Assiduus Global Inc., a global AI-powered e-commerce accelerator (supply chain and distribution) for D2C brands, has reported from its data that beauty products saw a 51.5 pc sales spike during Diwali 2023, compared to the previous year.
47 pc sales of beauty products were from the 18 to 24 years age group, followed by 21 pc from those aged 35 to 44 years.
The data shows that electronics, lifestyle, and beauty products were the most sought-after segments during the festive shopping season.
Mobile phones, adaptors, and earpods were the top-selling products in the electronics category with brands like Redmi, OnePlus and Boat taking the lead.
In the lifestyle and beauty segment, face & body creams emerged as top sellers led by brands like L’oreal, Nivea and Himalaya. Kerala topped the sales charts in the category followed by Karnataka and Maharashtra.
This year, more people are spending time checking out beauty products compared to last year, finds the study, citing a 30 pc increase in the number of shoppers looking closely at product details.
The platform witnessed a 86 pc surge in new shoppers for healthcare and nutrition products in 2023 compared to just 26 pc in 2022.
The health supplement category, which witnessed 28 pc increase in cost per click in 2022, witnessed a 31 pc surge in 2023 with competition among brands vying for limited space within marketplaces.
The platform saw a decrease of 30 pc in marketplace searches and a 18 pc reduction in conversions after the sales event, indicating that fewer people made purchases.
Dr Somdutta Singh, Founder & CEO, Assiduus Global Inc., said, “India continues to be absolutely phenomenal when it comes to online shopping and increase in new shoppers. Embracing online shopping as the new norm, the Indian e-commerce sector is poised for remarkable expansion. Projections by Redseer anticipate a significant compound annual growth rate (CAGR) of 27 per cent, propelling the industry to a staggering $163 billion valuation by 2026. These forecasts closely align with the observed trends on our platform, reflecting the increasing preference for online shopping among Indians. We have witnessed a sharp surge in our sales across healthcare and nutrition products led by Gen Z and Millennials indicating that the digitally savvy generation is dominating the online shopping space in India. We have also seen an exponential rise in sales from tier 2 and 3 cities in India. The evolving scenario of e-commerce in India, as revealed by these statistics, presents a landscape teeming with promise and expansion. The increased engagement of younger generations and the rising interest from smaller cities are pivotal indicators, showcasing the broadening acceptance and accessibility of online shopping across diverse demographics and geographies.”
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