The wholesale price index (WPI) was zero in Novemeber 2014. Can it go further down and can WPI go negative in December? Quite possible. Thanks to Great Online Shopping Festival (GOSF) which offered heavy discounts for 72 hours. Jokes apart, but GOSF is a big success. Many items were sold for discounts of even up to 80%. As an impact, consumer has saved a lot and also spent a lot.
This year, without any interruption, the GOSF started from 0000 hours of 10 December, 2014 and lasted untill 23.59 of 12 December 2014. People have bought many items including unusual ones like house, groceries products, bridal wear and many.
But the most popular buying happened on the GOSF at 'Rs299 corner', where everything was on sale for Rs299 only. Interestingly almost none of the items went out of stock. Moreover, many e-commerce partners of GOSF including Infibeam extended the 'Rs299 corner' for two to three additional days.
Compared to normal days, Infibeam had witnessed multiple growth in number of visits, number of transactions and sales too during GOSF. On the e-commerce portal of Infibeam, the traffic was eight times more in three days of GOSF compared to other days. It is believed that the traffic at Infibeam was at peak during these three days. Overall the customer base of Infibeam has also increased in the festival.
Even the number of orders have increased by 10 times during the festival. Usually books top the chart of most items sold, but during the three days of GOSF, the trend was different. The most common and popular items that were sold on Infibeam during GOSF were bags, necklaces, power banks and watches.
It is estimated that the revenue of Infibeam has also jumped by seven times. On normal days, the discounts are not so high and so the sale is always low. But during GOSF, as many products were sold with discount at Rs299, the number of transactions shot up and hence, the revenue is expected to grow seven times during span of three days of GOSF.