24th September 2021, Mumbai:
E-commerce firms Amazon, Flipkart, and others are expected to witness blockbuster festive season sales this year as an increasing number of consumers are shopping online at a higher frequency than last year, as per consulting firm RedSeer’s e-commerce festive season report.
As per this report, the gross merchandize value of festive sales is expected to grow 30 percent year-over-year to $4.8 billion during the first week of the festive season and potentially clock over $9 billion GMV during the whole festive month This is a 23 percent increase from last year wherein the e-commerce players clocked a GMV of $7.4 billion.
The overall online GMV is expected to increase 37 percent over last year to touch $49-52 billion. Growth will be mostly driven by the accelerated online adoption which has been witnessed as an effect of COVID. Secondly, Tier-II-plus cities and towns will continue to drive growth as they are 55-60 percent of the total shopper base this year, similar or higher than 57 percent in 2020 festive days.
The RedSeer report finds the sellers are bullish on this year’s sales and are looking to recover the losses suffered due to COVID. Flipkart plans to kick off the country’s festive season with the 8th edition of its biggest flagship event, The Big Billion Days (TBBD), from October 7-12.
The six-day event will see millions of consumers, sellers, small businesses, artisans, Kiranas, brands, and e-commerce ecosystem partners come together for the upcoming festive season.
Amazon has also announced this year’s ‘Great Indian Festival sale. The event will go live around the festive season in India this year.
The event would allow hundreds of thousands of small and medium businesses (SMBs) to offer a unique selection to customers.