Gifting plays an important role in maintaining our social fabric, particularly during the festive season. We give gifts to express our emotions, build good relationships, and in the spirit of good hospitality.
Particularly in the corporate culture, giving gifts to employees allows businesses to communicate appreciation for all the hard work their employees have invested. This is what makes corporate gifting both exciting and inspiring.
The festive season is about to begin in India. As per a report, the Indian gifting market is expected to reach $159 million by 2025 – a significant jump from $119 million in 2019. At a global level, the market is worth $242 billion, says Coresight research.
With workforce being dispersed across the globe and working remotely during the pandemic, a well-chosen corporate gift can be a good way to reward work performance and celebrate festive occasions under difficult circumstances.
The right selection of corporate gifts can help bridge the gap between an employer and employees. Before you start searching for the best corporate gift items for your employees, let’s go through the basics of corporate gifting and why it matters for your business.
What is corporate gifting?
Corporate gifting can be described as a practice of interacting with your employees, clients, or business partners through a gift. It is more about creating a touchpoint via a gift – physical or non-physical, to express appreciation or gratitude.
Employees, on the other hand, also love receiving unique corporate gifts as it makes them feel recognized and valued for their efforts.
The primary purpose of corporate gifting is to create a new connection with the recipient or strengthen the existing ones.
Why is corporate gifting important?
In business and life, it is all about people.
Corporate gifts help build the much-needed connection between your business and employees. When delivered the right way, corporate gifts can help show appreciation for the hard work your employees put in for business growth.
Corporate gifting is also used as a part of the employee retention program followed by many businesses. It helps create memorable experiences for the employees and bridges the physical distance barrier.
Besides this, It also gives birth to feelings of trust and reciprocity, fostering a sense of belonging to the business. These feelings then translate into the work-ways employees go about with their roles and quality of service.
Importance of corporate gifting in India at a glance:
- Builds relationships with your employees
- Encourages the hired workforce to stay loyal to the business in the long term
- Motivates and inspires the team members
- Creates a sense of mutual respect
Corporate gifting trends during the pandemic
Since March 2020, the whole world has set the pace with the new normal. Most employers in India have done their part in making the employees feel motivated about work-life balance while working from home.
While cliched gifts have become a thing of the past, new corporate gifting trends have come up based on the work mode and lifestyle followed by employees. These include:
- Gift cards
- Health and wellness-related gifts
- Travel-related gifts
- Self-care gifts
- Work-from-home gifts
- Learning gifts (online course enrolment)
- Personalized gifts
Common challenges related to corporate gifting
Once you have decided to delight your employees during festive seasons, selecting the best corporate gift items becomes a challenge, amongst many others.
Common corporate gifting challenges include the following:
- Even the best corporate gift ideas are quite cliched as they include personalized pens, t-shirts, and key chains in the list
- Most popular corporate gift products are uninteresting and non-useful
- Not every organization has a significant budget to be allocated for corporate gifting needs
- It is quite difficult to get the gifts delivered to remote and overseas locations during the Indian festive season (It also includes a high logistics cost during the festive times. The gifts usually get delivered late due to the high volumes of couriers during the festival period and hence, wipe out the essence of gifting)
- The gifts sent often get damaged while in transit
- Many of the edible gifts expire before they reach the recipient
- The substandard quality of gifts when delivered by selecting a lesser known vendor can impact the employer’s reputation in the eyes of employees
Paytm Gift Wallet – transforming corporate gifting digitally
It is no surprise that employees receive standard corporate gifts during the festive season in India. The best corporate gifts for employees are the ones they can use as per their liking.
You can fulfil your employees’ expectations of gifts during this festive season with Paytm Gift Wallet. The amount you disburse to their respective gift wallets will be visible in the Paytm app and can be used across 23+ lakhs brands and stores in the Paytm network.
Paytm Gift Wallet is an RBI-approved Pre-Paid Instrument (PPI) for employers/corporates to transfer tax-free gifts to their employees.
Simply put, Paytm Gift Wallet gives your employees the ease and flexibility of using the gifts they receive during festivities. It is up to them to decide how they would want to spend the amount received in their gift wallet balance.
Sweets for friends and relatives, new clothes for family members from a variety of brands, or appliances for home, they can use the gift balance wherever they want – at both offline and online channels.
Key features of Paytm Gift Wallet for corporate gifting
- Quick and hassle-free mode of sending gifts to your employees and clients digitally
- Wide variety of online & offline merchants and grocery stores where the gift wallet balance can be used
- Easy to bundle payment modes (bank account, credit cards, etc.) for big-ticket purchases
- 100% digital gifting facility
- No hassles of bulk distribution of gifts – instant delivery
- No need to pay extra for logistics as in the case of delivering physical gifts
- Cashback for employees based on how they spend the gift wallet balance
Other use-cases of Paytm Gift Wallet for businesses
You can also use Paytm Gift Wallet for:
- Employee rewards based on the performance
- Sales incentive
- Occasional gifting, including corporate Diwali gifting
- Gifting to clients, channel partners, and other business partners
Paytm Gift Wallet – FAQs
What is Paytm Gift Wallet balance?
It is similar to the Paytm Wallet balance that a user can add to make purchases online or offline. However, there is an exception. You as an employer will get access to the Paytm Payouts dashboard which will help you distribute the gifting amount to your employee’s gift wallet.
What more? Well, you can make bulk payments and disburse the gift amount to all your employees in just one single click. It doesn’t end here, as you get reports and analysis about your payouts too! So you have a clear picture of all the successful transactions that you do to your employee’s gift wallet.
What is the process to use Paytm Gift Wallet for corporate gifting for employees?
Given below are the steps to be followed to add money in your employee’s Paytm Gift Wallet to be used for corporate gifting:
- Enable Paytm Payouts to avail Paytm Gift Wallet feature
- Access the Payouts dashboard to add a specific amount to the Paytm Gift Wallet for disbursal
- Add the data for the Paytm Wallet-linked mobile numbers of your employees into the dashboard
- Set the amount to be disbursed to each of the employees as a corporate gift during the festive season
- Send the gifted amount to each employee in one go
The amount will appear within their Paytm Wallets, which they can use for shopping at millions of stores in the Paytm network.
How can employees check Paytm Gift Wallet balance?
Your employees can check the Paytm Gift Wallet balance by following the steps given below:
- Open Paytm app
- Open the Balance & History/Passbook section in Paytm app
- Click on Paytm Balance with a wallet icon
- The user can see the Paytm wallet balance and the gift wallet balance
How can employees use the Paytm Gift Wallet balance?
They can use the Paytm Gift Wallet balance while shopping at online and offline stores under the Paytm network. It can be used for making purchases, bill payments, mobile recharges, flight ticket bookings, etc.
Which wallet’s balance will be used by default – Paytm Wallet or Paytm Gift Wallet?
In case a user has sufficient funds in Paytm Gift Wallet, it will be used by default first. Otherwise, the existing Paytm Wallet balance will be used.
How can a user get to know which merchants accept payments via Paytm Gift Wallet?
In general, all merchants who accept payments via Paytm wallet, will accept payments made using Paytm Gift Wallet.
Is there any specific restriction on using Paytm Gift Wallet balance?
Paytm Gift Wallet balance cannot be used to transfer funds to other peers or banks. It can only be used at merchant stores – both offline and online.
Can Paytm Gift Wallet be used on different QR codes available in the offline stores?
Paytm Gift Wallet will only work with Paytm QR codes.
Allow your employees to buy the best corporate gifts using Paytm Gift Wallet
Successful corporate gifting is about ensuring that each of your employees receives thoughtful gifts during the festive season in India. By creating a corporate gifting strategy using Paytm Gift Wallet, you can make your employees feel appreciated and go the extra mile in satisfying their gift-related expectations.
Avoid looking for personalized corporate gifts for Diwali or New Year when you have a Paytm Gift Wallet to cater to all your gifting needs.
If you have a large group of employees whom you would like to reward and delight, Paytm Gift Wallet can make the corporate gifting process easier for you. Embrace the power of the digitized form of corporate gifts today.