In the first two days of the festive season sale, e-commerce companies made around Rs. 24,000 crore worth of goods have been sold. This was recorded on the back of a strong increase in the number of sales orders, with mobile phones accounting for the largest share in terms of value. Consulting company Radseer Strategy Consultants has given this information. The consulting firm estimates that customers have placed a total of 8 to 9 crore orders on Amazon, Flipkart, Meesho, Ajio and many other online platforms.
24,200 crore shopping
Nikhil Dalal, Associate Partner, RedSeer Strategy Consultants, said that the first two days show that the e-commerce penetration of festivals in India is expanding further. The number of orders is a major contributor to this growth, where consumers are not limited to mobiles but are also spending heavily on fashion, electronics and home appliances. He said that the demand for cheap and affordable fashion products increased as consumers in Tier 2 and small towns bought festive wear at affordable prices. The gross merchandise value (GMV) in the first two days was over $2.5 billion (roughly Rs. 24,200 crore) and around 6 to 6.5 crore shoppers have participated in the sale so far.
Four to five times higher GMV
The increase in GMV is almost six times higher than the daily average rate of normal business days (BAU), the firm said. Companies like Amazon and Flipkart are using their Quick Commerce units to boost sales and increase their prominence on the platform, which has recorded GMV four to five times the daily average on a normal day. According to estimates, mobile remained the largest category in terms of value, but sales of large home components and electronics grew faster than the average market growth rate.
The highest purchase of mobile phones
Mobile phones account for 38 to 40 percent of total sales i.e. approximately Rs. 9,100 to 9,600 crores is estimated. Consumer electronics is estimated to account for around 25 to 27 per cent (approximately Rs 6,000 to 6,500 crore) and fashion products to account for 15 to 18 per cent (approximately Rs 3,630 to 4,350 crore) of total sales. According to RedSeer, ‘Gen Z’ (the younger generation) accounts for nearly one-third of first-day buyers.
