42% of Indian consumers to use UPI for festive shopping: survey
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Digital payment methods in India are gaining popularity, with 42% of consumers opting for the Unified Payments Interface (UPI) for online festive shopping, according to a recent survey report by Nielsen Media India on behalf of Amazon India.
Additionally, 57% of respondents said that their preferred digital payment method for earning rewards and cashback, especially during the festive season, is UPI.
UPI-based payments reached a significant milestone in August, exceeding 10 billion monthly transactions for the first time, with a net transaction value of Rs 15.18 trillion, as reported by the National Payments Corporation of India (NPCI).
The survey report also revealed that around 75% of respondents are interested in purchasing electronic gadgets and products, luxury and authentic beauty brands, home furnishing/improvement items, and consumables online during the festive season.
Among respondents, 87% in metropolitan cities and 86% in tier-2 cities (with populations ranging from 10-40 lakh) indicated a preference for online festive shopping.
Manish Tiwary, Country Manager India Consumer Business at Amazon India, expressed confidence in providing consumers with a seamless shopping experience during the 'Amazon Great India Festival 2023,' offering a wide selection of domestic and international brands and products.
Moreover, over 70% of consumers look forward to online festive shopping events to purchase electronic items.
The report highlighted that more than 75% of consumers are excited about attractive bank offers and no-cost EMIs to enhance the convenience and rewards of their purchases.
Approximately 80% of consumers noted that online festive shopping events offer access to trendy brands for apparel, footwear, and various fashion accessories, with nearly 64% intending to make purchases across these categories during the festive season.
Driven by approximately 140 million shoppers, India is expected to witness a gross merchandise value (GMV) of Rs 90,000 crore in online sales during the festive month this year. This reflects an increase of 18-20% compared to last year's festive month sales, according to a recent report by market research firm Redseer Strategy Consultants.