Skip to main content

Digital Gold Gains Currency In Small Cities

 


Millions of Indians continued the age-old tradition of buying gold during Diwali this year with a new-age twist.

Consumers took to the relatively new digital gold category to avoid trips to crowded markets during the pandemic; that they could buy without a minimum purchase restriction added to the attractiveness of digital gold as the price of the precious metal hovered near a record high.

Digital payment firms such as Paytm and PhonePe, which sold digital gold, reported strong demand emerging from smaller towns and cities this year, in addition to metros. The companies saw digital gold sales rise substantially over Dhanteras and Diwali last year.

Flipkart-owned PhonePe, for instance, reported an over sixfold jump in the volume of digital gold sold on its platform in the month leading to Diwali from a year ago.

Rival Paytm said sales volume jumped 86% during the week of Diwali celebrations from a year earlier.

For PhonePe, 60% of gold customers came from smaller towns and cities during the Dussehra to Diwali festive period. Paytm said it saw customers from small towns, including Deoghar, Moradabad and Jabalpur, buying digital gold. Axis Bank-owned Freecharge said nearly 80% of digital gold buyers on its platform were from non-metros.

“We have witnessed the highest sales on Akshaya Tritya and Diwali. While metros saw record-high sales, smaller cities participated in buying digital gold,” said Varun Sridhar, chief executive of Paytm Money, the wealth management arm of One97 Communications Ltd, the parent of Paytm.

Paytm also claimed to have seen a 90% jump in first-time gold buyers this year. Still, digital gold continues to be merely 1.4% of the overall gold market in India, according to multiple payment executives.


Sandip Ginodia , CEO

ALTIUS INVESTECH PVT LTD

We deal in over 60 unlisted companies with 15 years of experience 

For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com

Labels:

Comments

Post a Comment

Please leave your name and email id along with the comment .
Get the updates from this blog direct to your inbox . Fill in your email id on the home page.

Popular posts from this blog

Reliance's JioMart is averaging half a million orders per day; WhatsApp driving growth

  JioMart , Reliance's online-to-offline commerce  platform that launched in May , has scaled up rapidly, riding on the pandemic-fuelled digital acceleration. The service, which went   live in 200 cities across India, is currently processing an average of  500,000 orders per day. " We can go even higher on peak days",  Jio Platforms CEO   Kiran Thomas  revealed at the Facebook for Fuel India 2020 event. He said, "JioMart is empowering millions of  kiranas  and small merchants through the simple and secure platform of WhatsApp, and linking them to Reliance Retail's pan-India supply chain. We expect to grow manifold in future, and are optimistic about enabling new cohorts of users and making it easier for them to shop for daily essentials."  "Customers are transacting seamlessly on JioMart and the  conversational nature of the service  enabled by WhatsApp has made people adapt to it intuitively," he added. Reliance also stated th...
Post a Comment
Read more

Zomato, Swiggy score 1/10 on working conditions for their workers – ET Retail

Some of India's biggest startups have ranked near the bottom when it comes to  working conditions  for their gig  workers , according to a report released Wednesday. While  Swiggy ,  Zomato  and Uber India scored 1/10, Urban Company and Flipkart’s logistics arm EKart scored the highest 8/10 and 7/10, respectively, ‘ Fairwork India Ratings  2020: Labour Standards in the Platform Economy’  showed . The report assessed the companies on five principles: fair play, fair conditions, fair contracts, fair management, and fair representation. Deepinder Goyal, chief executive officer of Zomato Media Pvt. Ltd., acknowledged the ratings on Twitter. “Zomato ranked at the bottom of 2020 Fairwork India scores. We knew we had things to work on, but we didn’t know that there is so much room for improvement.” The company takes full responsibility and “will leave no stone unturned to perform better in the rankings next year,” he added. Zomato received a 4/10 in ...
Post a Comment
Read more

Times Internet posts 24% revenue jump to Rs 1,625 Cr in FY20

  Times Internet has posted a 24% jump in its annual revenue in the financial year ending March, recording Rs 1,625 crore in revenue in FY20. In its annual report, the company  said the revenue growth has been adjusted for seasonality of cricket events. In FY19, it had posted revenues of $196 million. The company has registered a surge across its revenue streams i.e. advertising revenue, subscribers, transaction revenue and gross merchandise value (GMV) in the last fiscal year. While advertising revenue grew 22% with faster growth in music and video, overall subscribers to Times Prime grew 62%.  Times Internet’s annualized GMV in transacting businesses grew 68% with a 75% jump in net revenues, said the company in its annual report. Its subscription and transactional businesses include Times Prime, Gaana Plus, TOI+, ET Prime, and Gourmet Passport.  Times Prime also crossed 2 million subscribers last year. “We broadened our media strategy beyond news, and we focused on...
Post a Comment
Read more