06 January 2023, Mumbai
Sales of e-commerce retailers in India during the month-long festival season in 2022 were almost double the pre-pandemic 2019 sales. So says Redseer Strategy Consultants.
Tier II and Tier III cities drove festive sales, and a significant portion of the sales came from electronic products and mobile phones.The country’s fragmented retail market of over 13 million general trade stores or the local kirana stores is expected to continue to drive retail for the next decade.
The eB2B market stood at $5 billion in 2021 and could touch $100 billion in gross merchandise value by 2030. Further, the internet market gained confidence, and many tech companies went public, raising funds through initial public offers. The drastic increase in digital consumption and increased digital penetration in Tier II plus cities are the primary growth drivers responsible for the spike in India’s digital advertising ecosystem.
With an increasingly high flow of consumers from Tier II plus cities adopting short video commerce, India is likely to witness a massive surge in digital advertising investments aimed at driving sales. During the last few days of December 2022 shopping centers across India experienced high footfalls and crowds even during weekdays.Brands added to the festive cheer with end of season sales.
