Flipkart's 'price lock' feature coming soon: How it will work
Walmart-owned Flipkart is gearing up to launch a new 'price lock' feature ahead of the festive season. It will allow customers to secure a specific product at a set price by making a small deposit. The feature will ensure that the product will be available to them at the locked price, even if demand spikes and prices fluctuate during busy shopping seasons, according to the company's chief product and technology officer (CPTO) Jeyandran Venugopal.
The feature is slated to enhance customers' shopping experience
At Walmart's Converge event today, Venugopal mentioned that during festive seasons, they have heard complaints about products quickly selling out or becoming unavailable. He explained that the new price lock feature would allow people to reserve the inventory they need. This concept is similar to flight booking portals, where customers can pay an amount upfront to protect themselves from surging demand.
Virtual trial rooms and tailored beauty guidance
In response to customer feedback, Flipkart is also introducing virtual trial rooms and customer-specific beauty and personal care (BPC) guidance. The company found that most BPC products were generic, but different skin tones and textures required tailored products. To address this issue, customers can upload a selfie and experts will suggest suitable products based on their skin type. Additionally, the e-commerce giant is revamping its loyalty program and website homepage to further improve the customer experience.
Flipkart is investing in AI, ML, and quantum computing
Flipkart and parent company Walmart are heavily investing in generative artificial intelligence and machine learning, as well as quantum computing to enhance supply chains. These emerging technologies are expected to revolutionize the retail industry. Flipkart also plans to leverage the metaverse for shoppers ahead of the festive season and add more human touchpoints throughout the shopping journey for a more personalized experience.
