E-commerce giants clock sales worth USD 3.5 billion in festive season

By Ayushi Garg  | Date: September 28, 2022

E-commerce giants clock sales worth USD 3.5 billion in festive season

Expert analysts have reported that the demand for mobile phones and fashion items helped E-commerce platforms clock in sales for the first 4 days (22nd September – 25th September) of the festive sales to reach USD 3.5 billion, likely to be nearly 60% of the anticipated gross merchandise value (GMV) of the sale.

In evaluating the effectiveness of the first leg of the online sales events, this marked a stronger-than-expected start to the festive season online sales. Notably, the first four days of the prior year contributed 59% indicating that this year was off to a great start.

The first festive event is the first round of festive sales, which include the Great Indian Festival on Amazon, the Big Billion Day Sale on Flipkart, the Mega Blockbuster Sale on Meesho, and sales on websites like Myntra, Reliance-based Ajio, and Nykaa.

Mobile phone sales are still flourishing because of value-added programs, new releases, and upgraded schemes. The average daily gross merchandise value for mobile devices increased by 10 times compared to normal business days. The top online retailers reportedly sold mobile phones for an expected total of more than USD 134 million during the first four days.

In the same timeframe, an estimated 6-7 million mobile phones were sold. Moreover, aspirational brands like Apple Inc.’s iPhone and Oppo’s OnePlus were made available at affordable prices by e-commerce platforms and their partners.

Prior to the Diwali celebration, the e-commerce sector hosts up to three sales. Out of which, the first sale often contributes to over 50% of purchases.

Moreover, the online platforms offered buy-now-pay-later (BNPL) choices and additional saving options given their tie-ups with notable banks which facilitated across high-end brands such as Apple and Samsung.

For instance, during Flipkart's festival sale event, various e-commerce companies offered premium smartphones like the iPhone 13 for as little as USD 610.65.

Source credit:

https://www.livemint.com/industry/retail/ecommerce-cos-clock-sale-of-3-5-bn-11664301514658.html

About Author

Ayushi Garg     ibmag.com

Ayushi Garg

Currently working as an associate content writer, Ayushi pens down insightful articles for several websites. She began her profession by taking classes in digital marketing to broaden her skills. Given her passion for writing, she took up several freelancing projects ...

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