According to consulting firm RedSeer, E-commerce companies such as Flipkart and Amazon could generate up to USD 6 billion or Rs 39,000 crore in sales this festive season.
In the first phase of the festive sale, E-commerce companies are estimated to have registered sales of close to USD 3 billion or Rs 19,000 crore, up 30 per cent from last year. This is about 80 per cent of RedSeer’s forecast of USD 3.7 billion sales in the first phase of festive sale this year.
The first wave of the festive sale event has seen a record gross merchandise value (GMV) of almost USD 3 billion despite challenging macroeconomic environment, indicating that consumer sentiment on online shopping remains bullish, RedSeer Consulting founder and CEO Anil Kumar said.
“The larger push has come from Bharat customers migrating to online shopping driven by the strong value provided from the online retailers across categories including mobiles, which have shown a strong surge during sale event despite having a relatively slow growing H1 (first half of) 2019,” he added.
The report said there was a 30 per cent year-on-year growth during the first festive sale event, with significant share coming from customers in tier-II cities and beyond.
“Given the strong industry performance during the first sale event, the whole festive month up to October-end is expected to generate up to USD 6 billion or Rs 39,000 crore in sales,” it said.