The platforms are on track to achieve $4.8 billion gross merchandise value (GMV), said RedSeer Consulting in its latest report.
Smartphones contributed around 50% of GMV during the first four days of sales, noted the research company in an official release
E-commerce platforms Amazon, Flipkart, and others have registered around $2.7 billion in sales during just the first four days of the festive sale.
According to the latest report released by the research firm RedSeer Consulting, during the first week (October 2-5) of the festive sales, e-commerce platforms, including social commerce and grocery, clocked $2.7 billion in sales. The platforms are on track to achieve $4.8 billion gross merchandise value (GMV) which was forecasted by RedSeer last month.
First Four Days of Sales
Further, the report stated that the first four days of the festive week in 2020 had accounted for 63% of the overall festive week sales as compared to this year where it accounts for around 57% of the projected sales. Smartphones contributed around 50% of GMV during the first four days of sales, noted the research company in an official release.
Commenting on the festive sale, Ujjwal Chaudhry, associate partner at RedSeer, said, “With the festive sales lasting longer than last year (nine days compared to seven days) — we are observing the customer demand being more spread out across the period than being concentrated in the first half of the festive week. To that tune, we have observed sales of ~$2.7 billion across e-commerce platforms and we expect another further ~$2.1 billion over the next 5 days.”
RedSeer had earlier said that the e-commerce platforms will clock over $9 billion GMV during the festive season, which is a 23 per cent jump over last year. The report has estimated that over 75% of shoppers are planning to buy equivalent to or more than last year across categories like mobiles, large appliances, beauty and fashion.
E-Commerce and Social Commerce Platforms
The report also mentioned that seller sentiments are equally optimistic this year. “Many sellers are planning to offer ~10-30 per cent discounts on platforms, with the goal of releasing higher volume sales. Sellers on both e-commerce and social commerce platforms have a favourable perspective of forecasted volume sales and growth during the upcoming festive season,” RedSeer said.
Meanwhile, Flipkart and Amazon India have witnessed a strong start to this year’s festive sale, with demand from Tier-2 and -3 cities driving the momentum.
Flipkart had stated earlier that early access for its ‘Flipkart Plus’ programme (loyalty programme) saw a 40 per cent growth this year compared to last year, while about 45 per cent of customer demand has been from Tier-3 cities and beyond. In a separate statement, Amazon India Vice-President Manish Tiwary said the platform saw a 60 per cent increase in sellers who received their highest-ever single-day sales year-on-year on Amazon.
(Economy India)
