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Tag: GoKwik

  • What India shopped from D2C brands in 2023

    What India shopped from D2C brands in 2023

    Mumbai:  Beauty and personal care (BPC) products in the burgeoning D2C segment emerged as the largest selling category in India after about 3.7 lakh packs of Vitamin C Serum were sold during 2023, according to GoKwik’s network data report.

    The highest repeat rate was also observed in BPC at 30 per cent, followed by fashion at 28 per cent. The electronics category saw one of the lowest repeat rates, at 14 per cent.

    “D2C brands are increasingly becoming shopper favourites. Shoppers are consistently finding value in shopping from these brands. As a result, the repeat order rate of the most shopped categories has also seen a significant increase. With exclusive deals, loyalty points and offers, deepening markets and evolving trust in these brands, we can expect further growth in this industry.” Said GoKwik co-founder and CEO Chirag Taneja.

    He further added that 2023 marked another significant year for D2C brands and contributed to their growth. From obtaining funding to omnichannel expansion or becoming listed on the stock exchange, D2C brands have proved they are here to stay and grow.

    While shoppers continued to shop various products from the D2C brands, one significant product emerged as the winner, Vitamin C Serum. With over 3.7 L orders, this product clocked the most orders on GoKwik’s network of D2C brands, and emerged as a phenomenon, cementing its position in the skincare routine of Indian shoppers.

    With 3.4 L orders, sunglasses came in the second spot as one of the shoppers’ favourites on the GoKwik network while Skincare Combos ranked third with 2.1 L orders.

    Online premium memberships also seemed to be a hot favourite amongst D2C shoppers last year which could also be an indication of growing trust and loyalty for particular brands. Gift cards too had a huge demand from shoppers, possibly becoming a popular gifting option during the festive season.

    “Shoppers buying directly from a D2C brand reflects growing trust in the products available on the brand website with no risk of counterfeits, etc especially when it comes to beauty and cosmetics,” Chirag added.

    The top three products in terms of the highest orders in this category were Vitamin C Serum, closely followed by Night Cream and Hair Growth Serum.

    Fashion stood tall clocking the second-highest number of orders. This could be indicative of the individuality in the space of fashion which is leading to an increase in the number of brands in subcategories that align with shopper needs. Here, the highest-selling products were Men’s T-shirts, both in black and white and black tops for women.

    Healthcare products secured the third position in order volume, showcasing how rapidly Indian shoppers are becoming health-conscious and trusting D2C brands to cater to their needs. The top-selling products in this category were Immunity Kits and Ayurvedic Oil.

    The highest-selling items in the electronics category, as seen on the GoKwik network, were Wireless earphones followed by Smartwatches.

    Furthermore, products related to hair-related concerns have spiked, especially in metro cities (Delhi, Mumbai, Bangalore, Kolkata) as Hair Serum and Hair Gummies were the most ordered products there.

    Interestingly, one person from Gurgaon ordered SPF 50+ sunscreen 942 times last year. Onion shampoo remained the top choice of another shopper in Delhi who bought the product 514 times. Even in the cold paradise of Srinagar, De-Tan cream was ordered 44 times. In Bangalore however, scalp massager became a shopper’s favourite, as a customer ordered it over 80 times in a year.

    GoKwik houses over 1200 eCommerce brands in its network including Lenskart, Neemans, Man Matters, Purplle, Shoppers Stop, etc, ranging from fashion, beauty, health and nutrition, electronics and other key categories of the online shopping space. 

  • GoKwik appoints former PayU director Ravi Kant Arora as senior VP – Finance

    GoKwik appoints former PayU director Ravi Kant Arora as senior VP – Finance

    Mumbai: GoKwik, India’s leading e-commerce enabler, has announced the appointment of Ravi Kant Arora as senior vice president of Finance.

    In this role, Arora will be responsible for overseeing and spearheading the company’s complete financial operations, including financial planning, finance control, funding, auditing, statutory compliance MIS & financial reporting.

    Arora brings with him over 15+ years of experience in corporate finance, demonstrating exceptional business acumen and contributing to the growth of organisations. He specialises in designing annual financial plans and implementing frameworks to mitigate leakages through extensive business insights. Ravi is also well-versed in establishing separate business units and streamlining financial processes through innovative means.

    Prior to joining GoKwik, Arora held the position of VP – Finance at Stanza Living, where he played a pivotal role in driving measurable value and establishing core financial processes. He excelled in financial planning and analysis, evaluating new products and business segments, and industry research. Arora also gained valuable experience in compliance and governance, managing statutory audits, and ensuring proper controls and governance across the organisation.

    Before his tenure at Stanza Living, Arora served as director of Finance at PayU, where he provided expert financial advice and analysis to the management. He was responsible for financial planning and analysis, global reporting, compliance and governance, business transition, and leading cross-functional teams in executing strategic activities.

    Additionally, Arora held the role of Assistant General Manager (AGM) of Finance Control at Aircel Ltd, where he led the business finance and control for multiple business units.

    Arora began his career at Bharti Airtel Ltd as manager of Business Planning and Analysis, where he successfully established new business units, conducted financial planning and analysis, and implemented cost management systems.

    “GoKwik has made its mark as one of the fastest growing eCommerce enablers in India ensuring brands maximise their revenue using its tech and data intelligence-backed solutions. I am looking forward to working alongside team GoKwik and strengthening their financial discipline, evolving the revenue strategy and further setting processes for compliance and governance,” said Arora.

    “We are delighted to welcome Ravi to the GoKwik team,” said GoKwik CEO & co-founder Chirag Taneja. “His extensive experience in finance and strategic planning will prove invaluable as we continue our mission of helping eCommerce brands maximise their revenue. We are confident that his contributions will further strengthen our financial processes and will contribute to the next step of our journey.” continued Taneja.

    Arora holds a  Chartered Accountant designation and a B.Com (Hons.) degree from Delhi University.

  • Pepe Jeans partners with GoKwik for COD expansion in India

    Pepe Jeans partners with GoKwik for COD expansion in India

    Mumbai: Pepe Jeans London, the iconic denim brand celebrated for its modern and stylish fashion selections, has formed a strategic partnership with GoKwik, a prominent eCommerce platform. Together, they aim to enhance Pepe Jeans’ online presence in India by extending Cash-on-Delivery (COD) services securely and embarking upon the issue of Return to Origin (RTO) rates. Utilizing GoKwik’s extensive network intelligence with over 100 million shoppers, Pepe Jeans aims to diminish non-deliverable COD orders and fortify its position in the ever-evolving digital commerce landscape.

    GoKwik is set to assist Pepe Jeans London in expanding its digital presence by extending Cash-on-Delivery (COD) services to a broader range of postal codes. This expansion will harness GoKwik’s network-driven intelligence to curtail the incidence of Return to Origin (RTO). RTO occurs when COD orders are annulled during transit, leading to increased logistical expenses, inventory blockages, and potential product damage, all of which can impact the brand’s overall profitability.

    Speaking on the partnership Pepe Jeans India CEO & MD Manish Kapoor said, “The Indian eCommerce sector holds significant promise and displays substantial potential in the years ahead. Cash on delivery is a distinct preference for the majority of Indian consumers, and this preference brings with it the intricate issue of RTO.” He further explained, “Our collaboration with GoKwik will further expand our ability to offer Cash-on-Delivery services in remote regions of India. Utilising their advanced intelligence solutions, we aspire to broaden our presence among various consumer demographics, ultimately enhancing our Gross Merchandise Value (GMV) and mitigating the challenges linked with COD orders.”

    Cash-on-Delivery (COD) enjoys widespread popularity in India and is a crucial payment method for ensuring long-term business expansion. Nevertheless, a significant challenge arises, as more than 30 per cent of COD orders are returned to the warehouse during shipment, resulting in profit leakage for brands. In certain scenarios, such as for Direct-to-Consumer (D2C) brands, this return rate can skyrocket to as high as 60 per cent, with the fashion category being the most affected.

    GoKwik is renowned for its comprehensive data-backed intelligence solutions that analyse shopper behaviour patterns across 200 parameters. It then ranks shoppers under different risk buckets based on their probability of returning orders before delivery, and then places controlled interventions to safely expand COD serviceability while keeping a check on the RTO rate. Through these unique solutions, GoKwik has helped several brands save over Rs 130 Cr of RTO losses.

    “We are constantly committed to building solutions that help eCommerce brands grow at a high speed yet sustainable pace,” stated GoKwik co-founder & CEO Chirag Taneja. “Pepe Jeans have a legacy that is now continuing in the digital space. Through our data-backed intelligence, we aim to unlock their COD GMV by deepening their COD penetration while also minimising their return losses. Look forward to seeing them grow at a phenomenal rate with us” Chirag continued.

    The collaboration between Pepe Jeans and GoKwik underlines their joint dedication to utilizing technological advancements and their deep industry knowledge to push the boundaries of online retail. Their mission is to address the requirements of Indian shoppers and establish a smooth, hassle-free shopping experience for fashion enthusiasts throughout the country.

  • GoKwik saves eCommerce brands Rs 130 Cr in RTO losses for 2023

    GoKwik saves eCommerce brands Rs 130 Cr in RTO losses for 2023

    Mumbai: Brands on the network of eCommerce enabler GoKwik have saved up to Rs 130 Cr in losses from return to origin orders (RTO) in 2023 so far.

    According to data released by GoKwik, direct-to-customer (D2C) brands on its network benefited from its interventions to arrest RTO occurrences. Brands saved over 16 lac orders from being returned to origin. As a result, they also saved over Rs 24 Cr in reverse logistics costs owing to orders being returned while in transit.

    “We are constantly building deep-rooted intelligence & interventions that will help brands cater to the cash-on-delivery-loving shoppers while also mitigating RTO losses smartly. Our solutions are constantly committed to solving deep-rooted problems of the eCommerce industry at the source while also ensuring we contribute to becoming the eCommerce gateway of India. By seeing success stories of merchants, we are rest assured that we are heading in the right direction” said GoKwik co-founder and CEO Chirag Taneja.

    RTO or return to origin is when undelivered orders are returned before delivery causing a major setback to operations for e-commerce brands as they add to logistics costs, inventory blockage, loss of true conversions and leaking profitability.

    The chances of RTO are significantly higher in cash-on-delivery (COD) orders than in prepaid orders. GoKwik offers a range of solutions backed by data and analytics that can predict customer behaviour and help sellers prevent RTOs while ensuring expansive COD serviceability across regions.

    Through GoKwik-led interventions, brands also had over 16 lac products readily available to be shipped which would have otherwise been in transit for 20-30 days leading to inventory blockage and damage, data released by GoKwik shows.

    Fashion brands saved around Rs 15 Cr, electronics brands around Rs 61.7 Cr, beauty brands around Rs 2.75Cr, and footwear brands around Rs 5.5Cr in inventory blockage owing to GoKwik interventions. Moreover, among these categories, electronics saw the highest reduction in COD RTOs with 28 per cent. Fashion brands recorded an 11 per cent drop in COD RTOs, footwear recorded a 16.6 per cent drop, and beauty and personal care saw 10 per cent.

    Around 40 per cent of the brands in the GoKwik network continued to increase their COD share by 16 per cent and reduced COD RTO by up to 18 per cent.

    Homegrown consumer electronics brand boAt saw up to a 32 per cent drop in RTO rate and a four times increase in COD gross merchandise value with the help of GoKwik’s interventions. Footwear brand Attitudist also recorded a 15 per cent reduction in RTOs with these interventions. Boult Audio further brought down RTOs by 40 per cent and Fireboltt by 30 per cent respectively.

    Many other brands including Swiss Beauty, The Man Company, Neeman’s, Wallmantra, and Lenskart were able to expand their COD serviceability pan India while containing RTO rate.

    GoKwik’s smart suite of solutions helps brands start COD, expand COD, reduce return to origin and contain return to origin depending on the stage of COD serviceability their brand is in. GoKwik is committed to solving these problems at the source by risk-based interventions such as adding extra layers to order completion to avoid RTO, behavioural analysis of the shoppers, risk profiling and placing pre-order interventions such as COD captcha, COD confirmation prompts, prepaid discounts and more.

  • Amazon’s Kunal Tiwari joins GoKwik as chief product officer

    Amazon’s Kunal Tiwari joins GoKwik as chief product officer

    Mumbai: GoKwik on Wednesday announced the onboarding of Amazon’s Kunal Tiwari as its chief product officer. According to a statement, the company aims to expand its product portfolio and further strengthen its existing product suite to offer best-in-class support to D2C brands.

    In his new role, Tiwari will spearhead GoKwik’s overall product strategy, execution and innovation.

    “Product innovation is one of our key strategic pillars as we are changing the way people experience shopping end to end,” commented GoKwik co-founder and CEO Chirag Taneja. “Kunal will be a huge asset to us as we move forward in this journey of building products that complement the remarkable work D2C eCommerce brands do. He is a seasoned product leader and shows true passion for solving customer and merchant pain points.”

    Tiwari is a seasoned product and science leader with 15+ years of experience across banking, insurance, and e-commerce industries. In his last role at Amazon, he led multiple product portfolios, which ensured the safety and compliance of Amazon’s catalogue across 20+ marketplaces. Previously, he has led strategic science and product initiatives for BlackRock, AXA-XL, and Bank of America. 

    His expertise in building AI/ML-enabled products will help GoKwik to move faster and effectively towards its vision of democratising the shopping experience. GoKwik is building the best-in-class checkout experience for D2C brands that solve for personalisation, ‘Return to Origin (RTO)’ reduction and conversion rate improvement across the entire funnel, said the statement.

    “Today, millions of customers are embracing thousands of D2C brands and this market is poised to be a $100 billion opportunity by 2025,” remarked Kunal Tiwari. “GoKwik, with its product suite and crystal clear vision, is well-positioned to take the industry forward and democratise this opportunity for the D2C brands. Personally, this is an interesting challenge and opportunity to blend data, tech, and science solutions from two completely different product stacks: fintech and e-commerce.”

    A mechanical engineering graduate from Punjab Engineering College, Chandigarh and Kunal is also part of IIM-Bangalore’s advisory board for Data Centre and Analytics Lab.