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Amazon Sees Record-Breaking Success in 2024 Festival Sales, Non-Metro Cities Drive Growth!
Published
2 months agoon
Amazon India’s Great Indian Festival (AGIF) 2024 has emerged as the company’s most successful event to date, showcasing record-setting engagement and sales. Running from September 27 through early November, this month-long sale witnessed a massive uptick in customer visits, particularly from non-metro cities, which accounted for over 85% of total visits.
Surge in Non-Metro Engagement
The festival attracted an astounding 140 crore customer visits, with tier-2 and smaller cities contributing significantly to this figure. Nearly 70% of new Prime members were from these areas, benefiting from fast-tracked delivery on over 3 crore items. The sale also recorded the highest single-day Prime sign-ups within its initial two days, marking a milestone in Prime membership growth.
Key Statistics
- 140 crore customer visits during the festival.
- 70% of new Prime members from non-metro cities.
- Highest single-day Prime sign-ups in the first two days of the event.
Impressive Seller Growth
Sellers, particularly those from non-metro locations, reported exceptional sales during the festival. More than 70% surpassed last year’s ₹1 crore sales threshold. Small businesses, artisans, and women entrepreneurs thrived during the event, selling products at a remarkable pace of 1,000 units per minute. Approximately 42,000 sellers achieved their best-ever sales day, with most vendors hailing from smaller towns and cities.
Seller Achievements
- Over 70% of sellers exceeded ₹1 crore in sales.
- Approximately 42,000 sellers reached their highest single-day sales.
Amazon Pay and Financial Flexibility
Amazon Pay usage surged during the festival, with a 50% increase in ICICI Bank credit card transactions and a 20% rise in UPI transactions. Electronics purchases on EMI also grew significantly, with 25% of electronics buyers opting for no-cost EMIs. This financial flexibility contributed to increased travel bookings as well, with flight and hotel reservations rising by 20% and 60%, respectively.
Financial Insights
- 50% increase in ICICI Bank credit card transactions.
- 20% rise in UPI transactions.
- Travel bookings saw a 20% increase for flights and a 60% increase for hotels.
Top-Selling Categories and Consumer Preferences
Product categories such as large-screen TVs, 5G smartphones, and audio products experienced significant demand. Amazon’s own devices, including the Fire TV Stick and Redmi Smart Fire TV, were among the top sellers. Laptops—particularly Intel-powered models—saw a 30% year-over-year growth, while home improvement items like festive lighting and décor also gained popularity.
Popular Products
- Large-screen TVs and 5G smartphones were top-selling categories.
- Amazon devices like Fire TV Stick led sales.
- Home improvement items including string lights and garlands were in high demand.
Non-metro cities drove over half of all sales in large appliances and televisions, underscoring Amazon’s expanding reach in these regions. The introduction of Amazon Bazaar, focused on daily essentials, saw a four-fold increase in users predominantly from tier-2 cities and beyond.
Growth in Amazon Business
Amazon Business experienced a 50% rise in new business customers during this festival season. Many opted for Prime membership to take advantage of early access and faster delivery. The demand for bulk discounts grew significantly, with businesses ordering larger quantities and benefiting from tailored discounts.
Business Insights
- New business customers increased by 50%.
- Strong interest in bulk orders with tailored discounts.
Conclusion
Overall, the Great Indian Festival 2024 highlighted Amazon’s growing influence beyond India’s metro areas, driven by widespread participation from non-metro consumers and a strong push from small and medium businesses. The success of this year’s festival not only reflects changing consumer behavior but also underscores the importance of e-commerce platforms in enhancing accessibility to products across diverse regions.
As Amazon continues to expand its offerings and enhance user experience, the insights gained from this festival will likely inform future marketing strategies aimed at tapping into the burgeoning market outside major metropolitan areas. With ongoing investments in infrastructure and technology, Amazon is well-positioned to maintain its leadership in India’s dynamic e-commerce landscape.
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Inkers Technology Raises $3 Million to Revolutionize Construction with AI!
Published
30 mins agoon
December 20, 2024Inkers Technology, a leading AI-powered construction technology startup, has successfully raised $3 million in a Series A funding round led by prominent investor Ashish Kacholia’s Lucky Investments. This funding will be instrumental in accelerating the company’s growth, expanding its team, and enhancing its innovative AI-powered platform, Observance.
How Observance Works
Observance is designed to transform the construction industry by automating complex data processing tasks and providing actionable insights. The platform leverages advanced AI algorithms to process vast amounts of construction data, including:
- Point Cloud Data: Captured from laser scans of construction sites.
- Images: Photographic evidence of site conditions.
- BIM Models: Building Information Modeling data that represents the physical and functional characteristics of facilities.
- Project Schedules: Timelines that outline project milestones and deadlines.
Key Features
With Observance, construction teams can:
- Identify Defects Early: The platform detects and prioritizes potential issues such as water seepage, concrete defects, and structural problems.
- Streamline Workflows: Automates routine tasks and optimizes resource allocation to enhance efficiency.
- Accelerate Project Delivery: Reduces project timelines and minimizes costly delays through improved planning and execution.
- Improve Decision-Making: Provides valuable insights that enable informed decisions throughout the project lifecycle.
A Proven Track Record
Inkers Technology has already made significant strides in the industry, with its platform deployed across 150+ construction sites in major Indian cities such as Bengaluru, Delhi NCR, Kolkata, Chennai, and Hyderabad. Observance has processed over 2 petabytes of data, identifying more than 40,000 defects, which has saved clients millions of dollars in potential rework costs.
The unique approach of Observance sets it apart from traditional methods. It can quickly scan large areas—up to 100,000 square feet per hour—and generate accurate as-built 3D models, thermal maps, and detailed reports within 24 to 48 hours. This efficiency drastically reduces the time required for project planning and execution compared to conventional practices.
Future Growth Plans
The newly acquired capital will be utilized to further enhance Observance’s capabilities and expand its reach within the construction industry. Inkers Technology aims to drive digital transformation by solving critical challenges faced by infrastructure projects across India and beyond. The company plans to enhance its product offerings by integrating more advanced features such as real-time analytics and automated reporting tools.
Founders’ Vision
Co-founded by Rohan Shravan, Manish Giri, and Srikanth Kannada, Inkers Technology is committed to leveraging cutting-edge technologies like computer vision, deep learning, and hardware-level acceleration to optimize construction processes. Their vision is to create a more efficient and sustainable construction environment through innovative AI solutions.
Conclusion
With this fresh infusion of capital, Inkers Technology is well-positioned to revolutionize the construction industry and shape the future of building and infrastructure. By harnessing the power of AI through its Observance platform, the company not only enhances operational efficiencies but also contributes significantly to cost savings and improved project outcomes for its clients. As the construction sector increasingly embraces digital transformation, Inkers is poised to lead the charge with its innovative solutions.
Latest News
DigiBoxx Partners with Arctera to Enhance Cloud Backup Solutions for Indian Firms!
Published
8 hours agoon
December 20, 2024DigiBoxx, a prominent Indian cloud storage service provider, has announced a strategic partnership with Arctera, a leading data management firm. This collaboration aims to bolster cloud backup and recovery capabilities for Indian enterprises by integrating Arctera’s Backup Exec solution into DigiBoxx’s Megh3 platform.
Megh3: India’s First Indigenous Cloud Storage Solution
Megh3 is a pioneering indigenous, fully managed elastic cloud storage solution that offers cost-effective and scalable storage services tailored for Indian businesses. By integrating Backup Exec, Megh3 will further empower organizations to safeguard their critical data with advanced backup and recovery features. This partnership is particularly significant as it enhances the existing capabilities of Megh3, making it a more comprehensive solution for data management.
Key Benefits of the Partnership
- Enhanced Data Protection: Arctera’s Backup Exec provides robust data protection capabilities, including advanced encryption, malware protection, and ransomware defense. This ensures that businesses can protect their sensitive information against various cyber threats.
- Simplified Data Management: The integration simplifies data management tasks, reducing the need for extensive IT resources and infrastructure investments. Organizations can manage their data more effectively without overwhelming their IT teams.
- Scalable and Reliable Backup: Backup Exec offers scalable backup solutions that accommodate growing data volumes and evolving business needs. This flexibility is crucial for businesses looking to adapt to changing market conditions.
- Secure Data Storage: DigiBoxx’s Megh3 ensures that all data is stored securely within India, addressing concerns related to data sovereignty and compliance with local regulations. This feature is particularly appealing to businesses that prioritize data privacy and security.
Arctera’s Commitment to Data Protection
Arctera, which was recently spun off from Veritas Technologies, is dedicated to delivering innovative data protection solutions. The company’s Backup Exec product line is trusted by numerous organizations worldwide, including 70% of Fortune 100 companies. Simon Jelley, General Manager and Vice President of Data Protection at Arctera, emphasized the importance of reliable backup solutions, stating that Backup Exec provides comprehensive data protection and recovery capabilities that empower businesses to focus on their core operations.
Conclusion
This strategic partnership between DigiBoxx and Arctera marks a significant step toward strengthening the cloud infrastructure ecosystem in India. By offering advanced cloud backup and recovery solutions through Megh3, the two companies aim to empower Indian businesses to thrive in the digital age. As organizations increasingly rely on digital solutions for their operations, having robust backup systems in place becomes essential for ensuring business continuity and protecting valuable data assets. This collaboration not only enhances the technological landscape in India but also supports the broader goal of fostering digital transformation across various sectors.
Latest News
Ola’s Head of HR Steps Down Amid Wave of Leadership Exits!
Published
9 hours agoon
December 20, 2024N Balachandar, the Group Chief People Officer of Ola, has resigned from his position, marking the latest in a series of high-profile exits at the company. His departure comes during a tumultuous period for Ola, which has faced significant challenges and changes within its leadership team.
Background on N Balachandar
Balachandar joined Ola in 2021, overseeing the HR functions for various segments of the company, including ride-hailing, electric vehicles, and artificial intelligence. His role was crucial in shaping the company’s workforce strategy during a time of rapid growth and transformation. However, his exit adds to a growing list of departures that have raised concerns about stability within Ola’s leadership.
Recent Executive Exits
In recent months, Ola has witnessed several notable executive departures:
- Siddharth Shakdher, the former Chief Business Officer of Ola Consumer, left to pursue other opportunities after a brief tenure.
- Mahesh Alanthat, the former Vice President and Head of Sales at Ola Electric, also exited amid ongoing restructuring efforts.
- The company has conducted layoffs, particularly within its electric vehicle division, further indicating internal challenges.
These exits highlight a potential crisis in leadership stability as Ola navigates a competitive landscape and seeks to redefine its strategic direction.
Challenges Facing Ola
Ola’s challenges extend beyond personnel changes. The ride-hailing sector is becoming increasingly competitive with the emergence of new players like Rapido and Namma Yatri, which have begun to capture market share. Additionally, Ola Electric has faced difficulties such as declining market share and rising customer complaints regarding service quality and product reliability.
The company’s struggles have been compounded by economic pressures and the need to adapt to shifting consumer preferences in both the ride-hailing and electric vehicle markets. This context makes it imperative for Ola to stabilize its leadership team and ensure continuity in its strategic initiatives.
Importance of Leadership Stability
As Ola continues to navigate these challenges, maintaining a strong and stable leadership team will be crucial. The company must focus on rebuilding trust among employees and stakeholders while fostering an environment conducive to innovation and growth. Effective leadership is essential for steering the company through its current difficulties and positioning it for future success.
Conclusion
N Balachandar’s resignation from Ola is emblematic of broader issues within the company as it grapples with significant changes in its executive ranks. With multiple high-profile exits occurring in quick succession, Ola faces an urgent need to stabilize its leadership and address operational challenges. As the company works to regain its footing amidst increasing competition and market pressures, it will be vital for them to implement strategies that bolster both employee morale and customer satisfaction.
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