A recent survey found that 42% of customers prefer to shop online for the holidays using the UPI. Nielsen Media India’s poll for Amazon India found that 57% of respondents chose UPI for incentives and cashback, especially around the holidays.
UPI-based payments crossed 10 billion monthly transactions for the first time in August, worth Rs 15.18 trillion, according to the NPCI.
The survey found that 75% of consumers want to buy luxury and authentic beauty goods, consumables, home furnishings and remodeling products, and electrical devices including cellphones, TVs, refrigerators, and air conditioners online.
Additionally, 87% of urban customers and 86% of Tier 2 cities with 10–40 lakh residents prefer to shop online during the holidays.
The impending “Amazon Great India Festival 2023,” which is anticipated to offer customers a seamless shopping experience and a large selection of domestic and foreign brands and goods, has the support of Manish Tiwary, Country Manager India Consumer Business at Amazon India.
More than 70% of people plan to buy electronics during upcoming online holiday shopping events. Additionally, over 75% of buyers are enthusiastic about alluring bank promotions and cost-free EMIs because they make their purchases more practical and gratifying.
Nearly 64% of customers said they planned to make purchases in these categories during the holiday season, and 80% of consumers think online festive shopping events provide access to trendy brands for garments, footwear, and various fashion accessories.
According to a recent analysis by Redseer Strategy Consultants, India expects to see Rs 90,000 crore in online gross merchandise value (GMV) over the festive month this year, representing an increase of 18-20% from previous year. This is due to the country’s estimated 140 million consumers.
Conclusion:-
India is experiencing a surge in the use of digital payment methods, with 42% of customers preferring to shop online during the holiday season using the Unified Payments Interface (UPI). A survey by Nielsen Media India on behalf of Amazon India revealed that 57% of respondents prefer UPI for collecting rewards and cashback, particularly during the holiday season. The National Payments Corporation of India reported that UPI-based payments crossed 10 billion monthly transactions in August, with a total transaction value of Rs 15.18 trillion. 75% of consumers are interested in buying premium beauty brands, consumables, home furnishings, and electrical devices online. The upcoming “Amazon Great India Festival 2023” is expected to offer a seamless shopping experience with a large selection of domestic and foreign brands.
