Indian e-commerce platforms have clocked $2.7 billion in the first four days of the festive week sale that started on October 3. The Redseer report stated the e-commerce were on track to achieve $4.8 billion gross merchandise value (GMV).
Last year, the first four days of the festive week accounted for 63 percent of the overall festive week sales which compared to this year is 57 percent of the projected sales.
Currently, Flipkart’s annual sale event is going on which kicked off on October 3, 2021, and will continue till October 10, 2021. Snapdeal’s ‘Toofani’ sale is also on the run from October 3 to 10. Amazon’s Great Indian Film Festival, which started on the same date, is going to last for a month. Tata CLiQ Luxury, the Tata Cliq’s vertical for luxury brands, is hosting its annual sale from October 6 to October 15. Similar sale events are being conducted by other e-commerce players like Myntra, Snapdeal, Meesho, etc.
How Various Categories Are Performing?
Among all the categories, that is most in-demand is smartphones. It contributed 50 per cent of GMV during the first four days of sales. This year, as per the report, customers are planning to buy equivalent to or more across categories like fashion, beauty, large appliances and mobiles.
The increasingly popular scheme of BNPL (buy now pay later) is also getting a lot of traction this time. Last year, it account for 4-7 percent of sales but is poised to command a higher 10-15 percent share of sales this year.
From the sellers perspective, there is equal amount of optimism this year. Sellers are planning to offer 10-30 percent discounts on platforms.
The Redseer report predicts the e-commerce platforms likely to clock over $9 billion gross merchandise value (GMV) during the festive season (October – December period) – a growth of 23 percent from last year.
While the overall online GMV this year is expected to touch $49-52 billion which is around 37 percent growth from last year.
Experts believe pandemic-accelerated adoption of online channels of shopping and strong consumer funnel expansion could be the reason for such growth.