E-commerce platforms clock Rs 41,000 crore in GMV of festive week one | The Financial Express

E-commerce platforms clock Rs 41,000 crore in GMV of festive week one

As per the report, large e-commerce players sold mobile phones for an estimated Rs 11,000 crore between September 22 to September 25.

E-commerce platforms clock Rs 41,000 crore in GMV of festive week one
The first festive week saw approximately 75 to 80 million users place orders across various platforms, the report claimed.

The expansion of e-commerce platforms in tier 2 and beyond cities has led to a 24% year-on-year (YoY) increase in the shopper base from the first festive week of CY21, found a report by Redseer Strategy Consultants. Additionally, the strategy firms attribute this increase to the growth in financial constructs and technological innovations such as live commerce, social commerce, video commerce, among others. The first festive week saw approximately 75 to 80 million users place orders across various platforms, the report claimed. 

Under the e-commerce segment, for the first four days, high-end smartphones, including the iPhone 12, iPhone 13, and OnePlus led mobile sales, Sanjay Kothari, associate partner, Redseer, said. The report observed that the premium and mid-ranged segments had fueled the sales for smartphones due to the increase in affordability from e-commerce sales and the availability of buy-now-pay-later alternatives. “Mobile phone sales dominated the market with 41 per cent contribution in GMV. The average daily GMV for mobile devices increased ten times over regular business days,” Kothari stated. As per the report, large e-commerce players sold mobile phones for an estimated Rs 11,000 crore between September 22 to September 25. 

From September 22 to September 25, e-commerce platforms clocked in revenue of Rs 24,500 crore, the report observed. The online festive sales had led to nearly Rs 40,000 in gross merchandise sales (GMV), the report stated. This was in line with the Redseer’s report which had estimated a GMV of nearly 41,000 crore for festive sale one, it claimed. Additionally, the report mentioned that 60% of its forecast was completed within the first four days of the sale, contrary to the 59% from last year. 

Also Read: This festive season demand for gifting packs see an uptake as consumers get into celebratory mode

Follow us on TwitterInstagramLinkedIn, Facebook

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 25-10-2022 at 11:28 IST