GoKwik said that more than 100 million people shopped from e-commerce brands on its network in 2023, more than double compared to two years ago.
The incremental shoppers have largely come from small towns with Tier 3 account 46% of them. In addition, these came through new merchants in beauty and personal care, fashion, electronics, and health and nutrition categories. The rising merchant base of more than 150 brands only in these categories in getting pre-filled address checkout experience, it said.
“Our solutions, loaded with a deep understanding of solving problems at source backed by technology, analytics and artificial intelligence, are helping e-commerce brands unlock their true growth potential. Our shopper network is the biggest factor in helping brands provide a superlative checkout experience where the time to place orders reduces drastically,” said Chirag Taneja, Co-Founder and CEO, GoKwik. “Brands on our network have also been able to increase COD serviceability reaching customers in every nook and corner of the country
While online shoppers continue to increase in India, COD remains a preferred mode of payment for them. For the financial year 22-23, 75% of the orders in GoKwik network were COD orders. Electronics, FMCG, fashion, health and wellness, beauty and jewellery were the biggest category contributors to COD orders in the network.
Taneja said that shoppers on the GoKwik network are expected to reach 350 million by 2025.
The network data also benefits the other problem faced by e-commerce merchants – RTO (return to origin) or failed deliveries, especially on cash-on-delivery (COD) purchases. However, GoKwik managed to contain RTO rates for the brands in its network even as COD orders continued to expand. For brands in fashion and health & wellness categories, the RTO rate was reduced by 30% and 38% respectively.
Moreover, having the safety net of RTO protection through GoKwik’s solutions, many brands were able to expand their COD serviceability across India. GoKwik added more than 7,600 unique pin codes to its network, bringing the total number of serviceable pin codes to over 31,600.
Annual orders on the network grew by 171% with an increase of 318% in repeat orders year on year. GoKwik is backed by Sequoia Capital, Matrix Partners India, RTP Global, Think Investments and other marquee investors and offers solutions backed by technology and data science to help e-commerce brands increase revenue growth and reduce return-to-origin (RTO).
According to a recent Redseer Research, the e-tailing market in India has been slowing since the pandemic to grow GMV at 22% in FY23 to reach $60 billion where the Jan-March quarter was effectively 2.5 times in scale compared to pre- covid same period.
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