E-commerce platforms in India have clocked over Rs 24,500 crore (nearly $3.5 billion) in the first four days of the festive sales that began on September 22, signaling a better-than-anticipated kickoff to the festive season this year.
According to a report by strategy consultancy firm Redseer, during this period each minute as many as 1,100 mobile phones amounting to around Rs 11,000 crore were sold on large e-commerce platforms driven mostly by premium phone brands.
It further added that fashion too, witnessed a 4.5 times jump in terms of Daily Average GMV compared to business-as-usual days to reach Rs 5,500 crore in the first four days.
Redseer said, “For the first 4 days of the on-going festive sale event 1, e-commerce platforms have clocked in a sale of Rs. 24,500 crores or $ 3.5 billion, contributing to 60 percent of the projected GMV for festive sale 1.”
Moreover, nearly 55 million shoppers made online purchases during the first four days as the overall daily average gross merchandise value (GMV) rose to 5.4 times.
"We had earlier projected a GMV of $5.9 billion (over Rs 41,000 crore) for the first week of festive sales and as expected, we are on track to achieve this figure," said Sanjay Kothari, Associate Partner, Redseer Strategy Consultants.
Nearly 1,100 mobile phones were sold each minute, with a total of Rs 11,000 crore of mobiles sold on large e-commerce players.
In terms of units, 60-70 lakh mobiles were sold in the first four days, witnessing a 10 times growth in daily average GMV. Premium phones (iPhone 12, 13, and OnePlus) drove mobile sales.
"We are expecting a total sale of 90 lakh-1 crore units of mobile sales in the first festive week. We are also seeing premium phones driving mobile growth this year,” said Kothari.
Festive Event 1 is the first wave of festive sales which include Flipkart's 'Big Billion Day Sale', Amazon's 'Great Indian Festival', Meesho's 'Mega Blockbuster Sale', and sales on platforms like Myntra, Ajio, and Nykaa, among others.
The report further added, "first four days of festive sale this year is 1.3 times the first four days in previous year's festive sale."