New Delhi: E-tailers in India saw Rs 29,000 crore worth gross merchandise value (GMV) in the first four days of the festive season sales that started from October 7, a report showed on Friday.
This represents a year-on-year GMV growth of 16 per cent. In the first four days of the festive sale, the average daily sales were six times of business as usual (BAU), according to the report from Redseer Strategy Consultants.
This spike in sales was led by high average selling price (ASP) categories like mobiles, electronics and large appliances. Like in previous years, growth in low ASP categories like fashion, beauty and personal care (BPC) and home could gain traction later in the festive sale week, the report mentioned.
“The consumers took advantage of the ‘pre-book/price lock’ feature, an industry-first feature, wherein users could lock in the prices for these high value products, even before the festive sale started,” said the report.
Due to this, Day zero or the Early Access Day sale saw a 10 times increase in sales over the BAU while Day 1 saw a 7 times increase in sales over BAU.
Last week, e-commerce giants Amazon, Flipkart, Myntra and others began the festive season sales which is expected to reach Rs 90,000 crore worth online GMV in the festive month — up 18-20 per cent from last year’s festive month sales.
Amazon India said earlier this week that it witnessed a record 9.5 crore customer visits in the first 48 hours of its ‘Great Indian Festival 2023.’