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E-commerce platforms clocked a sale of Rs 24.5K crore in first four days of festive sale: Redseer report

The Redseer report also stated that the first four days of festive sale of 2022 saw an increase of 1.3 times as compared to last year’s festive sale, with Mobile and Fashion emerging as the driving forces

E-commerce platforms clocked in a sale of Rs 24.5 thousand crore in the four days of festive sale, as per a report by Redseer.

According to the report by Redseer Strategy Consultants on sales performance, “For the first four days (between September 22 and September 25), e-commerce platforms have clocked in a sale of Rs 24.5K Crores or $ 3.5 billion, contributing to 60% of the projected GMV for festive sale 1.”

“The first 4 days of the previous year contributed to 59%, signalling a better-than-anticipated kick-off to the festive season this year,” the report mentioned.

According to Redseer, Festive Event 1 is the first wave of festive sales, which includes Flipkart’s ‘Big Billion Day Sale’, Amazon’s ‘Great Indian Festival’, Meesho’s ‘Mega Blockbuster Sale’, and sales on platforms like Myntra, Ajio, Nykaa, amongst others. 

Additionally, the report also pointed out that the first four days of festive sale this year is “1.3x the first four days in previous year festive sale.”

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

Furthermore, the report also pointed out that the first four days of the festive period saw the overall Daily Average GMV rise to 5.4x compared to BAU days for overall online retail.

E-commerce marketplaces usually hold up to three sales leading to the festival of Diwali and the first of these sales is usually the largest and accounts for more than 50% of the sales during the festive period. 

This year the categories which have driven growth are Mobile and Fashion, as per the report.

“Mobiles continue to do well, driven by upgrade programs and new launches supported by value offers. Mobiles saw a 10x growth in Daily Average GMV from BAU. For the first four days, an estimated Rs 11K crore was clocked in as 60-70 lakh mobiles were sold by the large e-commerce players,” the report stated.

“We are expecting a total sale of 90 lakh - 1 crore units of mobiles for Festive week 1. We are also seeing premium phones driving mobile growth this year,” Kothari added.

The report also stated that fashion is also fuelling the festive growth as expected, and mentioned, “An estimated Rs 5.5K crore worth of fashion was sold in the first 4 days. Fashion saw a 4.5x jump in terms of Daily Average GMV from BAU days.”

Info@BestMediaInfo.com

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