CashKaro.com analyses cashless transactions

By Raaghav G R

Posted on January 18, 2017

The main goal of the demonetization move is to retrieve black money which the politicians, realtors and big businessmen in India have hoarded. But the side effect of the move has been that mobile wallet companies and online grocery delivery companies have seen a tremendous improvement in their business post the demonetization move. CashKaro.com, India’s largest cash back & coupons site, has conducted a survey across the cities of India, to find out ‘How cash crunch, post demonetization, has changed consumer behavior on buying grocery’. Here are the results of its survey:

• Big Basket, Gofers, Godrej Nature’s Basket, ZopNow and Grocermax are now the most preferred grocery sites.
• More than 50% of the citizens of the cities in India have started buying grocery/daily items online after demonetization.
• 44% have availed a subscription service for grocery, due to their busy schedule.
• 79% have grocery applications installed in their mobile phones out of which, 33% use more than one grocery app.

Clearly, gone are the days when people used big trolleys to buy groceries from supermarkets. People of India have now resorted to online grocery delivery apps. Big Basket ranks top in overall service (37%), Gofers leads in packaging (34%), Grocermax has the best prices (32%), ZopNow in delivery convenience (34%) & Godrej Nature’s Basket for fresh products (38%). Read more on Demonetization

The main reasons, according to CashKaro.com, why the citizens prefer online grocery shopping is because apart from saving them the need to have change with them to buy groceries, online grocery delivery apps also offer attractive discounts (upto 25%) on buying groceries through their app. It also saves customers a lot of their time and effort. Customers can also have the groceries delivered to their homes at their convenient time slot (i.e., when they’ll be at home or whenever they are free). Added innovations such as subscription – based service may have had a significant impact on the growth of online grocery shopping, as 44% of the citizens said they would like to avail this service, owing to their busy schedule.

On the survey Swati Bhargava, Co-Founder of CashKaro.com said, “It’s very interesting to notice this changing consumer behavior towards shopping grocery. The shift from superstores/local vendors to online shopping channels is certainly visible as a lot of users have started to shop for daily items online after demonetization. The survey is also an indication that while the changing lifestyle coupled with long working hours has shifted grocery purchasing trend from offline to online format, attractive offers by grocery players are also wooing the consumers to opt for online purchases. We at CashKaro.com also have seen a 200% growth in the number of transactions on these sites after November 8, last year”.

Money is the root of all evil. There are plenty of drawbacks or challenges involved in doing transactions with hard cash. Firstly, there comes the problem of unaccounted or black money. Giving or receiving of fake or duplicate currency notes is possible while doing transactions with hard cash. Theft of money is another problem. Last but not the least, money falling into the hands of unscrupulous people (like terrorists or mafias) is the biggest threat. Online transactions eradicate the problem of black money as a record of all transactions (transactions history) is maintained. There is no question of giving or receiving fake or counterfeited currency notes. Since hard cash is not involved, theft is also eradicated (unless online banking account password is hacked, which is a lot more difficult than theft of hard cash). Since only, genuine citizens are registered on banking sites, the risk of money falling into the wrong hands is minimized. The products sold by companies online, are also closely monitored. Hence, no dangerous product (like guns or drugs or bombs etcetera) can be sold online. The attractive discounts given for online purchases by various companies are also helping the middle class of India. Hence, for the above mentioned reasons, I request all of our dear readers to make online transactions as much as possible and help towards making India a cashless economy. Read more on Startup News

CashKaro.com analyses cashless transactions