Indian Economy News

E-commerce firms saw sales worth Rs. 76,000 crore (US$ 9.29 billion) in festive month: Report

  • IBEF
  • November 21, 2022

According to market research company Redseer Strategy Consultants, e-commerce platforms saw a surge of almost 25% on an annual basis as they sold goods worth Rs. 76,000 crore (US$ 9.29 billion) during the festive season sale in October.

The initial estimate was for Rs. 83,000 crore (US$ 10.15 billion), but the final GMV (gross merchandise value) was Rs. 76,000 crore (US$ 9.29 billion), which is 8–9% less than what the firm had anticipated.

According to Redseer estimates, Flipkart Group, which includes Myntra and Shopsy, retained its leading position with a 62% part of the Rs. 40,000 crore (US$ 4.89 billion) GMV during the first week of the festive sale, and Amazon came in second with a 26% share.

On a YoY basis, the apparel section grew by 32%, mobile phones by 7%, electrical products, including appliances, by 13%, and other segments by 86%. The fashion sector kept expanding and closed the gap with mobile phones even though mobile phones continued to earn a bigger share throughout the holiday season sale.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.