The term Demonetization has become a household name since the Government pulled the old Rs 500 and Rs 1,000 notes out of circulation. While the unprecedented action by the Prime Minister Narendra Modi comes with both short-term and long-term implications for the e-commerce industry, but has there been an impact on the consumers and their shopping behaviour.
CashKaro-India’s largest Cashback & Coupons site did a Survey recently to understand the Effects of Demonetization on Online Shopping. Over 1000 people across India participated in the survey.
Major findings from the CashKaro survey
The survey stated that Online shopping has seen a surge; Paytm wallet & CoD payments via bank cards are most preferred amongst shoppers.
Demonetization has given a boost to digital payments and is encouraging people to shop online more. While as a business CashKaro’s transactions fell 20% post the announcement but now things are stabilizing.
The announcement has bought a lot of value consciousness amongst shoppers and as a result, users are looking for more Cashback deals on basic items like groceries, consumables etc.
CashKaro is seeing an increase in the number of people clicking through our site and going to their partner retailers to purchase such daily essentials. Retailers too are offering incentives to promote the ‘Go Cashless’ movement.
Looking ahead, with increased adoption of cashless payment methods CashKaro will be able to drive more sales to partner e-tailers including Amazon, Flipkart, Snapdeal and more.
For more detailed information and statistics, please refer CashKaro’s Blog on demonetization effects on Online Shopping