The digital transformation has revolutionised many industries, and the pharmaceutical sector is no exception. Netmeds, one of India's leading online pharmacies, has witnessed significant changes in consumer behaviour, order values, and discount strategies over the past three years. Vumonic Datalabs analysed the data from 2020 to 2023 providing insightful revelations into these trends. This blog delves into the most sold medicines, the average order value, discount offerings, and the cancellation rate on Netmeds during this period.
An interesting trend observed is the steady increase in the average order value on Netmeds. From almost 160 INR in 2020, it has grown to approximately 230 INR in 2023. This 43.75% increase suggests that customers are either buying more per transaction or opting for higher-priced items. This could be indicative of increased trust in online pharmacies for fulfilling healthcare needs or a rise in the prices of medicines.
Discounts play a crucial role in attracting and retaining customers in the competitive online pharmacy space. The data reveals that the average discount offered on Netmeds has doubled from about 25 INR to 50 INR over three years. Though not a significant jump, this increase is crucial for maintaining customer loyalty and competitiveness in the market.
Despite the fluctuations in order values and discount offerings, the cancellation rate on Netmeds has remained stable at around 5% for the past three years. This stability is a positive indicator of customer satisfaction and operational efficiency. It suggests that most customers are happy with their purchases and that Netmeds is able to fulfil orders effectively, minimising the need for cancellations.
The data from Vumonic Datalabs offers a fascinating glimpse into the evolving landscape of online pharmacies in India, with Netmeds at the forefront. The increase in average order value and strategic discount offerings, coupled with stable cancellation rates, indicates a growing consumer confidence in online pharmaceutical services. Moreover, the list of most sold medicines provides valuable insights into the health priorities of the Indian populace. As the digital pharmacy sector continues to evolve, it will be interesting to see how Netmeds and its competitors adapt to changing consumer needs and market dynamics.
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Disclaimer: The information provided in this blog is based on the data analysis conducted by Vumonic Datalabs and is subject to market dynamics and fluctuations.
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Written by: Samiksha Mulik
Date: 22 February 2024
Vumonic Datalabs is a global consumer intelligence platform. We provide high-quality, deterministically linked, large structured data that can be used to derive deep consumer, business, and market insights. Our proprietary data pipelines deliver unbiased actual transaction data collected in a privacy secure manner via large global panels.
