The first four days of the festive sale saw sales of $2.7 billion: RedSeer
- ByManjeet Singh | October 9, 2021
The first four days of festive season sales (October 2 to 5) saw sales of $2.7 billion in e-commerce, including social commerce and grocery online, according to Redseer Consulting.
It was projected that the sector will earn $4.8 billion in gross merchandise value (GMV) during the current festive season.
Sixty-three percent of the overall season’s sales occurred in CY20’s first four days, while 57% of it occurred in this year’s first four days. Based on Redseer’s analysis of the first four days of the holiday, smartphones accounted for approximately 50% of GMV.
Ujjwal Chaudhry, an Associate Partner at RedSeer, said, “With the festive sales lasting longer than last year (9 days compared to 7 days) we see the customer demand being more spread out across the period than being concentrated in the first half of the festive week. To that tune, we observed sales of $2.7bn across eCommerce platforms and we expect another $2.1bn over the next 5 days.”
It is expected that 75% of customers will buy in the same volume or more as last year across categories like mobile devices, large appliances, fashion, and beauty and that many sellers will offer discounts of between 10-30% throughout platforms in order to increase volume, the firm said.
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