Home Progressive Grocer Qwikcilver Expecting 300% Growth this Fiscal

Qwikcilver Expecting 300% Growth this Fiscal

QwikCilver is a complete end-toend technology and service provider for all aspects of the gift cards and prepaid card category in India. It offers a versatile gift card technology platform, card design, card procurement, card warehousing, sales and marketing fulfillment services, and manages more than 100 leading brands under its Gift Card Programs, with plastic physical gift cards, virtual gift cards, and mobile-based gift cards. GiftBig.com, its e-tailing brand portal, has launched Instagifts – an instant gifting innovation for anywhere in the country, and Giftbig Friends Club – a social marketing platform to send gift cards to Facebook friends.
Says TP Pratap, CMO, QwikCilver, “The company is currently in talks with around 25 retail brands. The programme has been deployed across more than 300 Indian cities in over 6,000 premium brand outlets and portals. We have long-term agreements to launch and manage unique programmes and retail initiatives of leading brands and retailers such as Trent, StarBazaar, Spencer Retail, Big Bazaar, More and Auchan in the food and grocery sector, besides numerous foodservice outlets, cinemas, fashion retailers, etc.
Gift cards are popular for brands in department stores and supermarkets along with electronics retailers. In the fashion segment, gift cards have been growing in importance over the last three quarters. The uplift witnessed by retailers range from 150% to as high as uplift of 400%. This makes the gift card a key driver and strategic part of the product portfolio.
Gift cards are available from Rs 200 going up to Rs 50,000. The festive season off-take sees a spike from 150 to 200% across retail categories. The gift cards are enabled to have multiple expiry periods depending on the brand’s business guidelines; with some brands even offering gift cards with no expiry period. Balance and expiry can be checked at GiftBig.com.
According to Pratap, the Indian gift card market would increasingly see the adoption of social gifting among friends leading to the rapid adoption of gift cards in organised retail “Over 25 lakh gift cards were issued across 20 different retail categories in the last fiscal. The average card value issued is Rs. 1,450. The company is expecting a 300% growth this fiscal and a total turnover throughput of Rs 400 crore across the country.