10% of Chumbak’s online festive sales have come from the East markets: Vasant Nangia
After a muted festive season last year amid the COVID-19 pandemic, this year, the willingness to spend is higher. As per a ZestMoney Survey, 72% of Indians plan to splurge on electronics & gadgets, while 59% prefer BNPL to fund festive purchases. 62% of the respondents revealed that festive budgets have gone up compared to last year. A recent market research by YouGov gives a big boost to the Diwali Expense Index, which is generally indicative of Q3 sales growth in India.
The Indian festive season is a crucial time as consumer demand is at its peak with many planning several small and big-ticket purchases. With increased vaccination and the general opening of the economy, the survey has witnessed a positive sentiment around budgets and shopping at physical stores, even as online shopping continues to be popular among people.
As part of Adgully’s Festive Mood series, we have been covering the market, brand and consumer sentiments during the festive season this year. In conversation with Adgully, Vasant Nangia, CEO, Chumbak, speaks about the company’s plans to capitalise on the festive fervour, the key trends seen this year and more.
What kind of sentiments are you seeing in the markets during the festive season this year? Are these sentiments close to the pre-COVID levels?
Things are looking great in the Chumbak universe across markets. The East market, in particular, has performed well. We observed that close to 10% of Chumbak’s online festive sales came from this specific region. We also have an exclusive festive launch this season; As an extension to our home & lifestyle offering, we have launched a high-quality, design-led range of accent furniture that includes benches, wing chairs, stools, and more.
How are you planning your strategy for online and offline sales? What kind of footfalls are you expecting during this festival?
The festive season plays a vital role in high volume sales for a home focused brand like ours and with our online first approach, we are expecting a 2-3.5x jump in online traffic from BAU.
Any specific campaign strategies planned for the festival season? What kind of discounts and offers have you come up with for your customers this year?
We have great offers and new products in place to ensure customers have a satisfying buying experience with us this festive season.