Fynd Clocks 2.3X increase in order deliveries & 2.9X increase in Gross Merchandise Value compared to the previous sale season
Amidst the entire hullabaloo surrounding several e-commerce companies, Fynd, the unique fashion e-commerce portal has stood the test of time. A case in point is the second season of Fyndâ€™s Festival of Fashion (FoF) held in January 2017, which received a thumping response. The FoF even outdid the marvelous reception that Fyndâ€™s EOSS campaign (The Grand Brand Sale) held in July 2016 received. While e-commerce companies are bleeding money and are also facing fundamental unit economic challenges, Fynd’s latest FoF beat all previous records and is aiming towards leadership position in the omni-channel fashion space of the country.
The FoF that brought together a multitude of offline fashion stores under a single platform and offered shoppers attractive discounts registered a steep jump in sales. Fyndâ€™s FoF witnessed 2.3X increase in order deliveries and 2.9X increase in Gross Merchandise Value compared to the previous sale season. The average ticket size also went up to Rs 1,200 from Rs 950 (on selling price) and the returns slashed to 12% from 27%, which indicated improved customer satisfaction. Fyndâ€™s on-time delivery picked up from 70% in January to 92% in February.All this was achieved at a 32% lesser customer acquisition cost and lower marketing expenses as compared to the last EOSS period of Julyâ€™16.
Commenting on the progress,Â Fynd Co-founder, Harsh Shah, said, â€œThe FoF sales signaled a quick revival from the note ban blues and customers made the most out of the sale period. While our targeted marketing efforts drove better purchase conversions, we also saw an increase in word-of mouth and repeat purchases. Our improved and tightened processed for content helped us cut down on â€˜product unavailableâ€™ cases to a mere 6.5% from a hefty 54% a year ago. Fyndâ€™s omni-channel strategy has also helped to bridge the gap between online and offline shopping and has eliminated loss in sales for all stakeholders.â€
What differentiates Fyndâ€™s FoF from other online sales is its same-day delivery option. At Fynd, the item from the nearest store is picked up and delivered quickly. Fyndâ€™s operational efficiency has drastically improved, thus ensuring every customer comes back to the unique fashion e-commerce portal to shop to their heartâ€™s content.