Online festive sales could potentially clock $9+ billion GMV: RedSeer report
The eCommerce Festive Season Report also highlighted that nearly 80% of the sellers agree that festive sales will play a key role in recovery from Covid-19 losses
The online festive sales (Gross GMV) this year is expected to grow 30% y-o-y to $4.8 billion during the first week of festive season and potentially clock $9+ bn GMV during the whole festive month, according to homegrown consulting firm RedSeer’s latest eCommerce Festive Season Report. This is a 23% increase from last year, wherein the players clocked a GMV of $7.4 billion.
The growth will be mostly driven by the accelerated online adoption which has been witnessed as an effect of Covid-19. Secondly, Tier 2+ will continue to drive growth as they are 55-60% of the total shopper base this year, similar or higher than 57% in 2020 festive days. On the other hand, as offline retail and mobility is recovering almost up to Pre-Covid levels, this will impact the online festive sale as customers may opt for offline shopping as well.
Further, categories have been evolving differently during these months, which will see an impact during the festive sale as well. While mobile will continue to dominate driven by new launches, electronics are expected to see the second-highest demand driven by the wide range of selection, easy payment options including EMIs and Buy Now Pay Later among other factors. Additionally, Fashion is also expected to see a steady recovery this festive season, with greater outdoor mobility of consumers and steady rebound of fashion and office wear.
The report finds that the sellers are very bullish on this year’s sales and are looking to recover the losses suffered due to Covid-19. Nearly 80% of the sellers agree that festive sales will play a key role in recovery from Covid-19 losses, while 70% agreed that the bigger online players have been supportive and positive which led up to the sales event.
The overall online GMV is expected to touch $49-52 billion, which is around 37% growth from last year, primarily driven by strong consumer funnel expansion and the high adoption of online shopping post-Covid-19 across the categories.
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