According to Redseer Strategy Consultants report on sales performance for the first four days during the ongoing Festive Sale 1, for the first 4 days (22nd Sept- 25th Sept), e-commerce platforms have clocked in a sale of Rs 24.5k Cr or $3.5 Bn, contributing to 60 pc of the projected Gross Merchandise Value (GMV) for festive sale 1.
As per the report, 50-55 Mn shoppers made purchases during the first four days. 1100 mobile phones were sold each minute, with a total of Rs 11K cr of mobiles sold on large e-commerce players. Premium phones like iPhone 12, 13, and the OnePlus drove the mobile sales. Fashion saw a 4.5X jump in terms of Daily Average GMV from BAU days, to reach Rs 5500 Cr in the first 4 days
The first 4 days of the previous year contributed to 59 pc , 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 5.4x compared to Business As Usual (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 $5.9 Bn (Rs 41K Cr) for festive sale 1 and as expected, we are on track to achieve this figure. 60 pc 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 pc of the sales during the festive period.
Mobile, Fashion drive festive growth
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 ~ 90 Lakhs – 1 Cr units of mobiles for Festive week 1. We are also seeing premium phones driving mobile growth this year,” said Kothari.
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 4.5x jump in terms of Daily Average GMV from BAU days.