Amazon, Flipkart Festive Sales Rise 1.3 Times To Rs 24,500 Crore In First Four Days
Online retail giants have already raked in 60% of the projected sales.
Mobile and fashion aided Amazon and Flipkart to score big during the first four days of festival-targeted sales in India as consumer spending soared this season, according to advisory firm Redseer.
Flipkart's Big Billion Days sale and Amazon's Great Indian Festival garnered gross sales worth about Rs 24,500 crore in the first four days, Redseer said in its report. That contributes to roughly 60% of the projected sales from round-one of these events, the report said.
The sales grew 1.3 times compared with the first four days in the previous year. The period had contributed 59% of the total sale value last year, "signaling a better start to festive sales this year", the report said. An estimated 5-5.5 crore shoppers made purchases during the period.
Online retailers such as Flipkart, Amazon, Myntra, Ajio and Meesho usually hold up to three sales events during the period leading up to Diwali. "The first of these sales is usually the largest and mostly accounts for more than 60% of the sales during the festive period," Redseer said.
Mobiles and fashion sales touched Rs 11,000 crore and Rs 5,500 crore, respectively, the report stated.
Mobiles saw 10 times the daily gross merchandise value in sales, with close to 60-70 lakh devices flying off the shelves. "We are expecting a total sale of about 1 crore units of mobiles for festive week 1,” the report said. “Premium phones (iPhone 12, 13, OnePlus) have driven mobile sales for the first four days."
The advisory firm said that the e-commerce platforms and its partners through discounts were able to bring aspirational brands such as Apple and OnePlus to a "reasonable price-point", enabling "average consumers" to afford them. Buy now, pay later options and further discounts through banking partnerships boosted demand.
Fashion, too, saw a 4.5x jump in daily gross merchandise value over usual business days, Redseer said. "Fashion continues on its growth journey fuelled by the consumer need of wardrobe improvement."