Online retailers
In India are getting ready for a successful festive season, with expectations of achieving sales worth Rs 90,000 crore. This forecast, mentioned in a report by Strategy Consultants, E-commerce signifies a notable 18-20 percent increase compared to last year’s festive season sales.
The report indicates that this boost in sales is expect to come from around 140 million online shoppers who are likely to make at least one online purchase during the festive month. It’s important to note that this year marks the 10th anniversary of festive season sales for online retailers in India.
Over this ten-year period, the e-commerce industry in India has seen significant changes. The total annual sales value (GMV) for the entire online retail industry has grown nearly 20 times. In 2014, the industry had sales worth Rs 27,000 crores for the entire year, while this year (2023), it is estimate to reach around Rs 5,25,000 crore. Additionally, the number of people making online purchases each year has increased significantly, growing 15-fold.
Mrigank Gutgutia, a Partner at Redseer Strategy Consultants, pointed out that besides electronics, other product categories have also been contributing significantly to sales in recent quarters. While electronics remain popular during the festive season, there is a clear trend toward diversifying into different product categories.
The online retail sector
In India is an important indicator of what consumers in the country are looking for. This year’s 10th festive season sale is particularly important due to the recent economic slowdown and various external challenges that have affected the Indian economy over the past three years.
Major players like Amazon and Flipkart are getting ready to host their large festive sales events. Flipkart plans to conduct its “The Big Big Billion Days” (TBBD) festive sale in October, while Amazon is expects to launch its flagship festive sale event, the Great Indian Festival, around the same time. Flipkart has also achieved a significant milestone by having over 1.4 million sellers on its platform, which represents a growth of more than 27 percent compared to the previous year.
In summary, the Indian e-commerce industry is set for a successful festive season, with expectations of strong sales growth and increased consumer participation. This highlights the resilience and evolution of online retail in India over the past decade.
