A Meesho-Kantar survey recently stated that one in three MSMEs was planning to launch new products in the upcoming online festive season sale. Additionally, 34 per cent of sellers were planning to focus on promotions and discounts.
With the festive season of leading e-commerce platforms like Amazon, Flipkart, Meesho etc. starting 23 September, the survey becomes important in gauging the festive sale preparedness of online suppliers. It also becomes important to understand the way the performances are measured during such events.
The report stated, “Of all the sellers who participated in the study, 36 per cent said they introduce new selections ahead of the festive season while 34 per cent said they roll out promotions and discounts. Importantly, 33 per cent of suppliers said they invest in improving product quality before the festive season to drive greater customer satisfaction.
The survey was based on the inputs received from 787 online sellers, based out of metropolitan, tier 1, and 2 cities. The survey observed how almost 32 per cent of small businesses said that they are int eh process of procuring additional inventory to meet festive demand. Simultaneously, 36 per cent of respondents pointed out the importance of communicating with peers to understand market trends. The survey also found out that the small businesses have a set of robust parameters beyond sales and profits in order to gauge the success of their festive season sales.
"Nearly 41 per cent of sellers want to create a distinct brand identity, 40 per cent aim to reach out to new customers while 37 per cent want to identify and create a set of repeat customers," the report stated. Almost 43 per cent of sellers believed that it was imperative to improve customer satisfaction whereas 42 per cent felt that the product improvement would be a strong parameter to measure success.