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PERENNIAL GIFT BOUTIQUE

Introduction
Perennial Gift Boutique will be a place providing gifting solutions to the people. Social expression industry in India has never been given due importance mainly due to two reasons: a) dominance of few market players and b) under estimation of the market. Sensing the huge potential of the market, this business plan aims at helping the individuals in various gifting stages i.e. from deciding what to gift till the gift is actually delivered to the individual.

Business Idea
Perennial Gift Boutique will be a catalogue cum display store that will have various gifting options at disposal ranging from cards to souvenir. The USP of the boutique will be that it will provide customary solution to each individual just like a consultancy. Each customer will be treated separately and gifting options would be given as per their need and budget. We would not give direct competition to the big players like Archies, Hallmark and Expression instead we will tie up with them and create an image of gifting solution destination.

Idea Generation
The idea of a gift boutique is not generated but was with me from past few years. I have seen my friends, relatives and family members asking me that what they should gift to some or either person. One peculiar thing was no matter how close the person was to whom they wanted to gift but they all had a budget in mind and wanted to get the best gift within that budget. This gave me an idea that there can be a store which can help people having same issues. And the result is Perennial Gift Boutique.

Bad Idea to Good Idea


Earlier the idea was that I will open an online facility of providing service and it will not have any physical place. But this idea had certain lacunae. It was killing the aspect of personal touch the very basic ingredient of gifting feeling. There was also the problem of inventory management, delivery issues and maintenance of E- system. Then this idea was molded and given the present state where we will not be operating online instead a store would be there and we would be collaborating with players like Archies.

John Mullins Evaluation

Seven

Domain

Model:

Opportunity

The business idea has been analyzed according to the seven domain model as under-

Micro- level market assessment


There is a large market segment in which we will operate. No other firm offers this service so this is a first time introduction in the market. Customers between the age group of 20-50 years are being targeted. The target market has the potential to grow. Corporates can also be later served as they have trend of gifting in festivals, seminars and other occasions.

Macro- level market assessment


The countrys social expression industry is valued at about Rs. 500 crore (US$ 111.1million) with the greeting card market estimated to be around Rs. 300 crore (US$ 66.7 million) at retail value. Of this, the organized sector accounts for approximately Rs. 150 crore (US$ 33.3 million). The greeting card market is estimated at Rs. 250 crores in terms of consumer spend. The unorganized sector in the greeting card market would be close to 40%.

Macro- level industry assessment


We would be competing in social expression industry. It is attractive industry. On the basis of five forces we can classify asThreat of entry: low Supplier power: high Buyer power: low Competitive Rivalry: gentle Threat to substitutes: low

Micro- level industry assessment


Proprietary elements are not needed. Business can develop in later stages the superior organizational processes. The model is economically viable. We do not need huge set up cost. Suppliers can be paid on credit as well. It will not take too long to attract the customers.