Indians Bought Rs 76,000 Crore Of Products Online During October Festive Sales: Ecommerce Sales Up By 25%!
Market research firm Redseer Strategy Consultants said E-commerce platforms sold goods worth Rs 76,000 crore during the festive season sale in October.
This is about 25 per cent year-on-year growth.
Redseer did not disclose the performance of various platforms but its Partner Ujjawal Chaudhry said the overall performance of the e-commerce companies was in line with the findings of the company for the first week of the festive sale.
“We predicted about Rs 83,000 crore but at the end it reached to Rs 76,000 crore GMV (gross merchandise value) which is 8-9 per cent lower than our initial prediction.
However, the number of Rs 76,000 crore itself is reasonably high.
The growth perspective we have seen is 25 per cent year-on-year growth which is pretty healthy,” Chaudhry said.
Competing against Amazon
Redseer estimates say that Flipkart Group, including Myntra, Shopsy etc, retains its leadership position with a 62 per cent share in Rs 40,000 crore GMV during the first week of festive sale.
Amazon followed it with 26 per cent share.
Without disclosing sales break-up of individual platforms during the entire festive season, Chaudhry said,
“Trends are similar to festive season 1 sales. Flipkart continues to be a leader.”
In terms of category-wise performance, the fashion segment grew 32 per cent on YoY basis, mobile phones 7 per cent, electronic items including appliances grew 13 per cent while other segments grew 86 per cent.
It’s followed by a share of Rs 40,000 crore GMV during the first week of festive sale and Amazon with 26 per cent share.
Mobile phones continue to command higher share during the festive season sale.
Sectors of interest
But also notable is that the fashion category continued to grow and closed the gap with mobile phones.
Redseer Strategy Consultants, Associate Partner, Sanjay Kothari observed that those who wanted to buy mobile phones, bought them in the first week of sales.
In the second phase, items with lower average selling price (ASP) did better.
How are the customer numbers doing?
Redseer estimates that the online shopper base increased by about 26 per cent while around 64 per cent of shoppers came from tier 2 and beyond cities.
Around 11.2-12.5 crore shoppers placed orders across platforms as the site put it.
Chaudhry said sellers shared that e-commerce players were more supportive this year which is going to help online retailers build a wider ecosystem.