Indian ecommerce had a first week of the festive season this year. According to Redseer Strategy Consultants, online platforms achieved a Gross Merchandise Value (GMV) of about Rs 47,000 crore, which is a 19 per cent increase compared to the first week of the 2022 festive season sale.
The main drivers of GMV were mobiles, electronics and large appliances, contributing to nearly 67 per cent of the total. The last day of the first week also saw a significant year-on-year growth of 36 per cent. Around 55 per cent of the consumers who shopped during this week plan to make additional purchases during the rest of the festive season.
Fashion remains the top choice for more than 50 per cent of these consumers, while over 25 per cent are interested in beauty and personal care, as well as home and living categories.
Abhishek Tandon, Engagement Manager, Redseer, said, “Two Indias clearly emerged in week 1 of this festive season: one, who is holding on spending to buy premium products at the right prices, and second, who is shopping more frequently but spending on value-for-money products. This ties in with our overall consumption thesis, that while Indian consumers are holding back discretionary spending, they are willing to spend it if they get the desired value or deals.”
Further, the combined companies of Flipkart, Myntra, and Shopsy have gained more market share compared to last year’s sales. They now account for almost 63 percent of the overall value of goods sold. The group continues to be the market leaders in terms of volume, followed by Amazon, which also holds a significant market share.
When it comes to volume, Meesho maintained its position as the second-highest seller. During the first week of the 2023 festive season sale, Meesho’s market share increased to 25 per cent of total orders, up from 21 per cent during the first week of the 2022 festive season sale.
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