Undoubtedly, gifting makes not only the recipient but also the giver feel good about the entire initiative. However, when it comes to choosing gifts, there are a couple of things that are to be kept in mind, which make the gift not only very special but also cherished for a lifetime. If you are finding it quite cumbersome to choose a gift that, will make the recipient truly happy, you can check out E-gift vouchers from Zokudo.
Zokudo, founded by Yash Haresh Mehta, is Indian Luxury Gifting platform. It allows you to purchase an eGift card from a host of luxury brands and send it to anyone you please at that very instant on their email address or mobile phone. These eGift cards are authentic and easy to redeem at a number of original brand store locations in Delhi, Mumbai, Bangalore and other parts of India, as well as on certain brand websites. It is a win-win for the sender and the recipient. Whether it is a birthday or a baby shower, a house warming or Mother's Day, with Zokudo.com, you are sure to find the perfect gift for everyone.
IdeationThe inspiration for Zokudo.com first took shape when Yash noticed electronic gift-cards while traveling in America. The product was still in its early stages and primarily used for restaurant gift cards. Though the concept of restaurant gift cards did not hold much appeal, the medium is what truly captivated him as it held a much larger range of possibilities. Thus Zokudo was born, an electronic gifting platform designed to address the pain points of today’s luxury gift sender as well as the final recipient of the gift.
Key Features
Saves time and effort: You can plan and schedule an unlimited number of e-Gift cards with one instruction and one payment process, thereby reducing accounting hassles and saving time.
Has an edge over product, paper & plastic: gifts are delivered by email and SMS; therefore, no product, no plastic and no paper.
Group Gifting: Get together with your friends and family to give someone a combined gift on their special day.
Gift to Charity: Zokudo is the first website of its kind that allows a Gifter to donate to the charitable organization of his choice on behalf of the Recipient.
Security: Zokudo is a RBI-approved, DISA certified and PCI compliant platform. Sender’s, recipient’s and gift card information are fully confidential and secured.
No compromise: Above all, Zokudo enables a no-compromise luxury experience. It enables the best possible gifting that luxury consumers desire.
Funding & Monetization The startup has raised a total funding of around Rs. 5 crore till date. Zokudo is internally funded by H.M Group and not exploring investments yet. The company does not charge anything extra to the customer buying the voucher or the recipient redeeming it. It ensures that the customer is getting full worth of the money paid. The brands however share an administrative fee for acquiring customers.
ChallengesDefinition of what luxury is and what is not is very subjective and depends deeply on the person in question. This made picking the right kind of brands very difficult. In addition to this, convincing brands to come on to a new portal was one of the greatest challenges we have faced.
Market Size and Market OpportunityGifting in India is a 30 billion dollar market. The luxury goods market in India is value at close to 6000 cr, over 60% of which goes towards gifting. Add that to the fact that the market for gift cards alone is close to 1 billion dollars and has exhibited exponential growth in gift card issuance rates
Advice to New EntrantsKnow your customer. Luxury customers are among the ficklest customers and differ greatly in the way they shop from your average consumers. One chance is all you have when trying to convince the customer to make a purchase and a lost luxury customer often has ramifications far exceeding those of a regular customer due to their social circles and they level of influence they impose on the world around them. Even online the luxury customer behaves differently. On social media channels they are often the most passive types of consumers and often the most difficult to engage.
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This is Meghna Shukla. She lives in Delhi. She is an engineering graduate and currently pursuing MBA from Jaypee Business School. She has a work experience of 2 years in content development. She loves to read and write.
