Citibank plans 'Cyber Monday' like e-shopping sale in India
Although restricted to Citibank's customers, it would provide discounts of up to 60 per cent across various product categories on 17 well-known internet shopping platforms within a time frame of 24 hours on Wednesday, December 5 -- making it the country's first-ever 'Cyber Sunday' event.
First coined in 2005 as a marketing term by online retailers for the Monday coming after 'Black Friday', which itself is the name for Friday after Thanksgiving in the US, the 'Cyber Monday' has become a phenomenon over the years.
With rising popularity, the 'Cyber Mondays' have recorded billion-dollar sales during the past four years.
Announcing the launch of its own one-day online mega sale, Citibank said it is yet to decide whether it would follow the annual 'Cyber Monday' model when it comes to the frequency of the event and the dynamics of the Indian market might require it to be conducted at least twice a year.
Citibank said it aims to promote e-commerce by bringing together leading ecommerce players on one platform on the day through this event, named 'OMG! Sale'.
Although the December 5 event would be limited to its own credit and debit cardholders, Citibank India Chief Marketing Officer Sanjeev Kapur said that other players might also replicate the model and Citi is also open to joining hands
with other like-minded partners as
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