With India celebrating the first festivities after returning to full normalcy, businesses across industries are seeing a big boom.
To help businesses take advantage of this prosperous season,, India's Leading Payments and Banking Platform for Businesses, launched its Festive Report to help businesses understand the consumer trends.
Rahul Kothari, Chief Business Officer at Razorpay said, "The increasing disposable incomes among consumers and the higher propensity to make high-ticket purchases has made Diwali one of the most prosperous seasons for all online merchants. While all merchants continue to vye for the highest mindshare among consumers, the merchants who understand consumer trends tend to sell significantly more. Being a business that always focuses on helping other businesses reach a super-scale stage, we thought it would be beneficial for the entire business community to understand the historic trends that we have seen and help them achieve more with less."
This report is an analysis of all transactions that were conducted on the Razorpay platform during the festive season in 2021. It provides a detailed view on consumer shopping trends.
The three weeks before Diwali is the most prosperous for businesses with businesses experiencing a 37% jump in orders as compared to the week of Diwali (week of 24th October)
Business revenue also spikes a week before the Diwali week. Businesses experience a 43% increase revenue in contrast to the week of Diwali
High ticket value transactions saw a significant increase during the festive season. Gold and Jewelry sees the highest growth in purchases during Diwali, increasing by a whopping 595% as compared to the non-festive season
With busy mornings and celebratory evenings, most of the shopping took place in the afternoon. 12PM - 5PM is the crowd favorite to indulge in a shopping spree with customers spending 2x the hourly average spend during this period
Razorpay, a full-stack financial services company helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to over 8Mn businesses.
Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley's largest tech accelerator, Y Combinator. Marquee investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator and MasterCard have invested a total of USD 741.5 Mn through Series A, B, C, D, E & F funding. A few angel investors have also invested in Razorpay's mission to simplify payments and banking and redefine how finance works in India.
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( With inputs from ANI )
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