E-commerce platforms amassed a sale of Rs. 24.5K Crores in the first four days: Redseer report

Festive season sales have kickstarted in full fervour in Festive Sale event 1 with 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.

According to a report by Redseer Strategy Consultant on sales performance for the first four days of the festive sales period, “For the first four days (between September 22 and September 25), e-commerce platforms have clocked in a sale of Rs. 24.5K Crores or USD 3.5 Billion, contributing to 60% of the projected GMV for festive sale 1.”

“The first 4 days of the previous year contributed to 59%, signalling a better-than-anticipated kickoff to the festive season this year,” the report mentioned.

Additionally, the report also pointed out that the first four days of festive sale contributed to approximately 1.3x of the first four days in previous year’s festive sale.

According to Sanjay Kothari, Associate Partner, Redseer Strategy Consultants, “Redseer had earlier projected a GMV of USD 5.9 Bn (~INR 41k Cr) for festive sale 1 and as expected, we are on track to achieve this figure. 60% of our forecast is already achieved in the first four days of sale.”

Furthermore, the report also pointed out that the first four days of the festive period saw the overall Daily Average GMV rise to 5.4x compared to BAU days for overall online retail.

E-commerce marketplaces usually hold up to three sales leading to the festival of Diwali and the first of these sales is usually the largest and accounts for more than 50% of the sales during the festive period. 

This year around, the categories which have driven festive growth are Mobile and Fashion, as per the report.

“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 four days, an estimated Rs 11K Crores was clocked in as 60-70 lakh mobiles were sold by the large e-commerce players,” the report stated.

 “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,” Kothari added.

The report also stated that fashion is also fuelling the festive growth as expected, and mentioned, “An estimated Rs 5.5K Crores worth of fashion was sold in the first 4 days. Fashion saw a 4.5x jump in terms of Daily Average GMV from BAU days.”