25% rise in purchase volume on e-commerce channels during Diwali; apparel, accessories among most bought items: Visa | Mint
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Business News/ Money / Personal Finance/  25% rise in purchase volume on e-commerce channels during Diwali; apparel, accessories among most bought items: Visa
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25% rise in purchase volume on e-commerce channels during Diwali; apparel, accessories among most bought items: Visa

In Diwali 2023, E-commerce channels experienced a significant 25% increase in purchase volume, as reported by Visa.

Visa data underscore a significant 25% increase in purchase volume on e-commerce channels.Premium
Visa data underscore a significant 25% increase in purchase volume on e-commerce channels.

Credit card expenditures during Diwali 2023 have experienced a notable 18 percent surge, indicating a robust consumer spending sentiment and a predilection for digital payment methods. This upswing not only mirrors the celebratory atmosphere but also illuminates shifting consumer choices, as evidenced by a significant 25 percent uptick in transaction volumes on online shopping platforms. Visa’s thorough data analysis provides insights into the dynamics of transactions, both online and in-store, throughout Diwali 2023.

Visa’s data highlights the prevalence of e-commerce platforms during the festive season, showcasing a month-on-month rise in transactions. This further elaborates on the translation of festive enthusiasm into economic confidence and a readiness to spend among Indian consumers. Notably, e-commerce channels have observed a significant 25 percent increase in purchase volume, while in-person commerce has seen a 12 percent growth.

The analysis explores the interactions between conventional in-person shopping and the rapidly growing domain of e-commerce. The subsequent findings spotlight the highest-performing categories for each channel including:

  • In-person commerce: Throughout Diwali 2023, jewellery stores, electronic stores, and grocery stores/supermarkets emerged as the primary categories for face-to-face or in-store transactions. This emphasises the lasting importance of brick-and-mortar retail spaces, especially for items like jewellery and electronics.
  • E-commerce: In the domain of online transactions, apparel, and accessories, as well as discount store merchandise, took the spotlight. Despite significant growth in face-to-face commerce, prominent e-commerce platforms have witnessed substantial momentum, particularly during the festive season.

Consumer spending patterns have largely changed, which is evident from how people made purchases, both online and offline during Diwali this year. The growth was not limited to E-commerce platforms alone as traditional brick-and-mortar businesses also flourished simultaneously at a similar pace. With banks and fintech organizations availing easy credit facilities to people, the financial industry is keen on knowing how they can further innovate their products in sync with consumer spending and increased credit card usage.

 

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Published: 06 Dec 2023, 06:53 PM IST
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