India’s booming e-commerce market is registering huge sales figures with the first 3 days of the festival sales garnering US $ 1.8 billion in gross merchandise value (GMV).
The numbers are going to get bigger! The GMV is expected to hit the mark of US $ 3.7 billion by the end of the 6-day sale period, according to a report from RedSeer Consulting.
That’s a 60-65 per cent growth over the cumulative GMV during last year’s sale period.
Even though the exact figures for both the e-commerce giants, Flipkart and Amazon, were not available, it was found that Flipkart is preferred more for fulfilling fashion needs while Amazon is a trusted site for electronics due to lower prices and faster delivery.
More than half of the GMV owes to mobiles similar to last year.
Growth was also seen in electronics, fashion and furniture categories. “The first 3 days have been a strong success for etailers despite challenging macro environment, indicating that consumer sentiment on online shopping remains bullish,” said Anil Kumar, CEO, Red-Seer Consulting.
With the industry getting to the halfway point in 3 days, the analyst said that the sector will achieve 80-100 per cent of the predicted sales target.
Another researcher Forrester had also predicted that e-commerce marketplaces would clock US $ 3.8 billion in sales during the 6-day-long sales period.