28 September 2022, Mumbai:
E-commerce firms sold goods worth Rs 24,500 crores in the first four days of the festive season sales. So says strategy consultancy firm Redseer.
During this period each minute as many as 1100 mobile phones amounting to around Rs 11,000 crores were sold on large e-commerce platforms. Fashion saw a 4.5x jump in terms of daily average gross merchandise value compared to business-as-usual days to reach Rs 5, 500 crores in the first four days.
E-commerce marketplaces usually hold up to three sales leading to Diwali. The first of these sales is usually the largest and usually accounts for more than 50 percent of the sales during the festive period.
However, the festive season’s share of the online retail gross merchandise value (GMV) is dropping, due to the increasing frequency of transactions fuelled by sale events throughout the year.
GMV is the total value of merchandise sold over a certain time frame. The spurt in sales is expected to further push the overall online retail GMV up 30 percent from 2021. This has been driven by accelerated digital adoption and increasing penetration in Tier II cities and beyond.
The launch of new e-commerce models such as live and video commerce will further drive the growth of online shoppers, especially in Tier II cities and beyond.
