We started November with a bang! In November Week 1, we have recorded our all time high sales numbers. On 8th November our Government has announced Demonetization making the 500, 1000 denominations unacceptable. This move has drastically affected eCommerce companies which mostly rely upon COD orders.
In this article, Sumanth our Marketing Head and also an alumnus of IIM Lucknow discusses the positive- negative impact of Demonetization and why campaigners have reasons to cherish in the long run.
Higher Proportion of Prepaid orders
One positive aspect of Demonetization is the increase in prepaid transactions. More customers are now opting for internet banking, credit card, debit card, mobile wallets to make their payments online. That means with more prepaid orders there are less returns, more successful deliveries and better profits for our sellers. In the long run we expect this trend to continue and bring positive results mentioned.
CODs are Back!
As we all are aware, the entire nation has faced cash crunch issues – as a result COD orders have plummeted by 80% and prepaid orders have dipped 60% in the week following Demonetization.
In these tough times, we helped our campaigners to get sales by offering Rs. 50 off + Rs.50 cashback on prepaid orders – this resulted in quick normalization of the prepaid orders but COD orders took time to get back on track. Encouragingly, there has been a significant increase in COD orders from Week 3 of December and now we are on the same scale as of Octobers order quantities. Now with more cash supply, more ATMs operational COD orders are on the raise and are here to stay!
From December 21, 2016 we have successfully implemented and started a 3-day dispatch cycle i.e campaigns are dispatched to the respective buyers within three days from the campaign closure. This means less time a customer waits for his product, lesser cancellations and more profits for you.
You will now receive your payouts on a weekly basis! Earlier campaigners had to wait till all the products in a campaign to be delivered to get their payout. These hassles are now eliminated with the Weekly Payout Cycle system. With you receiving the payout money every week you will have funds to invest in FB ads or enjoy them at your will!
New Product Additions
Recently we have added Polo T-shirts, Baby rompers in our product offerings. We have noticed lower conversion costs for Polo tees, we recommend our campaigners to reach out their previous visitors (custom audiences) and cross sell Polo Tees with fresh designs. Keep your previous t-shirt designs on hoodies and capitalize on the winter demand for higher sales, margins.
So, why wait! Launch your campaign now and enjoy faster delivery cycles, lower return rates and better profits on your products.