HOW TO START SUCCESSFUL GIFT SHOP BUSINESS IN INDIA
Gifts are a medium of showing our love, care, thoughtfulness, and affection to our loved ones. They make us feel special and feel good about ourselves. The look on the recipient’s face when they open their gifts incites a psychological lift to the person who has given the present and creates a euphoric feeling of pleasure and joy. Exchanging gifts is a historical culture and we have heard folklores of how kings used to exchange precious gifts to honor one another. We have adopted that culture but with modernization, our gifts have changed. They have turned into more accessible flowers, showpieces, cards, or for some (who can afford) the luxury items. We have grown closer because of various mediums available for staying connected but our time is distributed amongst various activities that apart from special occasions we are unable to meet our close ones. To make these meetings more special, gifts play a big role. Be it a birthday party, a wedding or any celebrations of love and friendships that people have come up with in due course of time, sharing gifts is a part of all. As a result, the gift business is booming like never before. Also, the availability of e-commerce platforms for selling and buying and delivering has become a lot easier and so is keeping our long-distance friends, family, and lovers happy. The recent reports show that there are almost 6.5 billion people who buy gift cards every year, almost 71% of adults who buy gifts are likely to buy a gift wrap supplies along with the gifts, the Indian gift market is likely to grow to 159 million USD by 2025 and that makes the gift shop business huge profitable ventures for new investors.
Let’s have a look at how you can start a successful gift shop business in India;
Decide on products
There is an array of products that are available in the market, you have to first decide what are the products you want to sell. Gifts change according to season, festivals and trends. They may include big or small, expensive or cheap, heavy or gifts like cards. Do you also want a small flower shop with it? The gift shop business will expand and the list can always increase but decide first what is your introductory range and how influential it is for the local public and will it get enough attention.
Rent or Buy a Shop in Good Location
Nowadays a lot of people are shifting to online mode for buying gifts. Keeping that in mind, starting your gifts shop business in a familiar locality where people know you would work the best. The online purchase doesn’t feel familiar to a lot of people and so your shop can be a good option for them as they know you and would expect a certain level of compassion and help from your end. The shop does not need to be a very large space. You can start with one single room 10*15 sq feet shop. Set up your shop which is in a busy market that has good footfall.
Create a Plan
Decide what will be your reach. If you want just an offline store or want to accompany it with an online site? Make a plan for what is going to be the size of your business at first. The growth will only follow if you thrive in the market and gifts shop needs investment and time as you can’t expect that all your products will be sold in a day. There will be days when you sell no gifts or on others, you may sell plenty of them. One should always be ready for bad days.
Highlight and Infrastructure
The infrastructure of a gifts shop is pretty basic. You’ll need a counter, shelves with small compartments, glass covers for shelves. Along with basic lighting, use extra lights such as LEDs and fairy lights in each compartment. The work of aesthetics is very important in your gift shop. It will work as decorative and will also make your shop look bigger given that it is such a small space. The placement of gifts should be according to the season of festivals like valentine’s day or other modern-day celebrations when people popularly buy gifts. You will have to do research about what are the demands of your customers while they look for a gift and so that you can recommend them wisely as to what gifts they can buy. You can also put chairs or couch for your customers for their comfort. It will make your small place a bit fancier.
License and Permit
To set up any shop in India you need to take certain permits such as a Business License, Resale Certificate, Business Name Registration or DBA Certificate, Certificate of Occupancy, Federal Tax ID, etc. Make sure you have done your homework and have finished all the paperwork beforehand and have kept them handy and be ready to take rounds to government offices before setting up.
Choose the right Distributor
Make sure you have a distributor who can easily make you available which the supply whenever you demand them and have access to the trendy gifts. If you want to run a good gifts shop business, you should know that customers should not go empty-handed just because you did not have enough options available on that day.
Setting up any business at home requires a strong local connection and communication so that the business can propagate but with the rise in the use of e-commerce, things have become a lot easier. Make a website for your Gift shop business and set delivery boundaries according to yourself. Arrange your products in different categories and use various models and tools which are available online to make your website catchier and more attractive.
Social Media presence and Marketing
Social Media is used by almost everyone around the globe. It is almost certain that at least one person in a household must be using any social media platform. Putting up pages on Facebook and Instagram and asking youth in youth in the locality to share it amongst friends, developing a strong SEO, and investing in marketing offline can bring great audience attraction to your gifts shop. Putting up ads with discounts and amazing offers are always a plus. Along with online, spending on offline methods to propagate business is necessary. Go old school and hand our pamphlet whenever a customer arrives. Since you have an offline store and most customers will save your number for future reference, you can invest in WhatsApp Business and use its marketing tools to propagate your business. It is convenient to use and digitally provides a personal touch as the medium is one to one messaging which has become one of the best provisions of converting prospects to customers. Remember to greet them nicely and make them feel important.
Starting any business takes a good amount of planning. The gift shop business is a relatively pleasant industry as it brings joy to people and as the owner, it’s a wholesome feeling to experience. If you want your new business to succeed, understand the risks that come with entrepreneurship. It often takes a few years to get a business off the ground even with the best-laid business plan and advanced marketing. To open any business, one should be ready to work hard and show a lot of perseverance and determination. Any business will have good and bad days but it depends on the owner how they want to go about it. All the best!