India may soon have its own version of 'Cyber Monday', when billion-dollar worth products are sold online at heavy discounts within a day, with Citibank planning a similar mega e-shopping sale this week in India.
Although restricted to Citibank's customers, it would provide discounts of up to 60% 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 well in this initiative.
"There would certainly be other players, either banks or other institutions who may want to replicate it. We will not be surprised if other players replicate the concept either wholly or in part.
"If we get like-minded professionals and entrepreneurs who are agnostic to the market and do not have any specific agenda other than growing the online b2c commerce market and would like to partner with us to strengthen this platform for our customers, we will certainly consider it with an open mind.
"Consequently, if a media partner or a large group approaches us to make this proposition even bigger, we would be very happy to evaluate it, as our intention is to grow this market and proliferate the online commerce value proposition within the industry and consumers alike," he said.