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Furniture and home products marketplace Pepperfry.com has launched a gift registry service on its platform to cash in on a ₹2,000-crore opportunity in the gifting market for weddings.
The company expects to garner 15-20 per cent of its revenue from the new service during the wedding season over the next three years.
The service, which is available across all existing Pepperfry platforms — desktop, WAP and app — attempts to make gifting social and convenient for home and furniture customers for important occasions such as weddings, house warmings, anniversaries, baby showers and birthdays. Customers can choose to gift from a portfolio of over 1 lakh products on Pepperfry.
This launch comes close on the heels of another new revenue generating service, Pepperfry Bespoke, launched two months ago, that is targeted at an $8-billion market opportunity consisting of new homes and home renovation.
Popular in West
“While the concept of a gift registry is popular in various markets globally, we are delighted to have pioneered the concept in Indian e-commerce at a grand scale by offering this service across 500 plus cities,” said Abhimanyu Lal, Chief Product Officer, Pepperfry. “Through this service, we aim to change the landscape of the $65-billion gifting market that is expected to hit $85 billion in five years, by making the arduous task of gifting a simple, virtual and social activity wherein Pepperfry users can create or find a gift registry on the marketplace.”
Select market
Pointing out that the biggest use case for gifting would be the wedding market in India, Lal said: “Of the 10-12 million weddings (that take place per annum), our immediate market is just 2 lakh weddings that happen in metro markets, where the bride and groom play an active role in organising their weddings.”
In the five days since the gift registry went live on Pepperfry, over 100 registries have been already created, claims the company.
Users can create a gift registry by adding their desired products to a wish list through a single click of a button, which they can then share with their friends and families via Whatsapp, Facebook and other social channels.
To further simplify the process, the contribution amount can also be split easily for a selected product by different individuals. Once Pepperfry receives the complete value for the wish-listed product, the order will be delivered to the recipient. Payments can be made via ATM/debit cards, credit cards, net banking, EMI and Pepperfry Gift Cards.
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