E-Commerce Platforms Clock $3.5 Bn In First 4 Days Of Festive Season

According to Redseer Strategy Consultants, online merchants have generated $3.5 billion in the first four days of the holiday shopping season, making up 60% of the anticipated gross merchandise value (GMV). A better-than-expected start to the holiday season this year may be seen in the 59% contribution from the first four days of the prior year.

These figures include sales on platforms like Myntra, Ajio, and Nykaa, as well as sales from the "Big Billion Day Sale" on Flipkart, the "Great Indian Festival" on Amazon, the "Mega Blockbuster Sale" on Meesho, and other deals.

According to the report, the first four days of the holiday season witnessed an increase in overall daily average GMV for online retail of 5.4 times compared to typical business days. Also, the first four days of the holiday shopping season were roughly 1.3 times longer this year than they were the year before.

Redseer had already estimated a GMV of $5.9 billion for the holiday shopping season this year. "We are on track to reach this number, as expected. In the first four days of sales, we have already surpassed 60% of our forecast "said Sanjay Kothari, Redseer Strategy Consultants' associate partner.

E-commerce marketplaces often hold up to three sales are typically held in advance of the Diwali celebration on online marketplaces. Over 50% of the sales over the holiday season often come from the first of these sales, which is typically the largest.

The success of mobile devices is still strong, due to value-added promotions, fresh releases, and upgrade programmes. The major e-commerce players sold an estimated 11,000 crore worth of mobile phones in the first four days.

60 70 lakh mobile phones were sold in the first four days in terms of units. "For the first week of the holiday season, we anticipate selling between 90 lakh and 1 crore mobile devices overall. This year, premium phones are also driving mobile growth "says Kothari.

The development of the holiday is also being fuelled by fashion. Redseer study shows that the first four days saw sales of fashion items worth an estimated 5,500 crore. In comparison to business-as-usual days, the average daily GMV for fashion increased by 4.5 times. According to the estimate, within the first four days, between 50 and 55 million customers completed purchases.

Despite the intense debates, Manish Tiwary, country manager (India Consumer Business), Amazon India, told Fortune India last week that e-commerce represents only 2% and 4% of the whole organized retail industry.

"At Amazon, we are constantly urged to put the needs of our customers before those of our competitors. While we are aware of the competition, our strategy is customer-oriented. Even fashion has a lower penetration rate than e-commerce grocery, which is less than 1%. Although we have a seller and consumer base, there is still a long way to go," Tiwary stated.