Flipkart, the Walmart owned e-commerce giant, is reportedly planning to introduce a ‘price lock’ feature for festivals. This feature will allow customers to reserve products with a small deposit to secure them at a set price, addressing issues of quick sell-outs and price fluctuations during festive sales.
As per a report by Money Control, Jeyandaran Venugopal, chief product and technology officer (CPTO), Flipkart stated, “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.”.
No specific launch date was mentioned for the ‘price lock‘ service during Venugopal’s speech at the Walmart-hosted Converge event. Those who do not know, Walmart acquired a 77 per cent stake in Flipkart in May 2018.
As per the media publication, customers will be required to make a small deposit under this new feature, guaranteeing them access to a specific product at a fixed price, even in the face of increased demand. This ‘lock’ feature aims to protect buyers from price fluctuations and product shortages, which are common during festive sales.
Venugopal also mentioned that Flipkart’s seller count has risen from 1.1 million last year to 1.4 million. Additionally, the company, headquartered in Bengaluru, has intensified its commitment to customer services, including features like trial rooms and personalised beauty and personal care guidance.
Earlier this month, Flipkart also announced that it is looking to create more than one lakh seasonal job opportunities across its supply chain including fulfilment centres, sortation centres and delivery hubs.
As per the company’s statement, these seasonal jobs, both direct and indirect, will include those for local kirana delivery partners and women, as reported by PTI.
Moreover, it also added that Persons With Disabilities (PWDs) will also be employed to create a diverse supply chain talent.
“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,” Flipkart Group Senior Vice President and Head of Supply Chain, Customer Experience and ReCommerce, Hemant Badri said as reported by PTI.
TBBD is the Flipkart sale time during which it offers discounts on products of top brands.
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Updated: 16 Sep 2023, 01:21 PM IST
