Udayavni Special

E-comm cos sell goods worth $4.1bn in first week of festive sale: RedSeer


PTI, Oct 27, 2020, 4:22 PM IST

Image for representation

New Delhi: E-commerce companies reported a 55 per cent jump in sale goods to USD 4.1 billion (Rs 29,000 crore) across platforms during the first week (October 15-21) of festive sales, research firm RedSeer said on Tuesday.

RedSeer, in its report, said the comparative number stood at USD 2.7 billion last year. RedSeer in its pre-festive sale had forecasted that platforms will clock USD 4 billion worth of sales this year.

Smartphones led the sale accounting for 47 per cent of total festive sales, driven by new launches and affordable models with Rs 1.5 crore worth of smartphones being sold every minute across the online platforms in the first week of 2020”s festive sales.

With a high share of tier-II and beyond shoppers coming in this time, Flipkart group emerged as overall leader during festive sales week one and accounted for 68 per cent of the total Flipkart group and Amazon sales (which together accounted for over 90 per cent of the total online sales during this period), the report said.

“E-commerce sector has exceeded the aggressive forecasts we had made a few weeks before the festive season week 1 started out. This points to a revival of consumption sentiment amongst Indian shoppers, where they have been shopping online in big numbers driven by massive selection, great prices and the convenience and safety of shopping from home,” Mrigank Gutgutia, Director at RedSeer Consulting, said.

In many aspects this is indeed a ”festival of firsts” for Indian e-commerce which will build a strong foundation for its future growth, he added.

The key factors that majorly boosted this year’s sale include affordability, mobile phones and tier-II growth wave.

These factors directly resulted in recovery of sales for brands and sellers, who have been strongly enabled by the online channels, to drive their sales growth which was affected by the COVID impact on offline channels, RedSeer said.

The report noted there was a massive addition of shoppers – the total shoppers during the first week jumped from 28 million last year to 52 million this year (85 per cent y-o-y).

Over 55 per cent of these shoppers came from tier-II cities like Asansol, Ludhiana, Dhanbad, Rajkot, among others – which proves a landmark achievement for e-commerce and points to the growing ”democratisation” and comfort with online shopping all over India, the report added.

Buyers preferred affordable price ranges this year for almost all product categories, instead of expensive items. The platforms enabled affordability this year with aggressive tie-ups through brands and financing deals, coming on the back of a bleak, pandemic-affected year, according to the report.

Fashion, while not as big a sales contributor as last year, showed resilience to reach 14 per cent of the festive days sales, despite the demand for formal and festive wear still being low, the report said.

Categories including Home and Home Furnishings have done better due to high demand for work-from-home and study-from-home infrastructure, it added.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

No govt in the world can stop farmers fighting ‘battle of truth’: Rahul

IMA ponzi scheme accused and ex-Karnataka minister R Roshan Baig hospitalised

Farmers allowed entry into Delhi for peaceful protests

‘No $1BN Adani Loan’: Protesters disrupt India-Australia ODI

Video of dog licking girl’s body at UP hospital surfaces; 2 employees suspended

RDIF, Hetero ink pact to produce 100 Mn doses of Sputnik V vaccine in India

Farmers’ protest leads to traffic snarls in Delhi



Related Articles More

Keeping off RCEP good for domestic steel cos: Report

SC directs govt to implement its decision to forego interest on eight categories of loans

Ola focused on aggressively building global electric two-wheeler biz: CEO

Asian stocks fall amid unease about vaccine development

Economic recovery stronger than expected, need to be watchful of demand sustainability: Das

MUST WATCH

Celebrating 25 Years of Laveena Masala | Since 1996 | Udayavani

Mangalore: Lashkar militants pro wall writing on on Circuit House Road | Udayavani

Madhavashankara name for Mangalore airport: Shri Sugunendra Tirtha Swamiji

Centuries-old Tuluva ritual of ‘Bhoomipuje Gaddekori’ still performed at Palthadi Village in Puttur

A bike rider dies in a lorry crash : The scene of the accident was captured on CCTV

Latest Additions

Who was FC Kohli, ‘father of Indian IT industry’ who passed away at 96?

Good if brainless cinema is impacted by audience shift to OTT, says Nawazuddin Siddiqui

No govt in the world can stop farmers fighting ‘battle of truth’: Rahul

Keeping off RCEP good for domestic steel cos: Report

SC directs govt to implement its decision to forego interest on eight categories of loans

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.