According to Redseer Strategy Consultant’s report on sales performance for the first four days during the ongoing Festive Sale event 1, “For the first 4 days (22nd Sept- 25th Sept), e-commerce platforms have clocked in a sale of INR 24.5k Crores or USD 3.5 billion, contributing to 60 per cent of the projected GMV for festive sale 1. The first 4 days of the previous year contributed to 59 per cent, signalling a better-than-anticipated kickoff to the festive season this year.”
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, amongst others.
Redseer’s report further states that the first 4 days of the festive period saw the overall Daily Average GMV rise to 5.4 times compared to BAU days for overall online retail. “First 4 days of festive sale this year is ~1.3x the first 4 days of the previous year festive sale,” said the report.
“Redseer had earlier projected a GMV of USD 5.9 billion (~INR 41k crore) 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,” said Sanjay Kothari, Associate Partner, Redseer Strategy Consultants.
E-commerce marketplaces usually hold up to 3 sales leading to the festival of Diwali. The first of these sales is usually the largest and usually accounts for more than 50% of the sales during the festive period.
According to the figues, Mobiles continue to do well, driven by upgrade programs and new launches supported by value offers. Mobiles saw a 10x growth in Daily Average GMV from BAU. For the first 4 days, an estimated INR 11k Crores of mobiles were sold from the large e-commerce players. In terms of units, 60-70 lakh mobiles were sold in the first 4 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,” said Sanjay Kothari, Associate Partner, Redseer Strategy Consultants.
As expected, fashion is also fuelling the festive growth. According to Redseer analysis, “An estimated Rs 5.5k Crores worth of fashion was sold in the first 4 days. Fashion saw a 4.5 times jump in terms of Daily Average GMV from BAU days.”
Redseer Strategy Consultants is a leading strategy consulting firm. Founded in 2009, Redseer works with new-age consumer-focused businesses and offers growth advisory, digital strategy, and investment thesis. The company is a thought leader in the Internet economy space and is the most widely quoted consulting firm in the media.
The company boasts a 90 per cent market share of new-age IPOs. Zomato, India’s first major consumer tech IPO; GoTo, one of the world’s largest consumer tech IPO, Nykaa, Paytm, Cartrade, and Delhivery are other noted IPO engagements of Redseer. The company enjoys more than 50%+ market share in the new-age deal advisory and a lion’s share in the strategy consulting space. Today Redseer has a strong presence in India, the Middle East, Southeast Asia, the USA, and the UK. The company is headquartered in Bengaluru and has a formidable team of 200+ consultants in 7 offices across India and overseas.