Dip in gold prices lure customers; e-commerce industry see slump this Diwali
Days ahead of Diwali, gold dipped for the third day in a row to Rs 37,850 per 10 gram on Tuesday, luring customers to make some wonderful purchases. Similarly, the silver prices too fell to Rs 45,387 per kg. Based on the trending feelers, experts are optimistic that the gold and silver sales are sure to pick up further –especially on Dhanteras and Chhoti Diwali.
Going by the market predictions, the demand for gold is improving gradually; in fact, people are even opting for gold bonds and gold investments.
On the retailers’ business front, there has been an increase in consumer electronics and cellphone sales over the week before the festival.
The retailers have been selling more premium products like refrigerators, washing machines and smartphones suggesting consumers’ satisfaction in contrast to the postponing of purchases in the last quarter.
Several brands are aggressively digitally promoting their products to boost sales and especially eyeing the global Indians and offering attractive discounts and cashbacks. But unfortunately, the e-commerce industry is getting a thumbs down from the major trading units. The highest organisation of traders, Confederation of All India Traders (CAIT) has decided to maintain a low-profile this festive season protesting against ‘unethical business practices of e-commerce companies’.
Owing to this, the e-commercial markets across the country are in a deep slump, with over 30% dip, and the online traders are disappointed with sales losing all hopes this festive season.