While mobile phones made up 41 percent of the total gross merchandise value (GMV) and 56,000 mobiles were sold every hour, fashion contributed to 20 percent of GMV.
E-commerce platforms have clocked in a sale of Rs 40,000 crore or approximately $5.7 billion during the first round of festive season sales, according to a report from Redseer. And the report shows that Flipkart Group, including Myntra and Shopsy, came on top.
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While mobile phones made up 41 percent of the total gross merchandise value (GMV) and 56,000 mobiles were sold every hour, fashion contributed to 20 percent of the GMV and saw the fastest growth from last year — confirming back-to-office and revenge travel trends.
Mobile phones, including iPhones, Samsungs and Google Pixels, were on massive discounts of as much as 60 percent during the sale.
At the end of Festive Sale 1, which included all sale events between September 22 and 30, online retail platforms saw a 27 percent year-on-year growth. And for platforms that did not run a sale during any of these dates, the report considered business-as-usual (BAU) order volumes for the same dates.
While the $5.7 billion GMV was 97 percent of the $5.9 billion that Redseer had projected for Festive Sale Week 1, the growth was higher than last year.
According to Redseer, Flipkart Group led the sale with a 49 percent share in terms of volumes. Meesho beat Amazon to rank second with a 21 percent share. Basis GMV, too, Flipkart came on top with a 62 percent share. Amazon came second with a share of 26 percent.
"In terms of transacting shoppers, the number increased by 24 percent YoY with 65 percent of shoppers coming from tier 2+ cities. A whopping 75-80 million shoppers placed orders across all platforms in Festive Sale Week 1," Redseer said, adding that spending per online shopper also increased marginally by 3 percent.
Redseer said: "While the beginning of last quarter was slow on demand, we saw a good uptick in consumer sentiment and consumption patterns in late August/ September. This, we expect, will further lead to demand recovery in the build-up to Diwali."
First Published: IST