Ecommerce Businesses Record $ 2.7 Billion in Sales in First 4 Days of Party Selling: RedSeer

Smartphones contributed about 50 percent of GMV in the first four days of sales.

Ecommerce platforms, including social commerce and grocery shopping, achieved around $ 2.7 billion in sales in the first four days of the festive sale and are on track to hit the 4.8 mark. billion dollars in gross GMV, consulting firm RedSeer said on Saturday.

RedSeer Consulting forecast last month that online platforms would see 30% year-on-year growth in gross GMV to $ 4.8 billion in the first week of festive sales. These platforms are expected to potentially record over $ 9 billion in Gross Merchandise Value (GMV) throughout the holiday season this year, up from $ 7.4 billion last year, a growth of 23%.

Gross GMV refers to the total value of goods sold on the platform before subtracting the cancellation or return.

“… In the first week (October 2-5) of the 2021 festive sale, e-commerce platforms, including social commerce and grocery shopping, totaled approximately $ 2.7 billion in sales and are well on their way. ‘reach a gross value of $ 4.8 billion. (GMV)… ”said RedSeer in its“ Mid-Festive Check In ”report.

He added that the first four days of CY2020’s holiday week accounted for 63% of overall holiday week sales – compared to this year when they accounted for around 57% of forecast sales.

Smartphones contributed around 50% of GMV in the first four days of sales.

“With festive sales longer than last year (9 days versus 7 days) – we observe that customer demand is more spread out over the period than concentrated in the first half of the holiday week. In this regard, we have seen sales of around $ 2.7 billion on e-commerce platforms and we expect another figure of around $ 2.1 billion over the next five days, ”he said. said Ujjwal Chaudhry, associate partner of Redseer.

The report estimates that more than 75 percent of customers plan to buy the equivalent or more than last year in categories such as mobiles, major appliances, beauty and fashion.

Ecommerce businesses see a large portion of their annual revenue coming in during festive sales and they are making significant investments up front to increase capacity and add functionality to be able to handle spike in orders, while ensuring a smooth experience for buyers and sellers.

Companies across the spectrum, including Flipkart, Amazon, Snapdeal, and Myntra, have lined up new launches and offers to woo shoppers this holiday season. The players organize several sales events which are timed around Dussehra and Diwali.

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