Wednesday, March 31, 2021

Time to Play: Indian Toy market, a late entrant, but has immense opportunities with growing market

The Indian toy market is approximately ₹16,000 crore, of which 75% are imported from China. While the Indian toy market is largely disorganized and comprises wholesalers, importers, and manufacturers. It is very price-sensitive also. 

Nevertheless, with the recent “#MakeInIndia” momentum, Indian’s are more aware of buying toys manufactured in India. But been very late entrants in this industry which lacks both experienced manpower and investments. 

I really appreciate the work done by some Indian toy designers and manufacturers towards creating their own unique niche.  Here are a couple of Indian startups and companies.

  1. PlayShifu by Dinesh Advani
  2. Kreative Kids International by Sharad Kapoor
  3. Toiing by Simon Jacob 
  4. Desi toys and games by Swapna Wagh and 
  5. Zephyr Toys by Moiz Gabajiwala.

Here are a couple of interesting ideas which I thought would help toy companies to increase sales. 

  1. Companies can give free piggy banks to kids when they buy any of, their products. The piggy bank will be registered in their name with parents' mobile no, this creates a transition from offline to the online world. When the piggy bank is full or the amount crosses INR 2,000 enough the kids can get their piggy bank to the toy store and the toy store will open it. In exchange, the toy store will give 10% interest on the collected amount as an incentive to kids. This can be used to purchase a new set of toys. The toy company can also partner with any bank for launching kids' accounts, both stand to benefit. 
  2. Choosing toys is a difficult process, and most often the toy store guy is hardly aware of toys and how they can help in learning. Indian toy companies need band evangelists who can help to guide on what and which toy people should buy. They need more and more kids joining as ambassadors program.

No comments: