boAt opens Cash On Delivery for the first time ever after partnering with GoKwik: Boosts sales by 2x
NEW DELHI, March 24, 2022 /PRNewswire/ — boAt (Parent Company- Imagine Marketing Ltd.), India’s #1 ranking among the wireless hearables brands (in terms of volume over multiple quarters from 2019 to the second quarter of the financial year 2022) has opened cash on delivery option for its customers for the first time on its D2C e-commerce site. This was executed after boAt onboarded eCommerce enabler GoKwik with an aim to boost conversions, reduce RTO and increase overall GMV realisation.
With this association, GoKwik is helping boAt widen its customer base. The fundamental idea here is to enable best–in–class conversion rates to go hand in hand with a definite assurance that boAt can open up CoD in a risk-free manner. This partnership is expected to help boAt upscale further.
Enabling CoD on orders assists in increasing overall conversion rates. However, with CoD orders, an added risk of Return to Origin may become imminent as well. boAt, with an intent to increase conversion rate by enabling cash on delivery while also keeping return to origin rates minimal, has entered into their partnership with GoKwik.
boAt is India’s number 1 wireless hearables brand in terms of volume over multiple quarters from 2019 to the second quarter of the financial year 2022 and an amalgamation of music, fashion, and action sports which was launched in 2014 to offer a dynamic product portfolio ranging from audio (such as wired headphones and earphones, wireless headphones and earphones (neckbands), true wireless stereo), wearable (smartwatches), personal care appliances (trimmers and grooming kits), mobile accessories and much more. The brand’s belief in their success in expanding their presence from the audio category to wearables in a relatively short period reflects the strengths of the brand, their ability to gauge the pulse of the consumer devices market and successful execution of their vision to disrupt the incumbent landscape in attractive consumer categories
GoKwik is an e-commerce enablement company, on a mission to democratize the shopping experience and increase GMV realization for e-commerce businesses. It trusts in a ‘Merchant-First’ philosophy and uses AI/ML technologies to solve hard-hitting problems like Return to Origin (RTO) to solve & better Cash on Delivery (CoD) conversion rates for e-commerce players including D2C brands. GoKwik’s checkout and UPI solutions help improve checkout conversion rates ensuring higher GMV realization, increased profitability, reduced Customer Acquisition Cost (CAC), and increased delivery rates.
Delighted about the partnership, Saurabh Bhandari, Head of D2C, boAt, said, “We are excited and extremely happy to partner with GoKwik which is committed to providing its brands with the access to capabilities that can supercharge their omnichannel journey. GoKwik’s approach focused on solving RTO, a key problem in online commerce makes it a unique and imperative entity for any business. Adding GoKwik as an offering on our platform for our boAtheads will help our online operations”.
Speaking on the partnership, Chirag Taneja, Founder & CEO, GoKwik said, “boAt is India’s no1 wireless hearables brand in terms of volume over multiple quarters from 2019 to the second quarter of the financial year 2022 and we wanted them to be number one online as well. We always aim to play that supporting character, who helps the main character shine in their full glory. That’s what we wanted to be for boAt as well. We wanted them to openly enable cash on delivery without having to worry about a return to origin. We are extremely delighted to support boAt with our partnership. Many D2C merchants are skeptical about CoD orders owing to the high RTO associated with them. However, we are aiming to constantly upgrade our AI/ML-enabled algorithms to support brands in easily enabling CoD and keeping RTO at bay. We hope this partnership with boAt will keep thriving and change the face of Cash on Delivery in the D2C space.
About GoKwik
GoKwik was founded in 2020 with one simple mission, to democratize the shopping experience to increase GMV realization for e-commerce businesses. It is an e-commerce enablement company focusing predominantly on boosting conversion rates across the e-commerce funnel. It uses AI/ML technologies to solve hard-hitting problems like RTO to solve CoD conversion rates. GoKwik’s checkout and UPI solutions improve checkout conversion rates ensuring higher GMV realization and reduced marketing CAC.
It is helmed by Chirag Taneja (CEO), Vivek Bajpai (CTO), and Ankush Talwar (Chief Data Scientist). GoKwik’s team has deep knowledge in the space of e-commerce with people having previous experience in Amazon, MobiKwik, Razorpay, PayU, McKinsey and more.
The company is backed by Sequoia Capital India, Matrix Partners India, RTP Global, and marquee angels.
Link – https://www.gokwik.co/
About Imagine Marketing Limited:
Established in 2013 by Aman Gupta & Sameer Mehta, Imagine Marketing Ltd. offers a product portfolio ranging from audio gear, smart wearable, personal grooming, mobile accessories and much more. Under the Imagine umbrella, boAt came to life and was able to disrupt the audio industry to become the #1 Audio brand in the country (In terms of shipments per the latest IDC data). boAt’s portfolio offers well-designed, innovative, and distinctive fashionable lifestyle-oriented products at attractive price points targeted at a young and widely addressable audience within India. Furthermore, with a massive cultural shift towards DIY post covid, Imagine Marketing Ltd. forayed into personal care appliances and introduced MISFIT, a self-care and grooming brand with the motto ‘Never Fit In’, the brand is aimed at addressing gender stigma through a colourful brand vision and bold conversations. In 2020, Imagine Marketing also acquired RedGear, a gaming accessory brand that deals in gaming keyboards, mouse, gamepads and headphones. RedGear aims to bring gaming to the masses and support the ones who wish to turn their passion into their profession. Imagine Marketing has associated itself with global names such as Qualcomm and Dolby to innovate their products and are backed by Warburg Pincus, a global private equity fund. The company currently has offices across Delhi, Mumbai & Bengaluru.
Imagine Marketing Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP“) with the Securities and Exchange Board of India (“SEBI“). The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, Axis Capital Limited, BofA Securities Limited, Credit Suisse Securities (India) Private Limited and ICICI Securities Limited, at https://www.axiscapital.co.in, https://www.ml-india.com, https://www.credit-suisse.com/in/en/investment-banking-apac/investment-banking-in-india/noaccess.html and https://www.icicisecurities.com respectively, and the websites of the stock exchange(s) at www.nseindia.com and www.bseindia.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the DRHP and RHP, when available. Potential investors should not rely on the DRHP for any investment decision.
The equity shares offered in the initial public offer have not been, and will not be, registered under the U.S. Securities Act or any other applicable law of the United States, and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws in the United States. Accordingly, the equity shares are being offered and sold (i) within the United States solely to persons who are reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from the registrations requirements of the U.S. Securities Act, and (ii) outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur. There will be no public offering of equity shares in the United States.
