E-Commerce Platforms Recorded Sales Of Rs 24.5 Cr: Report

The first four days of the current Festive Sale 1 saw e-commerce platforms clock in sales of Rs 24.5k Cr or USD 3.5 billion, accounting for 60 per cent of the anticipated Gross Merchandise Value (GMV) for festive sale 1. This is according to Redseer Strategy Consultants' report on sales performance for the first four days during the Festive Sale 1.

50–55 million buyers made purchases throughout the first four days, according to the survey. A total of Rs 11K cr worth of mobile devices were sold on major e-commerce sites, with 1100 mobile phones being sold every minute. Mobile sales were driven by high-end devices like the OnePlus, iPhone 12, and 13. The Daily Average GMV for fashion increased by 4.5X from BAU days to reach Rs 5500 Cr in the first 4 days.

The first four days of the prior year were responsible for 59 per cent, indicating a better-than-expected start to the holiday season this year.

Festive Event 1 is the first round of holiday sales, which includes the "Big Billion Day Sale" on Flipkart, the "Great Indian Festival" on Amazon, the "Mega Blockbuster Sale" on Meesho, as well as deals on websites such as Myntra, Ajio, and Nykaa, among others.

According to Redseer's analysis, the overall Daily Average GMV for online retail increased to 5.4x during the first four days of the holiday season compared to BAU days.

“Redseer had earlier projected a GMV of USD 5.9 billion (Rs 41K Cr) for festive sale 1 and as expected, we are on track to achieve this figure. 60 pc of our forecast is already achieved in the first 4 days of the sale,” says Sanjay Kothari, Associate Partner, Redseer Strategy Consultants.  

Up to three deals are typically held in advance of the Diwali celebration on online marketplaces. Over 50 per cent of all sales throughout the holiday season often come from the first of these sales, which is typically the largest.

The success of mobile devices is still strong, thanks to value-added services, fresh launches, and upgrade programmes. The Daily Average GMV for mobile devices increased by 10x from BAU. An estimated Rs 11k Crore worth of mobile phones were sold by the major e-commerce operators in the first 4 days.

In terms of units, 60-70 lakh mobiles were sold in the first 4 days. “We are expecting a total sale of ~ 90 Lakhs – 1 Cr units of mobiles for Festive week 1. We are also seeing premium phones driving mobile growth this year,” adds Kothari.

Obviously, fashion is contributing to the expansion of the holiday season. An estimated Rs 5.5k Crores worth of fashion was sold in the first 4 days, according to Redseer data. The Daily Average GMV for the fashion industry increased by 4.5x from BAU days.