E-commerce companies like Amazon have witnessed a three-digit growth in their sales since demonetisation has been implemented. In the earlier stage of this scheme these companies became daunted for the dip in their cash-on-delivery service that will neither get revenue and will incur huge expenses instead because of the logistics team set up at their infrastructure.
Companies like Amazon have started offering custom e-commerce services to the clients after demonetisation by urging them to maintain a substantial balance in their Amazon account for a fruitful shopping. After lifting up the cash-on-delivery service from its business due to the cash deficit, the e-commerce giants like Amazon India, Snapdeal and Flipkart re-introduced the same after some time.
Other options introduced by these companies are like wallet on delivery, deferred payments to a later date, and had card on delivery option. Snapdeal, on the other hand, mandated digital payment for purchase below INR 2000 supporting demonetisation by restricting the acceptance of Rs.500 and Rs.1000 notes. Introduction of alternative payment modes serves the purpose of smoothening out the process of transaction and make it absolutely friction-less for the success of demonetisation initiative.
To ease out cash crunch, Flipkart has speeded up the introduction of the new schemes like card on delivery resuming with the cash-on-delivery service. It is also providing the privilege of additional time to customers for cash procurement till they collect enough cash at the time of delivery. With these initiatives, it has reached out various pincodes that is inclusive of remote areas and tried to conduct them quite smoothly. With this action of government, even people in remote areas have gone digital and given an arm’s welcome to the digital payment modes like wallets and Unified Payment Interface (UPI). Wallet cashbacks is another step companies are thinking of, to ease the difficulty faced because of cash crunch.
This step has already been implemented by multiple sellers and brands. Giving a flexibility to switch to another payment mode is a boon to the customers with logistics team carrying credit or debit card as point of sales (PoS) devices. This service is witnessing 10 times increment in the customers using this service.
Though triple-digit growth has not been witnessed in COD segment but its re-introduction will at least provide flexibility to the customers to opt for any option which is available at the time of delivery. This is a strong reason why there are more than 1.8 million products eligible for next-day guaranteed delivery.
Such kind of custom e-commerce services have turned the digital turnover of the country upside down along with a boost up of digital knowledge in every Indian, be it youngster or adult who will play a major role in advancing the economy of India and lowering down the dependency on cash with more and more cashless transactions that will also check corruption in the country. This step will also help in maintaining government treasure that can be used for the welfare of Indian citizens.