Beyoung has clocked a revenue of over Rs250 crore since inception and to further strengthen its digital footprint across India, Beyoung will leverage GoKwik s intelligence-driven network to deepen its COD reach and minimise RTO losses, the phenomenon when COD orders are returned to the warehouse before delivery.
Ecommerce enabler GoKwik reported a 12.72% increase in sales for direct-to-consumer (D2C) brands on its network during the Republic Day sale week compared to the preceding week, with a nominal 10% rise in Gross Merchandise Volume (GMV). Despite a subdued growth in the first quarter of FY 2024 following strong performance in the last quarter of 2023, Republic Day sales were impacted by macroeconomic factors such as high-interest rates and layoffs.
Online shoppers continue to increase in India but cash on delivery (COD) remains the preferred mode of payment. The chances of return to origin (RTO) orders are significantly higher in these orders as opposed to prepaid orders. RTO is when undelivered orders are returned before delivery causing a major setback to operations for exommmerce brands as they add to logistics costs, inventory blockage, loss of true conversions and leaking profitability.
The highest repeat rate was also observed in BPC at 30%, followed by fashion at 28%. The electronics category saw one of the lowest repeat rates, at 14%.
Beauty and cosmetics saw a 2.5 times surge in orders followed by home decor 94.9%, electronics at 62.5%, health and nutrition by 61% and fashion at 41%. While cash on delivery orders grew by 39.9%, returns to origin reduced by almost 10%. Last year, the majority of the Black Friday sale orders came from Tier 2 and Tier 3 cities and this trend has continued this year as well