{"id":24623,"date":"2024-04-22T19:39:48","date_gmt":"2024-04-22T14:09:48","guid":{"rendered":"https:\/\/blogrevamp.cashfree.com\/?p=24623"},"modified":"2024-04-22T19:43:54","modified_gmt":"2024-04-22T14:13:54","slug":"capitalising-surge-in-demand-during-major-sports-events","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/","title":{"rendered":"Winning Strategies: Capitalising surge in demand during major sports events"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #005c31;color:#005c31\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #005c31;color:#005c31\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/#Demand_surges_and_shifts_in_consumer_trends_during_IPL\" >Demand surges and shifts in consumer trends during IPL&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/#Snacking_and_Entertainment_A_winning_combo\" >Snacking and Entertainment: A winning combo!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/#Online_Gaming_surges_overall\" >Online Gaming surges overall<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/#Device_matters\" >Device matters<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/#Product_Challenges_and_Solutions\" >Product Challenges and Solutions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/#Spike_in_payments_during_large-scale_events\" >Spike in payments during large-scale events&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/#Product_Integrations\" >Product Integrations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/#Attention_Span\" >Attention Span&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/#User_Experience\" >User Experience&nbsp;<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/#Bytes_from_QnA\" >Bytes from QnA&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/#Acquisition_Vs_Churn\" >Acquisition Vs Churn<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/#Emerging_Tech_and_OTT\" >Emerging Tech and OTT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/blogrevamp.cashfree.com\/capitalising-surge-in-demand-during-major-sports-events\/#Products_to_fuel_loyalty_programs_and_instant_refunds\" >Products to fuel loyalty programs and instant refunds<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">In the land of sports fanatics that is India, IPL has been a game-changer. Since its inception in 2008, the IPL has evolved into a cultural phenomenon, captivating audiences and reshaping the way India celebrates sports. Being an annual extravaganza, the Indian Premier League (IPL) has a wider impact than one can imagine. It also influences business landscapes and consumer behaviour in India.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With the IPL season in full swing, we recently hosted a webinar with industry experts from Disney+Hotstar, MPL, Swiggy and Cashfree Payments to discuss the impact of IPL and sporting events on business dynamics and consumer behaviour, insights on winning strategies and how to handle major payment surges during such events.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s everyone who joined us to make it an interesting session.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ashwin Goyal, Group PM, Disney+ Hotstar\u00a0<\/li>\n\n\n\n<li>Ravi Shekhar, Associate Vice President, MPL<\/li>\n\n\n\n<li>Shubham Choudhary, Product Leader, Quizizz, ex- Swiggy<\/li>\n\n\n\n<li>Amlan Chanda, Director of Product Management, Cashfree Payments<\/li>\n\n\n\n<li>Aditi Olemann, Senior Director, Product Marketing &amp; Strategy, Cashfree Payments moderated the session.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Watch the video for the full conversation.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe class=\"youtube-player\" width=\"770\" height=\"434\" src=\"https:\/\/www.youtube.com\/embed\/aIhnkhTXfi4?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.youtube.com\/watch?v=aIhnkhTXfi4&amp;feature=youtu.be\"><strong>[Webinar] Winning Strategies: Capitalising surge in demand during major sports events<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read on below for key takeaways from the webinar.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Demand_surges_and_shifts_in_consumer_trends_during_IPL\"><\/span>Demand surges and shifts in consumer trends during IPL&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">With IPL, comes demand surges and a dramatic shift in consumer trends. With each match, we witness a dynamic shift in how people engage, indulge, and spend on online platforms, driving a surge as fans unite in their passion for the sport. Brands put in months of preparations involving platform readiness, operations, logistics and educating partners about the incoming surge.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Snacking_and_Entertainment_A_winning_combo\"><\/span>Snacking and Entertainment: A winning combo!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">At the onset, Shubham emphasised the significant role such events play in driving growth for companies like Swiggy. He highlighted the spike in demand experienced during the IPL, attributing it to the entertainment factor associated with the tournament, which naturally complements food consumption.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Given that snacking goes with entertainment, Shubham added that IPL brings in a surge in purchases across food and grocery segments during matches &#8211; \u201c<em>For a lot of Indian companies, primarily IPL might be an awareness-driver\u2026. but for a category like Swiggy\u2026. you can actually trigger a purchase during the event itself.\u201d&nbsp;<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Online_Gaming_surges_overall\"><\/span>Online Gaming surges overall<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ravi shed light on the trends observed in online gaming, noting a surge in searches related to cricket fantasy games during the IPL period. Not just cricket, almost 50% of the traffic also spikes for other games &#8211; <em>\u201cThe energy is infectious. Indian audience is not just hungry for cricket games but also have appetite and excitement for other casual games and card games.\u201d<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Device_matters\"><\/span>Device matters<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ashwin delved into the nuances of sports persona for OTT platforms, highlighting the differences between mobile users and TV viewers. He pointed out that while TV viewers are better for platforms in terms of monetization and attention span, the scale of mobile users is crucial for acquiring a broader audience &#8211; \u201c<em>from a scale perspective which I think Cricket is all about &#8211; I think mobile is where the game is at.\u201d<\/em>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Product_Challenges_and_Solutions\"><\/span>Product Challenges and Solutions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Spike_in_payments_during_large-scale_events\"><\/span>Spike in payments during large-scale events&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">From the perspective of a payments infrastructure empowering platforms such as hyperlocal delivery platforms and OTT, Amlan discussed the spikes observed in payment transactions during the IPL and similar events, emphasising the need for preparation and support for merchants to drive high success and conversion rates &#8211; \u201c<em>We see an unprecedented scale in terms of incoming payments, outgoing payments, but in general for e-commerce and logistics &#8211; the volume actually increases.\u201d<\/em>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To ensure low payment failure rate even in the face of high volumes of transactions, multiple payment gateways come to the rescue. <a href=\"https:\/\/flowwise.com\/\">flowWise <\/a>by Cashfree Payments helps merchants integrate any new payment aggregators within 2 weeks. With flowWise, merchants gain access to a comprehensive payment management tool featuring AI-driven smart routing or rule-based routing based on 40+ parameters. It ensures a unified checkout experience irrespective of the payment gateway used and provides a convenient dashboard for tracking transactions and settlements across different payment gateways.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He highlighted the extensive support provided by Cashfree Payments to merchants, including round-the-clock assistance during the IPL season, underscoring the commitment to facilitating seamless transactions and customer experiences. He went on to share an interesting insight &#8211; <em>\u201cWhen the toss happens, that\u2019s when the PG actually spikes. Once the match winner is declared, that\u2019s where the payouts spike.<\/em>\u201d He added more on the Payouts : \u201c<em>We do a bunch of cool things, like on Payouts you can actually monitor the performance of beneficiary banks.<\/em>\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The merchants can make <a href=\"https:\/\/www.cashfree.com\/payouts\/\">payouts <\/a>24&#215;7 in all payment modes with Cashfree Payments, even on bank holidays. Also, merchants get access to an intuitive dashboard to track the success rate, turn-around time and latency for payouts in real-time. Thanks to the powerful connected banking, they can set low-balance thresholds to accounts, get alerts and get the payout load smartly split between multiple fund sources. The tool has the \u2018low balance transfer queuing\u2019 feature to automatically route the transactions, if they had gotten stopped due to low balance in fund sources.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Product_Integrations\"><\/span>Product Integrations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Turning to product integrations and solutions to seize this surge, Shubham shared Swiggy&#8217;s innovative strategies over the years &#8211; <em>\u201cEvery IPL, there is a new idea.\u201d <\/em>One notable experiment years ago was &#8220;Swiggy Sixes,&#8221; offering a 60% discount for six minutes after each IPL six\u2014a successful acquisition lever. It was ultimately discontinued due to serviceability issues. Another initiative involved a product integration with Hotstar, allowing users to order directly from the app, driving significant engagement and awareness. Ashwin also mentioned gamifications like \u2018Predict and Win\u2019 and \u2018Collect Runs\u2019 which show up on the platform every season.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Attention_Span\"><\/span>Attention Span&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">From an OTT standpoint, Ashwin shared how platforms tackle incremental user growth during IPL and methods to sustain this growth. \u201c<em>On game days, what an OTT player is effectively buying is the user&#8217;s attention\u201d, <\/em>implying that it is not just rival apps but also social media apps like Instagram that are its competition. The real challenge is to figure out how to monetise the limited attention the user has spent or will spend on the OTT platform.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"User_Experience\"><\/span>User Experience&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ravi further added to the conversation on the challenges a gaming platform such as MPL tackles during IPL, in terms of scale of operations and security. When it comes to money, challenges with upstream systems such as bank downtime and maintenance activity can be a nightmare.&nbsp; Another is when UPI goes down causing multiple issues, as it is the most popular payment method among the gaming demographic. Delayed TAT for&nbsp; payment processing also disturbs the AHA moment for any user. As a quick solution, users are educated via in-app messages. Another way to resolve it is to have an in-app wallet. On the security front, a lot of AI-ML is leveraged for close monitoring and transaction monitoring for an enhanced user experience.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In terms of balancing out Success Rates and tackling downtimes, Amlan from Cashfree Payments shares <em>\u201cWhat we have realised is that our merchants need a lot of flexibility at the same time as they need redundancy. For that we have something called flowWise, which is our orchestration layer on the PG side. On the PO side, we take care of the whole lifecycle from initiation to reconciliation. We monitor both TAT and SR.\u201d&nbsp; <\/em>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bytes_from_QnA\"><\/span>Bytes from QnA&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Acquisition_Vs_Churn\"><\/span>Acquisition Vs Churn<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Answering a question by a participant, about retaining newly acquired users during IPL, Ashwin emphasized the importance of delivering a stellar consumer experience, ensuring high-quality service, and maintaining fundamental aspects of operations. He suggested employing growth tactics like offering cashback to incentivize user retention.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ravi from MPL, echoed the sentiment, underscoring the significance of trust in real-money gaming. He advocated for creating a delightful user journey\u2014from the initial login to the first gameplay and seamless withdrawal of winnings\u2014to foster trust and loyalty. Ravi also highlighted the use of free lobbies to provide users with a risk-free experience, thereby reducing customer acquisition costs and expanding the range of games available to attract and retain users.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Emerging_Tech_and_OTT\"><\/span>Emerging Tech and OTT<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ashwin from Disney+ Hotstar, expressed his view on the significance of emerging technologies in the OTT landscape, noting that their impact has yet to manifest significantly. He observed that the usage rate of emerging tech remains relatively low, although it does serve as a positive aspect for publicity. Ashwin remarked that, thus far, he hasn&#8217;t observed any notable changes in consumption patterns resulting from the integration of technologies like AI, which are primarily used for a content recommendation based on user signals. He projected that it might take a couple more years for these technologies to make a substantial impact on the OTT industry.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Products_to_fuel_loyalty_programs_and_instant_refunds\"><\/span>Products to fuel loyalty programs and instant refunds<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Amlan took up this question from a payments perspective &#8211; <em>\u201cIt depends on what kind of campaign the merchants wants to run. Whatever they think of, we can support from a payments perspective\u201d. <\/em>Focussing on disbursals like cashbacks, he shared that we at Cashfree Payments facilitate disbursals via IMPS, UPI, Cards, Tokenised Cards etc. Most of these disburals are in real-time, allow redundancy and provide up-to-date information. Apart from this, there is the new PayToPhoneNumber solution from Cashfree Payments for quick payouts.&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the land of sports fanatics that is India, IPL has been a game-changer. Since its inception in 2008, the IPL has evolved into a cultural phenomenon, captivating audiences and reshaping the way India celebrates sports. Being an annual extravaganza, the Indian Premier League (IPL) has a wider impact than one can imagine. It also<\/p>\n","protected":false},"author":57,"featured_media":24624,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-24623","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Winning Strategies: Capitalising surge in demand during major sports events<\/title>\n<meta name=\"description\" content=\"Experience the electrifying surge of consumer trends during IPL matches! 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