Quick commerce platforms also plan to deliver products such as deity photos, fresh flowers and other puja essentials within 10 minutes on Akshaya Tritiya
While Swiggy Instamart has partnered with Malabar Gold and Diamonds and Muthoot Exim, Zepto has tied up with Jar’s in-house jewellery brand Nek to sell gold coins
Selling gold coins offers an attractive proposition for the new-age tech companies to shore up their toplines and boost their average order values
As the nation celebrates Akshaya Tritiya, quick commerce platforms are latching on to the occasion to offer gold and silver coins to users in “10 minutes”.
Swiggy Instamart, Tata’s bigbasket, and Zepto have partnered with various gold-focussed platforms and companies to home deliver the coins in 10 minutes in a bid to boost sales and shore up their top line.
In a post on X, Blinkit cofounder and CEO Albinder Dhindsa said that the quick commerce platform will deliver gold and silver coins in 10 minutes. He also added that the Zomato-owned quick commerce platform will deliver products such as deity photos, fresh flowers and other puja essentials in the same timeframe.
Zepto has tied up with investment tech platform Jar’s in-house jewellery brand Nek to sell gold coins later today. “On this Akshaya Tritiya, get your @nekjewelry gold coins on @ZeptoNow..,” said Jar cofounder Nischay AG in a post on X.
In a statement, Swiggy Instamart said that it will deliver gold and silver coins (in multiple grammages) “within minutes” in partnership with Malabar Gold and Diamonds and Muthoot Exim. The quick commerce major will also deliver allied products such as silver spoons, silver glasses, flowers, puja essentials for users on Akshaya Tritiya.
“Akshaya Tritiya holds deep significance in Hindu culture, symbolizing prosperity and abundance. The day is also considered auspicious for the purchase of gold and silver. Swiggy Instamart has collaborated with Malabar Gold & Diamonds and Muthoot Exim to bring certified gold and silver coins to the doorsteps of customers within minutes, making it easier than ever to celebrate the auspicious occasion with the purchase of precious metals,” said Swiggy.
On similar lines, Tata-owned BigBasket has joined hands with sister concern Tanishq and MMTC-PAMP to offer gold and silver coins as well bars for users in 10 minutes.
BigBasket, in a statement, said that it will list offerings such as MMTC-PAMP Lakshmi Ganesh (999.9 purity) silver coins, 22 carat gold coins, among others.
Swiggy also said that gold coins purchased through Instamart will be available in 24 carats and 999% purity while silver coins will come with 999% purity.
“The success of last year’s Dhanteras coin sales highlights the rising consumer interest in quick commerce for auspicious purchases. Partnering with reputed brands only bolsters their trust. Our teams stand ready to meet the increased demand, ensuring a seamless experience for all this Akshaya Tritiya,” said Swiggy Instamart’s CEO Phani Kishan.
Commenting on the new launches, chief buying and merchandising Officer at BigBasket, Seshu Kumar Tirumala, added, “Our collaboration with Tanishq… ensures that our customers can celebrate Akshaya Tritiya with the finest gold coins, reflecting prosperity and elegance. Additionally, our partnership with MMTC-PAMP… brings to our customers high-quality silver coins, adding a touch of purity and tradition to their celebrations. All of these will be delivered in 10 minutes”.
With these slew of offerings, the quick commerce platforms are banking on the well-established trend of buying gold on the festival. For context, as per industry insiders, 15 to 20 tonnes of gold is reportedly sold around Akshaya Tritiya.
While the number is expected to subdued this year on account of high gold prices, the space still offers an attractive proposition for these new-age tech companies to shore up their toplines. On top of that, bigger ticket sizes are also expected to give a major boost to quick commerce platforms’ average order values (AOVs), an important metric.
The new offerings will also offer these platforms a chance to bolster their presence in the religious offerings market, which is largely dominated by unorganised brick and mortar stores and local hawkers (in case of flowers). And this market is burgeoning.
As per a report, the Indian religious and spiritual market size stood at around $59.7 Bn in 2023 and is projected to reach $127.8 Bn by 2032.
