Flipkart to roll out price lock feature this festive season
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- Flipkart to launch a fresh feature ahead of the festive season.
- This feature will be able to tackle product shortage issues.
In preparation for the upcoming festive season, Walmart-owned e-commerce giant Flipkart has announced plans to introduce a novel price lock feature. This feature allows customers to secure specific products at predetermined prices by making a modest deposit. This innovative move is aimed at mitigating the common issues of price fluctuations and product shortages that often plague festive sales.
Jeyandran Venugopal, Chief Product and Technology Officer (CPTO) at Flipkart, likened this new offering to services offered by flight booking portals. Just as travellers can secure their seats by paying upfront to shield themselves from price spikes or sold-out flights, Flipkart hopes to provide a similar safeguard to its customers.
Festive Season Is Here
This announcement comes at a crucial time as e-commerce giants like Flipkart and Amazon gear up for the annual festive season, typically commencing in October in anticipation of Diwali celebrations. Festive season sales are of paramount importance for e-commerce companies, contributing a substantial portion, approximately 50%, to their Gross Merchandise Value (GMV). Industry analysts at Redseer have projected potential year-on-year sales growth of up to 20%, reaching a staggering Rs 90,000 crore. In addition to the price lock feature, Flipkart is making other strategic advancements. The platform recently reported an increase in its seller base, which has grown from 1.1 million to 1.4 million in the past year. Flipkart is also enhancing its customer services, offering features such as virtual trial rooms and personalised beauty and personal care (BPC) guidance.
Notably, Flipkart is reworking its loyalty program and website homepage, although specific details remain undisclosed. The company is also leveraging technology, including AI and large language models (LLM), to optimise its search feature, aligning it more closely with customer preferences as it prepares for the festive sales rush.
While embracing technology, Flipkart is also emphasising the human touch in the shopping experience. The company is deploying domain experts to assist customers during high-value purchases, a critical area where cart abandonment rates are typically high. As Flipkart readies itself for the festive shopping extravaganza, these initiatives are poised to enhance the overall shopping experience, ensuring a smooth and rewarding festive season for its customers.
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