The online business for this festive season is estimated to record Rs 90,000 crore in gross merchandise value (GMV) supported by global tailwinds, stated a report by Redseer Strategy consultants.
The report added that the sale would jump by 18 to 20 per cent from last year, influenced by 140 million customers that could transact online at least once during the season.
The report takes into account the pre-covid year-on-year growth rates of nominal Private Final Consumption Expenditure (PFCE) that used to be around 8-9 per cent. However, it mentions that current PFCE growth has retraced its earlier path due to the stabilization of factors including interest rates and the Ukraine-Russia dispute.
The report highlighted that Beauty and Personal Care, home appliances, and fashion products are expected to add more value to the overall GMV. The persistent premiumisation of ecommerce platforms increasing average selling prices and ad revenues will make this festive season efficient in terms of margin perspective, it added.
Along the same lines, the newly introduced Artificial Intelligence features by the e-commerce platforms in the sales period will drive novel customer experiences and robust growth traction.
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