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Jewelry orders increase by 595 percent this festive season: Razorpay Report

India witnesses the Dhanteras Gold Rush; Jewelry sees a 595 percent increase in orders during the Diwali Season: Razorpay Festive Report

Bengaluru: With India celebrating the first festivities after returning to full normalcy, businesses across industries see a boom. Razorpay, India’s Leading Payments and Banking Platform for Businesses, launched its Festive Report to help enterprises to understand consumer trends this season.

Rahul Kothari, Chief Business Officer, Razorpay, said, “The increasing disposable incomes among consumers and the higher propensity to make high-ticket purchases has made Diwali one of the most prosperous seasons for all online merchants. While all merchants continue to vye for the highest mindshare among consumers, those who understand consumer trends tend to sell significantly more. Being a business that always focuses on helping other businesses reach a super-scale stage, we thought it would benefit the entire business community to understand the historic trends we have seen and help them achieve more with less.” This report is an analysis of all transactions that were conducted on the Razorpay platform during the festive season in 2021. It provides a detailed view of consumer shopping trends. The three weeks before Diwali is the most prosperous for businesses, with businesses experiencing a 37% jump in orders compared to the week of Diwali (week of 24th October).

Business revenue also spikes a week before Diwali week. Businesses experienced a 43% increase in revenue in contrast to the week of Diwali. High ticket value transactions saw a significant increase during the festive season. Gold and Jewelry saw the highest growth in purchases during Diwali, increasing by a whopping 595% compared to the non-festive season. With busy mornings and celebratory evenings, most of the shopping took place in the afternoon. 12 PM – 5 PM is the crowd favourite to indulge in a shopping spree, with customers spending 2x the average hourly spend during this period.

Razorpay, a full-stack financial services company, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of any business’s payment and banking journey. Established in 2014, the company provides technology payment solutions to over 8Mn businesses.

Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator and MasterCard have invested a total of USD 741.5 Mn through Series A, B, C, D, E & F funding. A few angel investors have also invested in Razorpay’s mission to simplify payments and banking and redefine how finance works in India.