Ecommerce platforms Amazon, Flipkart, and others have clocked $2.7 billion (more than Rs 20,000 crore) in sales during the first four days of the festive sale. According to a report published by market research firm RedSeer Consulting e-commerce platforms, including social commerce and grocery, clocked $2.7 billion in sales from October 2 to October 5.
The platforms are on track to achieve $4.8 billion gross merchandise value (GMV) which was forecasted by the Bengaluru-based firm last month. Gross GMV refers to total value of goods sold on platform prior to subtracting cancellation or return.
Further the report stated that the first four days of the festive week last year accounted for 63 per cent of the overall festive week sales — as compared to this year where it accounts for 57 per cent of the projected sales. Smartphones contributed 50 per cent of GMV during the first four days of sales.
The report estimates that over 75 per cent customers are planning to buy equivalent to or more than last year across categories like mobiles, large appliances, beauty and fashion.
“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,” said Ujjwal Chaudhry, associate partner at RedSeer.
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 five days”, he added.
Last month the agency had predicted that the e-commerce platforms are likely to clock over $9 billion gross merchandise value (GMV) during the festive season (October-December period), which is a growth of 23 per cent from last year.
For the full year, the overall online gross GMV is expected to touch USD 49-52 billion, which is around 37 per cent higher than last year (USD 38.2 billion), primarily driven by strong consumer funnel expansion and the high adoption of online shopping post-COVID across the categories, the report said. Nearly 80 per cent of the sellers surveyed pinned hope on the festive sales to make up their covid losses.