The demonetization drive which was historically announced by Prime Minister Narendra Modi on the evening of 8th November, 2016 was a game changer in the Indian economy. It was a bold economic reform step that changed the entire political, social and economic landscape. With a single stroke, the higher demonetization notes of 500 and 1000 value were suddenly reduced to a waste paper within the midnight of 8th November.
The wide range of businesses across India was affected significantly with this demonetization drive. Most of the businesses were either having a great day or crashed badly with this ban on 500 and 1000 notes. However, eCommerce is one such business area that had a mixed day due to this recent demonetization drive. While there are certain eCommerce players that faced tough days due to decrease in CoD (Cash on Delivery) orders, others had an unusual great business with the rise in digital payments.
Here are the certain eCommerce apps that can help in improving conversion rates for your business. Take hints from this blog that can explain how demonetization affect eCommerce services in India and which are the apps that can be your savior.
While businesses are hit with the sudden ban on 500 and 1000 notes, eCommerce companies related to the transportation have mostly remained unaffected. If you are short of cash and want to travel somewhere, you need to have the apps like Ola, Uber and others on your smartphone. These eCommerce transport companies follow mostly the digital modes of payment through their closed wallets, Paytm, and other such mediums. Recently, Uber has also launched the special wedding traveling services for Indian customers considering the wedding season around.
Apart from the cab services, there are eCommerce apps like Jugnoo and Ola for availing auto rickshaw ride facility.
With busy lifestyles of people, buying groceries manually through a local market or supermarket chain has become a thing of past. Like other things, eCommerce companies are now cashing on the groceries market with their apps. With these apps, people can easily purchase grocery items irrespective of the deficient cash supply due to this demonetization drive.
There are eCommerce mobile apps like Grofers, BigBasket, Nature’sBasket, ZopNow, and others that allow easy grocery purchase through digital payment options. Flipkart, a major eCommerce player in India is also planning to venture into the grocery operations from next year. Thus, if you are short of currency due to this demonetization drive, these are the grocery mobile apps at your rescue.
3. Recharge and payment options-
With the cash payments becoming difficult due to this financial reform, digital payment companies are having the last laugh. More and more people are now opting for cashless transactions through the help of various digital payment options. This is the blog which will help you to understand the impact of demonetization on eCommerce digital payment options. Most of the people are now using cashless methods for mobile recharge, utility bills, movie tickets, hotel booking, online shopping, food ordering, flight/train and bus tickets instead of direct cash payment.
The digital payment companies like Paytm, MobiKwik, PayUmoney, FreeCharge, and others have seen a tremendous increase in their customer base along with the daily customer transactions.
Don’t worry if you are having a scarcity of hard cash due to the demonetization move, you can still order food online. People can sacrifice their other luxury splurges and expenditure, but the food is the basic requirement of every individual. There is a host of eCommerce mobile apps such as Zomato, Swiggy, Foodpanda, and others that can help in ordering online food through digital payment options.
We all know that demonetization drive was relaxed for the hospital, petrol pumps, railway stations and other places but still it was not implemented fully across pan India. With the demonetization drive, it was a bit difficult to buy prescribed medicines with old currency notes of 500 and 1000 value. To ease out the suffering of these people, there are eCommerce mobile apps like Netmeds, Zigy, and others that allow people to buy medicines online. These apps don’t require hard cash but provide credit/debit or other digital payment options for buying medicines online.
6. Household services-
There are virtually mobile apps for every other household facility be it plumbing requirements, pest control, car washing or any other services. You don’t need to roam around and look for the solution of your household problems with the presence of various mobile apps. There are eCommerce mobile apps such as UrbanClap, Helpr, and others that can offer household services through digital payment options. So, don’t run with hard cash in your hand to resolve various household problems.
In the nutshell
Demonetization is the current flavor in the present business scenario as the recent ban on 500 and 1000 notes have made a gross impact on the purchasing power and behavior of people. Well, the situation may continue for some more days but your business can’t be on the “wait and watch” mode till then. If you are indulging in any of the above eCommerce business, it is time to avail the eCommerce plugin development services of Knowband for a quick business makeover.
The eCommerce extensions of Knowband are packed with multiple features and offer digital payment options to boost your conversion rate optimization efforts. So, contact our eCommerce site for developing feature packed extensions for your Magento, OpenCart, and PrestaShop stores.
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