E-ecommerce platforms including social commerce and grocery online garnered $2.7 billion in sales in the first four days (Oct 2 to 5) of festive season sales, said Redseer Consulting.
The firm said the sector was on its track to achieve $4.8 billion gross merchandise value (GMV) for the whole of the current festive season.
The first four days of the festive week in CY20 accounted for 63% of the overall sales of the season while four days this year brought in 57% of sales. Smartphones contributed some 50% of GMV during the first four days, as per the mid-festive analysis done by Redseer.
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Ujjwal Chaudhry, an Associate Partner at RedSeer, said, “With the festive sales lasting longer than last year (9 days compared to 7 days) we see the customer demand being more spread out across the period than being concentrated in the first half of the festive week. To that tune, we observed sales of $2.7bn across eCommerce platforms and we expect another $2.1bn over the next 5 days.”
Some 75% of customers would buy equivalent to or more than last year across categories like mobiles, large appliances, beauty and fashion while many sellers would offer ~10-30% discounts on platforms, with the goal of releasing higher volume sales, the firm added.