Flipkart Price Lock: The Flipkart price lock feature was announced by Jeyandaran Venugopal, the Chief Product and Technology Officer (CPTO) of Flipkart, at Walmart’s Converge event on September 15, 2023.
Venugopal stated that the feature was being introduced in response to feedback from customers that products often sell out or become unavailable within minutes during festive sales. The price lock feature will allow customers to reserve products in advance and secure them at a set price, even if demand surges.
The price lock feature is expected to be launched in the coming weeks, ahead of the Big Billion Days 2023 festive sale.
Flipkart’s new price lock feature is a service that allows customers to reserve products with a small deposit to secure them at a set price. This is especially helpful during festive sales like Big Billion Days when products tend to sell out quickly and prices can fluctuate.
To use the price lock feature, customers simply need to select a product that they are interested in and click on the “Price Lock” button. They will then be asked to pay a small deposit, which will be adjusted against the final price of the product when they purchase it. The product will be reserved for the customer for a specific period of time, during which they can purchase it at the locked price, regardless of any changes to the price or stock availability.
The price lock feature is helpful for customers in a number of ways:
- It allows them to reserve products that they are interested in, even if they are not ready to purchase them immediately. This is especially helpful for popular products that are likely to sell out quickly.
- It protects customers from price fluctuations. If the price of a product increases after the customer has price locked it, they will still be able to purchase it at the original price.
- It gives customers peace of mind knowing that the product they want will be available to them when they are ready to purchase it.
Here are some specific examples of how the price lock feature can be helpful to customers during Big Billion Days 2023:
- A customer wants to purchase a new smartphone, but they are not sure which model to choose. They can use the price lock feature to reserve a few different smartphones at the discounted prices offered during Big Billion Days. This will give them time to compare the different models and make a decision, without having to worry about the prices increasing or the products selling out.
- A customer wants to purchase a gift for a friend or family member, but they are not sure what to get. They can use the price lock feature to reserve a few different gift items at the discounted prices offered during Big Billion Days. This will give them time to think about what the best gift would be, without having to worry about the prices increasing or the products selling out.
- A customer is on a budget, but they want to take advantage of the discounts offered during Big Billion Days. They can use the price lock feature to reserve a few different items at their desired budget, without having to worry about the prices increasing or the products selling out.
Overall, the Flipkart price lock feature is a convenient and helpful service that can save customers time, money, and stress during sales like Big Billion Days.