Digital payment methods are gaining momentum in India, with a recent survey reporting that 42 per cent of consumers plan to use the Unified Payments Interface (UPI) for their online festive shopping. Additionally, 57 per cent of respondents indicated that they prefer UPI for earning rewards and cashback, particularly during the festive season, according to the report conducted by Nielsen Media India on behalf of Amazon India.
In August, UPI-based payments surpassed 10 billion monthly transactions for the first time, with a total transaction value of Rs 15.18 trillion, according to the National Payments Corporation of India (NPCI).
The survey found that approximately 75 per cent of consumers are interested in purchasing electronic gadgets and products such as smartphones, TVs, refrigerators, and air conditioners, as well as luxury and authentic beauty brands, home furnishings and improvement items, and consumables online.
It also revealed that 87 per cent of consumers in metropolitan cities and 86 per cent in tier-2 cities with populations ranging from 10 to 40 lakh prefer to shop online for the festive season.
Manish Tiwary, Country Manager India Consumer Business at Amazon India, expressed confidence in the upcoming 'Amazon Great India Festival 2023,' which is expected to provide consumers with a seamless shopping experience and a wide selection of domestic and international brands and products.
Over 70 per cent of consumers anticipate online festive shopping events to purchase electronic items. Furthermore, more than 75 per cent of consumers are excited about attractive bank offers and no-cost EMIs, which make their purchases more convenient and rewarding.
Around 80 per cent of consumers believe that online festive shopping events offer access to trendy brands for apparel, footwear, and various fashion accessories, with nearly 64 per cent expressing their intent to make purchases in these categories during the festive season.
With approximately 140 million shoppers contributing, India is expected to witness Rs 90,000 crore worth of online gross merchandise value (GMV) during the festive month this year, marking an 18-20 per cent increase from last year, according to a recent report by Redseer Strategy Consultants.
Inputs from IANS