Indian eCommerce Sales On A Record High, Reports 55% Jump In Sale Goods
Indian eCommerce sales are on the rise, and during October 15-21 festive sales, Ecommerce companies reported a 55% jump in sale goods to $4.1 billion (Rs 29,000 crore) across platforms.
As per research firm RedSeer, the sales stood at $2.7 billion last year. And for this year, the research firm had forecast that platforms would clock $4 billion worth of sales this year.
But for this year, the festive sale saw a massive addition of shoppers from 28 million last year to 52 million this year (85% year on year).
In the festive sale, smartphones were the most sold product, accounting for 47% of total festive sales. Around Rs 1.5 crore worth of smartphones were being sold every minute across online platforms in the first week of 2020’s festive sales.
Talking about the eCommerce sector, Mrigank Gutgutia, Director at RedSeer Consulting said,
“The eCommerce sector has exceeded the aggressive forecasts we had made a few weeks before the festive season week 1 started out. This points to a revival of consumption sentiment amongst Indian shoppers, where they have been shopping online in big numbers driven by massive selection, great prices, and the convenience and safety of shopping from home.”
The key factors for this year’s boosted sales include affordability, mobile phones, and the growth in Tier-II cities.
The Flipkart group emerged as the overall market leader during festive sales week one and accounted for 68% of the total Flipkart group and Amazon sales. Both platforms dominated the eCommerce sales, and together they accounted for over 90% of the total online sales during this period.
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