According to a recent report by RedSeer, e-commerce sales is expected to register a GMV of $4.8 billion during the first week of the festive season, and witness a GMV of $9 billion by the end of the festive sales, as against $7.4 billion of last year, registering a growth of 23%.
GMV refers to the total value sold of goods sold on a platform subtracting the cancellation and the return of the item. This growth can be credited to the change in shopping trends, which has taken a digital route due to the pandemic, and also e-commerce shopping has been adapted by Tier-II and III cities.
In the E-Commerce Festive Season Report, RedSeer noted that the major factors such as Buy Now Pay Later service, Shopping on EMIs, would become the contributing factors pushing this growth. The report also mentioned that all the sellers are optimistic and believe that they will recover their losses with the festive sales.
Ujjwal Chaudhry – RedSeer Consulting Associate Partner said on this occasion “We believe that the 2021 online festive sales will continue to ride on strong tailwinds of greater consumer digital adoption supported by an increasingly positive macro and consumption sentiment post the COVID second wave has passed. At the same time, we see strong bullishness in sellers towards online festive sales as about 80 per cent of them believe that the festive sales will enable them to drive strong sales growth and make up for the losses during COVID period.”
He also added that “Driven by above, RedSeer expects strong 30 per cent y-o-y growth in festive sale week in 2021 to reach $4.8 billion in gross GMV with growth across categories, and setting the stage for a strong year for e-commerce in 2021”.