Qwikcilver achieves 90% Market Share in Gift Card Technology
Qwikcilver, India’s pioneering & leading Gift Card Technology company is set to take the next big leap this festive season. Qwikcilver who currently enjoys 90% market share in the Gift Card processing technology segment is projecting this segment to sell 30 lakh Gift Cards this coming festive season. The last fiscal year, the company reported a category sales of 25 lakh Gift Cards and this year it is projecting to further leverage this growing trend and driving sales of over 30 lakh gift cards. Despite the slowdown in the economy and the falling rupee, Qwikcilver and its other initiatives continue to aim high. The company is certain about achieving their aims owing to the trusted retailers an brands adopting this category; various denominations and the extensive variety of brands available under Qwikcilver that are custom made to suit every pocket size. Gift cards are available from Rs 200 going up to Rs 50,000 depending on the retail category. Qwikcilver is funded by well-established Venture-Capitalist firms, Helion Venture Partners and Accel Partner. Founded in 2008 by Indian Retail and IT Industry professionals from BITS-PIlani-IIM, the robust Qwikcilver Gift Card Platform manages more than 100 India’s leading brands and corporates. The bourgeoning Gift card market has shown a 300 percent growth over the last fiscal. The Qwikcilver gift card programs have been deployed across more than 300 Indian cities in over 6,000 premium brand outlets and portals and are growing constantly. The company has launched all variants of gift cards in India – plastic physical gift cards, virtual gift cards, mobile-based gift cards. In terms of the target market, psycho graphically the core consumers are urban-city dwellers who love gifting the freedom of choice to their near and dear ones. Mr. Pratap TP, Co-founder & Chief Marketing Officer, Qwikcilver Solutions adds, “Over the last three years, the festive season off-take of gift cards has seen a spike ranging from 150 to 200 percent across retail categories. Brands and retailers have also driven the off-take by making their gift cards increasingly available with better merchandising, visibility, and packaging with gifting themes to suit the festive occasions. The uplift witnessed by retailers through their respective gift card programs range from 150 percent to as high as uplift of 400 percent. This makes the gift card a key driver and strategic part of the product portfolio.” Commented Kumar Sudarsan, Co-Founder & Director, “Qwikcilver has established trust & credibility with long-term strategic partnerships with India’s leading brands and retailers such as Tata – Trent, Titan, Aditya Birla Nuvo, Reliance Brands, Cafe Coffee Day, Shoppers Stop, HUL-Bru Cafe, Landmark, Lifestyle, Starbazaar, Westside, Flipkart, Makemytrip, Microsoft, Yahoo, Intel, Satya Paul, Peter England, Van Heusen, Allen Solly, Louis Philippe, Arvind Brands, TTK Prestige, Raymond, Celio, Hidesign, Holii, Puma, Calvin Klein, French Connection, Arrow, William Penn, Pavers England, Sapna Book House, Fastrack, PVR Cinemas, Helios, Starmark, Titan Eye Plus, Viveks, YLG, O2Spa, Mast Kalandar, Babyoye, Yepme, and Printo among others”. The company also runs an online gift card portal GiftBig.com, the e-tailing brand portal also known as “India’s first fully integrated online gift card mall” It has also grown to become India’s most preferred destination for gift card fans of over100 trusted brands. The portal has now launched “Instagifts”, an instant gifting innovation for anywhere in the country.
Source: The Techpanda