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E-commerce firms’ gross sales rise 19% to Rs 47,000 crore in 1st week of festive season sale

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The report said Amazon followed Flipkart in terms of GMV share but Softbank-backed Meesho pipped the firm again in terms of order volume

New Delhi: E-commerce companies registered around 19 per cent increase in gross sales to almost Rs 47,000 crore in the first week of the festive season, which concluded earlier this week, a report said on Friday.

The report estimated that the Flipkart group, comprising Flipkart, Myntra and Shopsy, led the sales in the first week with around 63 per cent share in gross merchandise value (GMV), implying business of about Rs 29,610 crore, according to the report by market research firm Redseer Strategy Consultants.

“Week 1 of the 2023 festive season sale, which concluded on October 15, saw online platforms clocking a GMV of around Rs 47,000 crore, growing around 19 per cent over week 1 of the 2022 festive season sale,” the report said.

The report said Amazon followed Flipkart in terms of GMV share but Softbank-backed Meesho pipped the firm again in terms of order volume.

“In volume terms, Meesho retained its second position, notably gaining market share in week 1 of the 2023 festive season sale, with the share increasing to 25 per cent of the total orders, up from 21 per cent in week 1 of the 2022 festive season sale,” the report said.

Redseer Strategy Consultants said it follows an integrated research approach for the estimates, which include consumer, seller and delivery partner surveys, app downloads, import data on mobile shipments, and public reports.

According to the report, high average selling price items, such as mobiles, electronics goods, and large appliances emerged as the largest contributor to the sales during week 1, driving about 67 per cent of the total sales with premiumisation emerging as a key theme in these categories.

As per Redseer’s report, around 30 per cent of the consumers who shopped high average selling price items in the week under review, utilised easily accessible financing options while making these purchases.

Sales on the last day of the first week of the festive season sale grew 36 per cent on an annual basis.

The last day was also a ‘non-shradh’ day.

Redseer said as per its consumer surveys, around 55 per cent of the consumers surveyed, were planning to make more purchases during the rest of the festive season.

“More than 50 per cent of these consumers are planning to make these purchases in fashion, and more than 25 per cent of these consumers plan to purchase other low average selling price categories like beauty and personal care and home and living,” the report added.

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