Online festive sales to hit US$ 11.8 billion despite economic concerns: Report
According to a recent report by Canadian multinational e-commerce company Shopify, Indian e-commerce companies are expected to enjoy a holiday bonanza with sales likely to increase 28% YoY to US$ 11.8 billion during the month. The fashion category is expected to play a major role in this growth.
The surge in online shopping is being fuelled by more consumer knowledge of festive discounts, increasing reach, targeted product selection, and growth of products within reach of consumers in all types of cities.
According to the report, 40% of customers intend to spend more than Rs. 10,000 (US$ 121.38) and 85.82% of consumers plan to spend more than they did in prior years.
78.57% of the customers surveyed for the report said they planned to purchase online more over the festive season than they did before the pandemic, reflecting the growing millennial consumer base's preference for convenience over traditional shopping methods.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.