Cash continues to be the king for making festive purchases

Cash continues to be the most preferred mode of payment to make festive purchases, according to a report by market research and survey agency, Axis My India. The latest findings of the survey revealed that for the month of October, only 10 per cent of the Indians prefer to make payment via UPI and 8 per cent would choose credit or debit cards. 
 
Commenting on the report, Pradeep Gupta, Chairman and MD of Axis My India, said “Cash continues to be the king, digital modes of payment like UPI and debit or credit card usage is also growing rapidly.”
 
The report also noted the wide gap between online and offline shopping. While 14 per cent of the individuals said that they will shop via e-commerce platforms such as Amazon and Flipkart, a significant number of them (about 78 per cent) said they would still shop from local physical retail stores near their homes.
 
While the survey might reveal that the weighing scale of demand is tilting more towards offline, it also important to note that e-commerce platforms have been reporting enormous growth in the demand numbers in the wake of the festive season.
 
Benagaluru-based online marketplace Meesho surpassed e-commerce giant Amazon in festive sale order volumes this year, emerging as the second-largest player after Flipkart, according to a RedSeer Strategy Consultants report. 
 
Meesho’s share of orders in the festive sales pie stood at 21 per cent, while Flipkart Group platforms led the market with a 49 per cent share. E-commerce platforms apart, even electric vehicle unicorn, Ola Electric, also reported a 4x increase in its sales of the S1 e-scooters. 

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