Flipkart, the e-commerce behemoth under Walmart’s ownership, is gearing up to launch a ‘price lock’ feature just in time for festive seasons. This innovative offering will enable customers to reserve products by placing a small deposit, securing them at a fixed price. This move aims to combat the challenges of rapid sell-outs and price fluctuations that typically occur during festive sales.
According to a report by Money Control, Jeyandaran Venugopal, Chief Product and Technology Officer (CPTO) at Flipkart, highlighted the significance of this feature, saying, “During festive seasons, we have received feedback that products are sold out or unavailable within minutes, and with the price lock feature, people will be able to lock the inventory they need.”
Although Venugopal did not specify a launch date for the ‘price lock’ service during his speech at the Walmart-hosted Converge event, it’s noteworthy that Walmart acquired a 77% stake in Flipkart back in May 2018.
Under this new feature, customers will be required to make a small deposit, guaranteeing them access to a specific product at a fixed price, even amidst heightened demand. The ‘lock’ feature aims to shield buyers from the usual price fluctuations and product shortages seen during festive sales.
Venugopal also disclosed that Flipkart’s seller count has increased from 1.1 million last year to 1.4 million. The Bengaluru-based company has also redoubled its commitment to customer services, incorporating features such as trial rooms and personalized beauty and personal care guidance.
Earlier this month, Flipkart announced its intention to create over one lakh seasonal job opportunities across its supply chain, encompassing fulfillment centers, sortation centers, and delivery hubs. These seasonal roles, both direct and indirect, will encompass local kirana delivery partners and female workers, according to PTI reports.
Furthermore, the company plans to employ Persons With Disabilities (PWDs) to foster a diverse and inclusive supply chain talent pool.
Hemant Badri, Flipkart Group Senior Vice President and Head of Supply Chain, Customer Experience, and ReCommerce, emphasized, “The Big Billion Days (TBBD) is about scale, innovating for India, and impacting the ecosystem. It allows millions of new customers to experience the goodness of e-commerce, many of them for the first time.” TBBD is Flipkart’s annual sale event where it offers discounts on products from top brands.
Disclaimer: The news and image presented in this article is based on other sources and does not necessarily reflect the views or opinions of the author.
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