ICICI Bank ran a promotion for its credit cards – for every hour starting 10am to 10pm of every day in October 2011 an iPad 2 was given away to the person who charged the highest amount to their ICICI credit card. Results.
The geek in me had to crunch the numbers. Raw data. (All this assumes they have not awarded more than one iPad 2 to the same person and have not awarded anyone who reversed the transaction, the economics of which, depending on the charge levied by the bank, might still make this lucrative. Also we don’t know how many instances had a tie, if at all, and how was it resolved.)
- The average amount spent: Rs.208,553.51
- The maximum amount spent: Rs.1,065,072.00 on 5/10/2011 (Wednesday) at 6:02:41 PM. Wonder what was purchased!
- The minimum amount spent: Rs.58,574.00 on 26/10/2011 (also a Wednesday) at 9:54:46 PM. 5 minutes and 14 seconds later, he’d have forgone the iPad.
- 88% were VISA cards (average transaction amount of Rs.211,586.01), 12% were Mastercard cards (Rs.186,271.27). Both minimum & maximum purchases were on VISA cards.
- If the people who won in a particular hour had delayed their purchase by another hour, ~46% of them wouldn’t have won (neglecting the roll over post 10pm). If, however, people had purchased an hour earlier, ~53% of them wouldn’t have won.
- ~65% of all transactions were below 2 lakhs, and~92% of transactions were below 3.5 lakhs. ~42% transactions were between Rs.1-1.5 lakhs.
- Incidentally, 4/10/2011 (Tuesday) was the day with the lowest average transaction amount of Rs.130,822.2, while 22/10/2011 (Saturday) was the day with the highest average transaction amount of Rs.277,338.5.
- 24/10/2011 (Monday) had the highest winning total (sum of all winning transactions) of Rs.6,467,864 and 4/10/2011 (Tuesday) also had the lowest winning total of Rs.1,569,866.
- Day-of-the-week wise, Fridays had the lowest average transaction amount of Rs.196,416.6, and Tuesdays were a close second at Rs.197,753.04, while Saturdays had the highest at Rs.216,510.1.
- Mondays had the highest sum of all winning transactions on a day at Rs.15,425,312.8 and Fridays had the lowest sum of Rs.9,427,997.59 with Tuesdays being a close second at Rs.9,492,145.9
- Time slot wise, your best bet to win an iPad at the lowest possible average amount of Rs. 134,709.53 was, not surprisingly, the 9pm to 10pm slot (most retail stores would shut down by 8pm-9pm?) while the highest average amount of Rs.244,938.33 was spent, quite surprisingly, between 4-5pm. In fact, the 11am-noon and noon-1pm slots was the only other sub-2-lakh slots.
As I was writing this, I was wondering why the averages and sums were different – in case this slipped your attention, go back and read again. It should be the same for a said date / day, as sum = average x 12, in this case. Unfortunately, (or fortunately for the winners), for some reason on 24/10/2011 (the Monday before Diwali week), ICICI gave out 24 iPads instead of the 12 – 2 for each hour. Which means a lot of numbers up there are flawed to some extent, but I am too lazy to spend any more time on it!