The corporate gifting market in India is around Rs.12,000 crores and is growing at 25 percent a year. Given the growing trend towards sustainable gifting, Loopify is positioning itself as a plastic-free gifting company.
Excerpts of a chat between Benedict Paramanand, Editor of SustainabilityNext, and the co-founder Hemal Gathani, about why Loopify co-founders are confident of making it big in the coming years.
How did you come up with the name Loopify?
When we first thought about this venture, we wanted to make sure it became a way of living for everyone in the near future. So we thought the name should be something which is a word you know, like when we say “Let’s google it.” The idea was that in the near future, people should say “Let’s Loopify” whenever they buy a product or anything else. We want them to consider if it’s sustainable, meaningful, and recyclable. So the name Loopify reflects our intent to close the loop sustainably.
Loopify is just over two years old and you seem to have achieved quite a lot within two years. What is it that gave you this good start?
We’ve been on the corporate side of things for the last 19 years now. Saurabh and I are also the Co-founders of the brand ZEUX Innovation, founded in 2016. It’s India’s number one UX design company where we offer design services to clients such as Discovery and Reliance. Our corporate experience, understanding of design, and expertise in corporate sales really helped us jumpstart our journey and achieve the success we’ve seen at Loopify.
Loopify’s first idea and journey so far
In October 2019, the idea of Loopify germinated as we aimed to solve the larger problem of plastic pollution. We initially envisioned a portal for sustainable events and festivals. However, COVID-19 forced us to pivot, and in July 2020, we launched as a lifestyle store. Our initial progress was slow, but we observed a glimmer of hope as corporate inquiries started coming in. This led us to fully commit to becoming a plastic-free gifting company, aligning with our mission of sustainability.
What was the biggest challenge you faced and how did you overcome it?
Making people switch to a sustainable way of living is a behavioural change that’s not easy unless you’re pumping in a lot of marketing money.
To what extent have you incorporated the UX experience into the design of these products?
Our designs play a significant role in setting us apart, especially in our gift hampers. They are inspired by our design background, and we put a great deal of thought into every aspect. From packaging design to product selection and arrangement, the entire experience is carefully curated. Our UX design experience adds a fundamental differentiator to our products.
Give us a sense of the Sustainable gifting market in India and where you stand among the other big players in the Industry
The corporate gifting market in India is around 12,000 crores and growing at a 25% CAGR rate. Our goal is to capture a 10% market share in the next two to three years, which equates to about Rs. 100 crores. Currently, we’re aiming for sales of Rs. 12 crores this year, which is just 1% of the total market. The potential for growth in sustainable gifting is immense.
Which types of corporations are looking for sustainable gifting?
We have worked with corporations of all sizes across industries. Both new-age and established companies are interested in sustainable gifting. To learn more about Loopify, check out this link: https://www.youtube.com/watch?v=aDc59UPxMOk