DataWeave, a Bangalore-based startup providing actionable insights to businesses using publicly available data on the web, has released a report on festive discount trends in Singapore during the Chinese New Year 2016.
The study spans from 4th February to 13th February, 2016 and was carried out across two dominant e-commerce platforms in Singapore. One is a leading multi-vertical e-retail platform and another a major fashion platform. On average spends of SGD 1,000 (US$724), a consumer would have saved more than S$250 (US$181) in discounts during the festive season.
The festive season witnessed a surge in discounts across categories. Some of the key categories that saw huge discounts included home & living at 54 per cent; watches, sunglasses and jewellery at 54 per cent; fashion at 53 per cent; and sunglasses at 49 per cent. The highest discounted products were mostly private labels exclusive to the portals. The least discounted product categories during the period were kid’s clothing at 5 per cent, kid’s shoes at 3 per cent and men’s grooming at 2 per cent.
The highest discounted brands were BlueLans, Tory Burch, New look and Casio at 71 per cent, 58 per cent, 51 per cent and 50 per cent, respectively.
In the report, it was observed that overall discount peaked at 13 per cent for the fashion portal which dropped to 11 per cent right before the New Year for last minute buyers. Nose was the only brand which showed an increase in discount post new year from 23 per cent to 28 per cent.
On the other hand, the multi vertical platform offered consistent discounts of 43 per cent throughout the period with marginal increase in discounts during the new year.
Commenting on the study, Karthik Bettadapura, Co-founder & CEO, DataWeave, said, “In line with our focus on SEA, we were keen on understanding promotion and discounting strategies of online retailers during the Chinese New Year. Some of the patterns that emerged are quite unique to this region. As anticipated, there was no change in discounting strategy for electronics category. clothing and fashion dominated the promotions and discounts. We also noticed the lack of discoverability of products that were being promoted and heavily discounted.”
Overall, private label products in the fashion and accessories category were offered at highest discounts.
DataWeave is a platform that aggregates, organises and analyses millions of unstructured data points across multiple data sources and provides access to these insights through dashboards, reports, visualisations and APIs. The data products allow enterprises to better understand competition, monitor their brand, optimise offerings for their customers, increase sales and much more.
DataWeave currently offers their services in India, Indonesia, Australia, Malaysia, Vietnam, Thailand, Singapore, and the US.
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