Festive season started with a bang as e-commerce players clocked in a sale of $3.5 billion in sales between 22 and 25 September, contributing to 60 percent of the projected GMV (gross merchandise value) of 5.9 billion for the whole first wave of festive sales, according to Redseer Strategy Consultants.
The first wave of festive sales comprises Flipkart’s Big Billion Days, Amazon’s Great Indian Festival, Meesho’s Mega Blockbuster Sale, besides sales on other platforms such as Myntra, Ajio, and Nykaa amongst others.
Redseer's report further states that the first four days of the festive period saw the overall Daily Average GMV (gross merchandise value) rise to 5.4x compared to BAU (business as usual) days for overall online retail. First 4 days of festive sale this year is 1.3x the first four days of the previous year festive sale.
“Redseer had earlier projected a GMV of $5.9 bn (Rs 41, 000 Cr) for festive sale 1 and as expected, we are on track to achieve this figure. 60 percent of our forecast is already achieved in the first 4 days of sale," says Sanjay Kothari, associate partner, Redseer Strategy Consultants.
Around 50 to 55 million shoppers made purchases during the first four days of sales. In terms of categories, mobiles continue to be the top category driving the sales. The report states that during the first four days of sale 1,100 mobile phones were sold each minute, with a total of Rs 11,000 crores of mobiles sold on large e-commerce players. Premium phones (iPhone 12, 13 and OnePlus) drove mobile sales.
This has happened on the back of upgrade programs and new launches supported by value offers.
In terms of units, 60-70 lakh mobiles were sold in the first four days. “We are expecting a total sale of 90 Lakhs - 1 Cr units of mobiles for Festive week 1. We are also seeing premium phones driving mobile growth this year,” said Sanjay Kothari, Associate Partner, Redseer Strategy Consultants.
Fashion category witnessed a 4.5x jump in terms of daily average GMV from BAU days, to reach Rs 5,500 crore in the first four days, it said.
E-commerce marketplaces usually hold up to three sales leading to the festival of Diwali. The first of these sales is usually the largest and usually accounts for more than 50 percent of the sales during the festive period.