Online festive season sale to touch ₹90K Cr, 14 Cr shoppers to drive it: Report
Experts predict increase in sale in categories like electronics, fashion, beauty and personal care, home and general merchandise
A market research firm predicts online sale in India in the upcoming festive season to witness a 18-20 per cent annual growth and touch ₹90,000 crore this year
According to Redseer Strategy Consultants, the upcoming festive season can potentially be the most efficient one ever in terms of margins, with evolving category mix and higher advertisements and promotion revenues.
“We project the 2023 festive season GMV for the entire festive month for India eTailing to be around ₹90,000 crore, up 18-20 per cent from last year's festive month sales,” Redseer said.
The company said around 14 crore online shoppers will drive the sale and are expected to be transacting online at least once during the festive month.
“2023 online festive sales will catalyze consumption demand as the economy emerges from the turbulence of the last three years,” the statement said.
The key drivers of e-commerce sales during the festive season are rise in number of online shoppers and the economy bouncing back after three years of "challenging" period.
The year 2023 marks the 10th year of Indian eCommerce festive season sales and over these years, Indian eCommerce GMV has grown about twenty times with an approximately fifteen times jump in annual transacting user base, the statement said.
In 2014, the e-commerce industry clocked a GMV (gross merchandise value) of ₹27,000 crore in the whole year and the same is expected to be approximately ₹5.25 lakh crore in 2023, the statement said.
Redseer Strategy Consultants, Partner, Mrigank Gutgutia said that while electronics sell a lot in the festive period, the festive sale comparison over the last several years shows there is a clear trend of category diversification.
"Continuing with this trend, we expect increasing GMV contributions from non-electronics categories like fashion, beauty and personal care, home and general merchandise and more this festive period," Gutgutia said.
(With inputs from agencies)