GOSF was a success (?), if you believe Google. But, from what we noticed on social media, consumers weren’t so impressed with the quality of deals (but they definitely were checking out deals, i.e visiting ecommerce sites which served the purpose to a certain extent).
One company which totally milked GOSF was PayTM Tickets. PayTM launched its bus ticketing service on 12/12/12 and recorded 3012 ticket booking amounting to total revenue of Rs. 3676776.0 in the first day of the business.
Here is the (blockbuster) box office report from 12 Dec 2012, 12:13 am To 13 Dec 2012, 12:13 am, as shared by PayTM team:
Total number of booked tickets: 3012
Total users: 2048
Total Rupee value: Rs. 3676776.0
ARPU: Rs. 1795.30078125
Avg ticket value: Rs. 1220.7091633466136
Net new registered user: 1928
Existing sso users: 1853
New sso users: 1791
Failure transactions: 141 (cancelled by user, 362 failure status from payment gateway)
Top Searched Source Cities: Hyderabad: 9436, Bangalore: 8456, Chennai: 4192, Pune: 1998, Delhi: 1834, Mumbai: 1588, Ahmedabad: 858, Vijayawada: 815, Visakhapatnam: 668, Goa: 490
Top Searched Destination Cities : Hyderabad: 5649 times, Bangalore: 5364, Chennai: 2892, Mumbai: 1410, Vijayawada: 1364, Pune: 1291, Visakhapatnam: 1210, Goa: 1173, Guntur: 777, Tirupathi: 659.
Top Searched Routes : Bangalore To Hyderabad => 1279 times, Hyderabad To Bangalore => 1143, Hyderabad To Visakhapatnam => 661, Hyderabad To Vijayawada => 611, Bangalore To Chennai => 524, Chennai To Bangalore => 504, Hyderabad To Chennai => 483, Bangalore To Vijayawada => 475, Hyderabad To Rajahmundry => 387, Hyderabad To Shirdi => 383
What worked for PayTM?
Lack of competitive deals across the entire GOSF set? There were hardly great deals available as part of GOSF (except for Myntra, Homeshop18) and given that December month is when most of us travel to native places, 50% off on bus ticketing also helped people in making an impromptu decision about their travel plans.
Actually, some of NextBigWhat team members decided on their travel plans after they saw the discounted pricing – i.e. PayTM got new customers who had NO intent to use the service.
If you talk about product stickiness (i.e. repeat usage), I certainly believe that the product UX will speak for itself – but these are early days for PayTM tickets and the team totally redefined the GTM lesson. Moreover, if you look at advertising dollars PayTM spent VS the RoI of a timely launch, there surely is a learning for bootstrappers out there.
Plus, given the data they were able to collect on Day 1 (i.e. most searched routes/average ticketing etc), it also gives the product team a good perspective on markets to go after.
Chance pe Dance?
Disclosure: PayTM is a sponsor at NBW.