E-commerce firms have sold goods worth Rs 24,500 crore (USD 3.5-billion) in the first four days of the festive season sales, a report said on Tuesday.
According to the report by strategy consultancy firm Redseer, during this period each minute as many as 1,100 mobile phones amounting to around Rs 11,000 crore were sold on large e-commerce platforms, driven by the premium phones.
Besides, fashion saw a 4.5x jump in terms of Daily Average GMV (gross merchandise value) compared to business-as-usual (BAU) days to reach Rs 5, 500 crore in the first four days, it added. "For the first 4 days (Sep 22-25) of the on-going festive Sale event 1, e-commerce platforms have clocked in a sale of Rs 24.5k crore or USD 3.5-billion, contributing to 60 per cent of the projected GMV for festive sale 1," Redseer said.
The first four days of the previous year contributed to 59 per cent, signalling a better-than-anticipated kickoff to the festive season this year, it noted. Festive Event 1 is the first wave of festive sales, which includes Flipkart's 'Big Billion Day Sale', Amazon's 'Great Indian Festival', Meesho's 'Mega Blockbuster Sale', and sales on platforms like Myntra, Ajio, Nykaa, among others, as per the report.
"First four days of festive sale this year is around 1.3x the first four days of the previous year festive sale," the report said. "Redseer had earlier projected a GMV of USD 5.9 -billion (around Rs 41,000 crore) for festive sale 1 and as expected, we are on track to achieve this figure. As much as 60 per cent of our forecast is already achieved in the first four days of the sale," said Sanjay Kothari, Associate Partner at Redseer Strategy Consultants.
According to the report, e-commerce marketplaces usually hold up to three sales leading to Diwali. The first of these sales is usually the largest and usually accounts for more than 50 per cent of the sales during the festive period, it added.In terms of units, 60-70 lakh mobiles were sold in the first four days. "We are expecting a total sale of around 90 lakhs - 1 crore units of mobiles for festive week 1. We are also seeing premium phones driving mobile growth this year," Kothari said.