New Delhi, October 16, 2023:
GoKwik, a leading eCommerce enabler, announced today that over 1000 brands on its network have experienced a 20% increase in order volume during the first phase of the festive season compared to last year. Despite the surge in orders, the return-to-origin (RTO) rate (non-deliverability of COD orders) has come down by 26%, showcasing the efficiency of GoKwik's solutions in curbing RTO losses for these brands.
“We are seeing a remarkable growth in order volumes across categories in our network. Q4 is expected to be even bigger. Fashion brands are spearheading this growth in volume, closely followed by the beauty & personal care category. We are seeing many smaller D2C brands also participating in festive sale events this year riding on the positive consumer sentiments”, said Chirag Taneja, Co-Founder and CEO, GoKwik
The festive season is known for driving increased sales across categories including fashion, beauty and personal care, electronics and more as people gear up to buy their favourite products at great discounts. Amongst these categories, Fashion shined the most and recorded a 148% increase in order volume. Shoppers in the GoKwik network availed 12.1% higher discounts this festive season compared to last year. As a result, overall GMV increased by 53.3% with prepaid GMV multiplying 2X as a variety of prepaid discounts, rewards and loyalty points were made available to the shoppers. UPI, India’s second most preferred mode of payment after cash had the highest share in these prepaid payments.
The states that contributed the most to the surge in order volume included Maharashtra which accounted for the majority of these orders (12%) followed by Uttar Pradesh (7.8%) and Karnataka (7.3%).
The Cash on-delivery GMV also increased by almost 40% with the highest contribution from fashion brands. The preference for COD amongst Indian shoppers continues mostly due to lack of trust, especially during the festive period when orders are usually delayed as a result of high demand. Maharashtra, Uttar Pradesh, Karnataka, Delhi and Gujarat were the top contributors for COD orders.
“The shoppers are all geared up to make the most of festive season deals that eCommerce brands are offering. As the most important leg of festive season approaches, brands are charged up to double down on their marketing efforts and scale their business during this period. ” continued Chirag
According to a report on customer insights by Axis My India, 44% of the shoppers participating in festive sales are expected to spend more than the previous year. This trend has been seen in the GoKwik network too. Along with the surge in order volume, the spending limit of the shoppers has seen an uplift. The average order value increased by 29.4% this season compared to last year. As more GenZs enter the workforce, this number is further expected to see an uplift as the festive season reaches its prime.
Further to this, a Redseer report stated that smaller eCommerce players in India are also actively gearing up to compete with larger players during the festive season. They are expected to invest 75% more in marketing and advertising expenditures compared to the business-as-usual period. This surge in investment reflects their determination to capture consumer attention and increase their market share.
This trend has been seen in the GoKwik network too as smaller eCommerce players have joined the GoKwik network to provide an enhanced shopping experience and grow further this festive season.
GoKwik houses 1000+ eCommerce brands in its network including Lenskart, Pilgrim, Bombay Shaving Company, Shopper’s Stop, Snitch, Neemans, Mivi etc, ranging from fashion, beauty, health and nutrition, electronics and other key categories of the online shopping space. With the festive season well underway, GoKwik's comprehensive suite of solutions continues to empower brands to maximise their sales potential and flourish in the highly competitive eCommerce landscape.
About GoKwik
GoKwik is a data & technology-led enabler, building a full-stack solution suite for eCommerce and D2C brands to help them unlock business growth. Embarked on a mission to democratise the shopping experience, GoKwik enables eCommerce brands to deliver superlative customer experience across the shopping funnel thereby boosting conversion rates and revenue growth.
It also solves other critical pain points of the industry such as COD RTO (Return to Origin) and helps brands manage the RTO problem while offering COD as a payment channel.
With its recent addition of a third product: KwikChat, GoKwik is solving for low ROIs on marketing campaigns through 30+ Whatsapp use cases such as abandoned cart recovery, click to WhatsApp ad campaigns & headless checkout. 1 in 3 shoppers is already shopping on the GoKwik network which has helped 500+ brands scale their businesses with higher GMV realisation & profit margins.
It is helmed by Chirag Taneja (Co-Founder and Chief Executive Officer), Vivek Bajpai (Co-Founder and Chief Technology Officer), and Ankush Talwar (Co-Founder and Chief Data Scientist). GoKwik is backed by investors such as Sequoia Capital, Matrix Partners India, RTP Global & Think Investments.
GoKwik's team has deep knowledge in the space of eCommerce with people having previous experience in Flipkart, Razorpay, Swiggy, Myntra, Nykaa, and more. Link - https://www.gokwik.co/
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