E-commerce giant, Amazon India, will begin its flagship sale event, Prime Day, at 12:00 am on July 15 and end on July 16, 2023.
The sale, which is exclusive to Amazon Prime customers only, is a 48-hour event that typically comes before Diwali. Amazon's largest rival in the space, Walmart's Flipkart also runs a similar sale around the same time. Festive season sales are crucial for e-tailers, especially at a time when e-commerce sales have been slowing down.
E-tailing gross merchandise value (GMV) grew by about 44 percent from $25 billion in FY20 to $36 billion in FY21. And then the GMV further increased by around 36 percent year-on-year (YoY) to $49 billion in FY22. However, the pace of YoY growth slowed sharply to 22 percent in FY23, when the GMV increased to $60 billion, according to Redseer, a consultancy firm.
Festive season sales, like Prime Day and others, are also crucial because, in total, they account for about 17.4 percent of annual GMV for e-commerce players. That share has however reduced from 17.8 percent in 2o21 and 19.5 percent in 2020, as the frequency of sales increased, analysts underscored.
The current year will mark the seventh edition of Prime Day.
“This Prime Day, customers will enjoy our fastest speeds ever in India. Prime members ordering from 25 cities of India will be able to enjoy same-day or next-day delivery of their orders and Prime members shopping from most Tier 2 cities will have their Prime Day delivery within 24 to 48 hours," Akshay Sahi, Director, Prime and Delivery Experience, Amazon India said.
Last year, Prime Day 2022, saw Amazon increase its reach to Tier 2 and beyond regions like Kolhapur, Surat, Ghaziabad, Raipur, Coimbatore and several others.
"Through Prime Day, our intent is to amplify the value and convenience that Prime membership offers to its members and help them derive maximum joy out of it, while also empowering small and medium businesses across the country” Sahi added.
Effective end of last month, Amazon had also notified sellers about a revision in its fee structure, a move that would lead to price increases for certain items sold on the platform.
The steepest increase in seller fee was observed in the over-the-counter (OTC) medicine category. Previously set at 5 percent, the fee has now been raised to 12 percent for items below Rs 500 and 15 percent for items priced above Rs 500, Moneycontrol had reported earlier.
The fresh edition will see over 45,000 new product launches from more than 400 Indian and global brands, like OnePlus, Samsung, Motorola, boAt, Sony, Allen Solly, Lifestyle, Titan, Fossil, Puma, Tata and several others.
Offers will also be extended to flight, hotels, homestays and villa bookings. The company will also launch several new shows and movies on Amazon Prime, its video streaming platform.
In comparison to Prime Day 2021, nearly 18 percent more sellers grossed sales over Rs 1 crore, and close to 38 percent more sellers grossed sales of over 1 lakh in Prime Day 2022, the company hopes to maintain the growth rate.
In total, Amazon has more than 200 million Prime members in 25 countries including India.
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