Ecommerce firms clock Rs 47,000 Cr in GMV during week 1 of festive season sale: Redseer

Indian ecommerce festive season week 1 of this year, which concluded on October 15, saw online platforms clocking a GMV of about Rs 47,000 crore, growing at ~19% over week 1 of the 2023 festive season sale, Redseer Strategy Consultants said in a report.

According to Redseer, mobiles, electronics and large appliances drove nearly 67% of the GMV in the week 1 sale period. The last day of the week 1 sale saw a 36% YoY growth compared to the last day of week 1 in 2022. This was the second-highest YoY growth in a single day in this festive season.

About 55% of consumers, who shopped during week 1, are planning to make further purchases in the remaining festive season. While more than 50% of these consumers planning to make purchases in fashion, over 25% of consumers are planning to buy in beauty and personal care and home and living categories.

“Two Indias clearly emerged in week 1 of this festive season: one, who is holding on spending to buy premium products at the right prices, and second, who is shopping more frequently but spending on value-for-money products. This ties in with our overall consumption thesis, that while Indian consumers are holding back discretionary spending, they are willing to spend it if they get the desired value or deals,” said Abhishek Tandon, Engagement Manager, Redseer.

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Further, the Flipkart Group (consisting of Flipkart, Myntra, and Shopsy) continues to gain market share over last year’s sales to reach nearly 63% in gross merchandise value (GMV) terms, while also remaining the leader in terms of volume, followed by Amazon, with a substantial market share.

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% of the total orders, up from 21% in week 1 of the 2022 festive season sale.