Fashion brands saved around Rs 15 crore, electronics brands around Rs 61.7 crore, beauty brands around Rs 2.75 crore, and footwear brands around Rs 5.5 crore in inventory blockage owing to GoKwik interventions
New Delhi: Brands on the network of eCommerce enabler GoKwik have saved up to Rs 130 crore in losses from return to origin orders (RTO) so far in 2023, the brand said in a release on Thursday.
According to GoKwik, Direct to customer (D2C) brands on its network benefited from its interventions to arrest RTO occurrences. Brands saved over 16 lakh orders from being returned to origin. As a result, they also saved over Rs 24 crore in reverse logistics cost owing to orders being returned while in transit, the company claimed.
Fashion brands saved around Rs 15 crore, electronics brands around Rs 61.7 crore, beauty brands around Rs 2.75 crore, and footwear brands around Rs 5.5 crore in inventory blockage owing to GoKwik interventions.
Moreover, among these categories, electronics saw the highest reduction in cash on delivery (COD) RTOs with 28%. Fashion brands recorded an 11% drop in COD RTOs, footwear recorded 16.6% drop, and beauty and personal care saw 10%.
Around 40% of the brands in GoKwik network continued to increase their COD share by 16% and reduced COD RTO by up to 18%.
Homegrown consumer electronics brand boAt saw an upto32% drop in RTO rate and a 4X increase in COD gross merchandise value with the help of GoKwik’s interventions. Footwear brand Attitudist also recorded a 15% reduction in RTOs with these interventions. Boult Audio further brought down RTOs by 40% and Fireboltt by 30% respectively.
Many other brands including Swiss Beauty, The Man Company, Neeman’s, Wallmantra, and Lenskart were able to expand their COD serviceability pan India while containing RTO rate.
“We are constantly building deep-rooted intelligence and interventions that will help brands cater to the cash on delivery loving shoppers while also mitigating RTO losses smartly. By seeing success stories of merchants, we are rest assured that we are heading in the right direction,” said Chirag Taneja, Co-Founder and CEO, GoKwik.
GoKwik is a data & technology-led enabler, building a full-stack solution suite for e-commerce and D2C brands. Founded in 2020 by Chirag Taneja, Vivek Bajpai and Ankush Talwar, GoKwik has a network of 500 plus brands like Boat, Mamaearth, Noise and many others.
