Ecommerce sales touch $8.3B during festive season; reports 65pc growth: report
The just-concluded festive season turned out to be very positive for the Indian ecommerce industry, which includes the likes of Flipkart and Amazon, recorded around 65 percent growth as compared to the previous year.
According to a new report published by consulting firm RedSeer's, the gross ecommerce sales, starting from mid-October till November, touched $8.3 billion as compared to $5 billion in 2019.
RedSeer's had earlier estimated that the festive season would bring in $7 billion in gross sales for the ecommerce segment despite the COVID-19 pandemic.
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The report added that this year's festive season saw 88 percent customer growth from last year, which was driven by about 40 million shoppers from Tier 2+ cities. Further, mobiles continued to dominate across all the products, and with further increasing share of users from Tier 2+ cities, the gross merchandise value (GMV) per customer dropped to Rs 6,600 from Rs 7,450 in last festive season.Mrigank Gutgutia, Director at Consulting firm RedSeer's, said, "The overall growth story has been very bullish this festive season. We had forecasted $7 billion of sales, but the actual figures surpassed our expectations fairly comfortably, showing how comfortable consumers have become with shopping online even in this pandemic hit year."
According to RedSeer's, factors like high pre-sale awareness and anticipation driven by an impactful campaign, wide selection across the categories, seamless supply chain planning enabled minimal product stock-outs, along with multiple affordability constructs helped Flipkart and Amazon to drive growth this festive season.
"One clear lesson from this festive season is that ecommerce has become more mainstream than ever. And, it has proven that with the right assortment at the right prices, which is delivered quickly in the safety of customer's homes, the value proposition of ecommerce is very powerful,” said Mrigank.
Edited by Suman SinghThimmaya Poojary