The Great Indian Shopping Festival (GOSF), the three-day ‘cornucopia of good times’, is over, but it leaves behind a trail of new trends and ideas for the country’s e-tailing revolution.
Contrary to past trends and popular belief, GOSF witnessed substantial business in the unique and high-value categories like real estate and automobiles. As per Google India, its organiser, over 500 houses were booked across all real estate partners during the three days of festival, besides bookings for over 50 cars and 100 bikes. High-end designer wear from reputed designers like Gaurav Gupta and jewellery also got significant sales uplift, says Nitin Bawankule, industry director, e-commerce, Google India.
MyNewCar, an upcoming new car online buying platform launched at the GOSF this year, booked over 20 cars worth R1 crore within the first 36 hours of launch in three cities. “The cars ranged from hatchbacks to sedans and even SUVs. GOSF has provided us an excellent launchpad,” says Arvind Sinha, COO, MyNewCar.
This is apart from leading auto brands, including Mahindra & Mahindra, Renault, Ford and Volkswagen, which jumped on to the GOSF bandwagon by offering discounts and other consumer benefits starting from R30,000 to over R1.4 lakh.
Real estate, too, saw a new market at GOSF. Tata Housing, for instance, partnered with GOSF for the second time and was the only real estate developer to exclusively launch their ultra-luxury project ‘The Cascades’ in Bengaluru, besides houses in Ariana (Orissa), Primanti (Gurgaon), The Promont (Bengaluru), Amantra (Mumbai), Gateway Towers (Mumbai), Avenida (Kolkata) and Myst (Kasauli).
“The online space has evolved over the years and has opened the market to national and global buyers,” says Brotin Banerjee, MD & CEO, Tata Housing Development Company. “It is going to be a game changer for real estate in India, as the industry is constantly seeking for innovative and cost-effective mediums to reach prospective consumers. Urbanisation has played a significant role in changing lifestyles and Indian consumers are now open to buying products not traditionally sold online, such as real estate and cars,” he adds.
With about 450 brands and websites offering discounts as part of GOSF, buyers got smarter this time by taking help of price-comparison, coupons and cashback websites to avoid the tiring task of visiting each e-commerce portal to find the best deals. Cashback and coupon site CashKaro saw an increase in order values during the GOSF compared to the rest of the year, says its co-founder Swati Bhargava. “We saw a splurge in traffic by 450% and a 350% increase in revenues during this year’s GOSF. The average order value was R4,000 during GOSF as compared to R2,000 on normal days,” she adds.
Another coupon site CouponDunia helped customers reduce the clutter by putting up the best deals and offers on a specially created GOSF microsite. “We also created extensive product guides in each category, not to mention interesting yet informative blog posts. On the days of the festival, we also had a live, interactive Twitter session where we answered customer queries,” says Sameer Parwani, CEO and founder, CouponDunia. The site saw 48.5% first-time visitors during GOSF and 51.5% repeat visitors redeeming coupons during the festival. MySmartPrice and iSpyPrice were other price comparison portals that saw huge traffic.
GOSF also saw a huge response from consumers on exclusive launches, leading to high conversion for brands. “We saw more than one million visits to the ‘exclusive launch’ section on our website, which established the festival as a great platform to launch new products,” says Bawankule of Google India.
Trends of GOSF 2014
Unique and high-value sales
500 houses, 50 cars and 100 bikes
Contrary to past trends, GOSF witnessed substantial business in the
unique and high-value categories like real estate and automobiles. As per Google India, over 500 houses
were booked across all real estate partners
Cashback, coupon & price-comparison websites
Buyers took help of price-comparison, coupon and cashback websites to not only deepen discounts,
but cut across clutter as well
Initiatives such as ‘exclusive launches’ and the ‘R299 store’ drew in the numbers at the three-day shopping festival
Source : The Financial Express