As Akshaya Tritiya festivities sweep across the nation, quick commerce platforms are seizing the opportunity to offer gold and silver coins to users within “10 minutes”.
Swiggy Instamart, Tata’s bigbasket, and Zepto have collaborated with several gold-focused platforms and companies to deliver the coins directly to homes within 10 minutes, aiming to bolster sales and strengthen their revenue streams.
In a post on X, Albinder Dhindsa, Co-Founder and CEO of Blinkit, announced that the quick-commerce platform will provide gold and silver coins within 10 minutes. He further mentioned that the Zomato-owned quick-commerce platform will also deliver items such as deity photos, fresh flowers, and other puja essentials within the same timeframe.
Zepto has teamed up with Jar’s in-house jewellery brand, Nek, to sell gold coins from today. Nischay AG, co-founder of Jar, posted on X, “On this Akshaya Tritiya, get your @nekjewelry gold coins on @ZeptoNow.”.
Swiggy Instamart announced in a statement that it will swiftly deliver gold and silver coins (in various weights) “within minutes” through partnerships with Malabar Gold and Diamonds and Muthoot Exim. Additionally, the quick-commerce giant will provide associated products like silver spoons, silver glasses, flowers, and puja essentials to users on Akshaya Tritiya.
“Akshaya Tritiya is of great significance in Hindu culture because it represents prosperity and abundance. The day is also believed to be auspicious for purchasing gold and silver. Swiggy Instamart has partnered with Malabar Gold & Diamonds and Muthoot Exim to deliver certified silver and gold coins directly to customers’ doorsteps in minutes, making it easier to celebrate this auspicious occasion with the purchase of precious metals,” Swiggy stated.
Following suit, Tata-owned BigBasket has teamed up with sister company Tanishq and MMTC-PAMP to provide gold and silver coins, as well as bars, to users within 10 minutes.
In a statement, BigBasket announced that it will feature offerings such as MMTC-PAMP Lakshmi Ganesh (999.9 purity) silver coins, 22 carat gold coins, and more.
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Swiggy also mentioned that gold coins bought through Instamart will be offered in 24 carats with 999% purity, while silver coins will have a purity of 999%.
“The success of last year’s Dhanteras coin sales underscores the growing consumer interest in quick commerce for auspicious purchases. Collaborating with reputable brands only strengthens their trust. Our teams are prepared to meet the heightened demand, guaranteeing a smooth experience for everyone this Akshaya Tritiya,” stated Phani Kishan, CEO of Swiggy Instamart.
In reference to the new releases, Seshu Kumar Tirumala, Chief Buying and Merchandising Officer at BigBasket, remarked, “Our partnership with Tanishq guarantees that our customers can commemorate Akshaya Tritiya with top-tier gold coins, embodying prosperity and sophistication. Moreover, our collaboration with MMTC-PAMP ensures our customers receive premium silver coins, infusing purity and tradition into their festivities. All of these will be delivered within 10 minutes.”
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With this array of offerings, quick-commerce platforms are capitalizing on the long-standing tradition of purchasing gold during the festival. For context, according to industry insiders, an estimated 15 to 20 tonnes of gold are sold around Akshaya Tritiya.
While the figure is anticipated to be lower this year due to elevated gold prices, the sector still presents an enticing opportunity for these new-age tech firms to bolster their revenues. Additionally, larger transaction sizes are expected to significantly enhance the average order values (AOVs) of quick-commerce platforms, a crucial metric.
The introduction of these new offerings will provide these platforms with an opportunity to strengthen their presence in the religious offerings market, which is primarily dominated by unorganized brick-and-mortar stores and local vendors (especially for flowers). Moreover, this market is rapidly expanding.
According to a report, the Indian religious and spiritual market was valued at approximately $59.7 billion in 2023 and is forecasted to reach $127.8 billion by 2032.
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