Several major e-commerce platforms, including Myntra, Flipkart, and Meesho, have reported considerable success during this year’s festive season sales that have recently come to an end. According to a report from Redseer Strategy Consultants, these platforms collectively generated a substantial Gross Merchandise Value (GMV) of Rs. 29,000 crore within the initial four days of the festivities that kicked off on 7th October. This reflects a 16 per cent year-on-year growth. The report anticipated increased interest in categories like fashion and beauty during the latter part of the first week of the festive sales.
Myntra’s Big Fashion Festival (BFF), held from 7th to 18th October, recorded around 460 million customer visits, a significant milestone for the company. The event featured over 23 lakh styles from Myntra’s sellers, marking a 50 per cent increase compared to the previous edition.
Neha Wali, Head of Growth and Revenue at Myntra, expressed their delight in supporting brand partners, including legacy and D2C brands, and introducing some international brands to India’s festive shopping frenzy.
Flipkart’s Big Billion Days festive sale, held from 8th to 15th October, garnered an impressive 1.4 billion customer visits. Similarly, Amazon observed more than 9.5 crore customer visits during the early access day and the first day of the Great Indian Festival 2023 sale.
E-commerce unicorn Meesho reported 16 million app installs during its flagship ‘Meesho Mega Blockbuster Sale.’ Over the 10-day sale, the company recorded 1.2 billion user visits across various categories, spanning fashion, apparel and other segments.
The demand was predominantly concentrated in metro cities, with Bengaluru, New Delhi, Mumbai, and Hyderabad leading the way. Notably, Tier-2 and Tier-3 regions made a substantial contribution, accounting for about 42 per cent of the overall demand. Cities like Lucknow, Patna, Indore, Guwahati, Bhubaneshwar, Dehradun, Jammu, and Siliguri stood out in the non-metro regions.
As these e-commerce leaders celebrate their festive season sales, Redseer’s earlier predictions indicate a year-on-year GMV increase of 18-20 per cent, potentially reaching a total of Rs. 90,000 crore.
