Chennai: The festive season sales on e-commerce platforms have clocked Rs 29,000 crore of gross merchandise value in the first four days. This is 16 per cent higher than the GMV of last year’s sale. Meanwhile, offline retailers claimed that they will achieve 20 pc growth to touch festive season sales of Rs 3 lakh crore this year.
Most of the e-commerce platforms, including Amazon and Flipkart have started their festive season sales and in the first four days they have garnered GMV of Rs 29,000 crore, finds RedSeer Consultants. The growth of 16 per cent over Rs 25,000 crore clocked during the same period in 2022, was mainly led by categories with high average selling price like mobiles, electronics and large appliances.
Platforms were providing ‘pre-book/price lock’ feature, an industry-first feature, wherein users could lock in the prices for these high value products, even before the festive sale started. Due to this, Day 0, or the Early Access Day, saw a 10x increase in sales over a usual day, while Day 1 saw an over 7x increase in sales and the daily sales of first four days were on average 6x more than a usual day.
RedSeer expects that the festive month is estimated to account for e-commerce sales of Rs 90,000 crore, which is 20 per cent higher than last year’s festive month sales.
Meanwhile, Confederation of All India Traders expect that consumers will come out in the absence of Covid pandemic fears and indulge in festive season buying, which will help offline traders clock an aggregate sales of Rs 3 lakh crore this time, 20 per cent higher than the sales of Rs 2.5 lakh crore last year.
The festive season that will continue till November 23, is expected to see mass spending on household items, appliances, gifts, clothing, jewellery, automobiles, mobiles and confectionery.
