering the development and adoption of cutting-edge procurement technologies and services.
· North America (US, Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
In March 2022, Bevvi is the leading corporate gifting platform for the beverage industry, it announces the launch of BevviConnect, an API that connects with the company’s pre-existing platform.
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