Saturday, July 12, 2014

Are There Cultural Differences When Gifting and Money-Sharing?

Gifting cultures and the concept of money sharing.

Ever wondered how the concept of gifting arose and where is this culture given the maximum importance? Surprise, surprise... It’s Japan. In Japan, gift-giving is an art form representing friendship, respect and gratitude. At the same time, the gift used to be quite modest since the aspect of giving is more important.. Now, currently there is a new trend of buying better and swankier gifts, especially using the paying power of a group.

We can easily recount the multiple times when we have pooled money with our friends
or colleagues to buy a gift for a mutual friend. As awesome as gifting and money pooling in a group is, it also leads to a few headaches and uncomfortable situations, especially parts of india,--- the “I.O.U” chatter ..uncomfortable embarrassment within circle of friends and peers.

Q. What situations are we looking at?
A. This can lead to tough situations at times since different folks are at different levels in
terms of friendship. Especially when it comes to company colleagues, where a more formal setting exists, this needs to be done professionally. Hence, the decision of
contribution along with the actual payment is best if done before the gift itself.

Q. What are the flaws with the methods people use currently?
A. Currently, most of the people settle shares later on while one or at times two people
pays the complete amount for the gift upfront. But then there is difficultly when you
think as to who has the time to transfer money over Net Banking and share all the
codes etc.? Besides, with everything going digital, it is time to embrace the era of online commerce whole-heartedly and leave the cash behind!

Q. What is the better solution?
A. We got down to brainstorming, meeting quite a few experienced people,
Starting with our product, refining the user experience interactively. This led us to slowly
understand the online payments market in India and other countries of Asia. This was
how our firm [blanked]  was born where we build plugins and widgets for the online commerce industry for use cases like group-gifting.
Feel free to have a look at our primary product [blanked] which essentially enables multiple e-commerce websites to provide the facility of group-gifting of products as well as vouchers.
Let us see how the landscape spans out in time to come.

Rohit Taneja, Guest Contributor
A graduate of Engineering from Indian Institute of Technology Delhi. Wants to make a larger impact and solve web ecosystem problem. To contact Rohit, check out LinkedIn Profile via Founders Under 40 Group.
***Editing & Content Management Service brought to you by: BJ Mannyst Team

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