A survey report by Redseer, stated that online sellers in this festive season are likely to benefit 15 per cent increase in sales from last year. It has further stated that an average growth of 26 per cent and a minimum of 15 per cent is predicted from last year’s sales data.
The report further highlighted that businesses are willing to spend in marketing over 15 per cent extra from the last year, which marks 50 per cent ad spending growth from the business as usual period of the year. In contrast, smaller businesses are ready to spend on ads by 22 per cent more from last year, resulting in 75 per cent growth.
Majority of the users accounting 62 per cent, believe that ecommerce platforms have enabled the support to businesses in festive season. Similarly the sellers have also affirmed the platform’s assistance in terms of data analytics, trend predictions, and consumer viability, among others.
Expressing his insights, Mrigank Gutgutia, Partner at Redseer Consultants said, “ The festive season is expected to enable sellers especially the smaller ones to come out of the challenging environment and sellers are too optimistic about the growth. Apparently, they are willing to boost thier advertising spending on the e-commerce platforms.”
The ecommerce sales in India are too low, roughly two to three per cent, with 1.5 to 2.5 million online sellers, expected to rise to five to six per cent by 2027, adds the report.
Meanwhile, the online retail overall is anticipated to increase at a compound annual growth rate (CAGR) of 25 per cent by FY27, MSMES on other direction will outgrow online retail at a CAGR of 60-70 per cent. This will eventually lead to create USD 50 billion online retail market in India.
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