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Flipkart  has launched a new payment method that lets customers pay some amount for a product and the balance on delivery, aiming to reduce returns and cancellations. The Walmart-owned e-commerce giant, in an email to sellers, said ‘Part-Payment’ would encourage pre-paid transactions. Customers can pay the remaining amount in cash when a product is delivered or either by online transaction. The rate card will remain the same for 'part payment' orders.   E-commerce websites allow customers pre-paid, post-paid (cash on delivery) or EMI (equated monthly instalment) as options to purchase products. Most customers choose cash on delivery (CoD), which results in higher units or GMV (gross merchandise value) but risks  companies  a higher risk of cancellations. Flipkart  told sellers ‘Part-Payment’ would help them get higher GMV growth and reduce cancellations. The company, which this week received a $1.2-billion investment from Walmart, works with over 200,...

Dispelling the fear that a slowing economy may affect consumer behaviour, e-commerce majors  Flipkart and Amazon India  have said they witnessed record transactions on their platforms on the first day of their annual festive sale, which started early on Sunday. While home-grown Flipkart, which is now owned by American retail major Walmart, said it registered two times more sales on Day One of its flagship sale event  Big Billion Days  (BBD) over last year, rival Amazon claimed it witnessed the biggest opening day sale ever with a huge surge in participation in smaller towns. According to Amit Agarwal, senior vice-president and country head, Amazon India, the company also saw the single-largest day of Prime sign-ups, with 66 per cent of Prime members shopping in 24 hours coming from tier II and tier III towns. The company added that 91 per cent of new customers were from smaller cities. “ Whether it is the Diwali festival season or any other shopping event, t...