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Online platforms clocked GMV of Rs 47,000 crore during week one of the festive season sale

Online platforms clocked a GMV of Rs 47,000 crore during week one of the 2023 festive season sale, which concluded on the 15th of October.

This is a growth of 19% over week one of the 2022 festive season sale, according to Redseer strategy consultants on the 2023 Indian e-commerce festive season.

8 out of the 9 days of the sale period this year were in the ‘shradh’ period, compared to 4 out of the 9 days in 2022.

Together, mobiles, electronics and large appliances drove 67% of the GMV and the last day of the sale, the only ‘non-shradh’ day, saw a 36% YoY growth compared to the last day of week one in 2022, this was the second highest YoY growth in a single day in this festive season.

As per Redseer’s survey, 30% of the consumers who shopped high ASP categories, utilized easily accessible financing options while making these purchases.

Redseer’s consumer surveys indicated that in the remainder of the festive season, 55% of the consumers surveyed, who shopped during week one are planning to make more purchases in the remaining festive season, with more than 50% of these consumers planning to make these purchases in fashion, and more than 25% of these consumers planning to purchase other low ASP categories like beauty & personal care and home & living.“Two India’s clearly emerged in week one of this festive season – one that is holding on to spending to buy premium products at the right prices and one that, is shopping more frequently but spending on value for money products,” said Abhishek Tandon, Engagement Manager, Redseer. According to Redseer’s latest estimates, the Flipkart Group, (consisting of Flipkart, Myntra, and Shopsy) further gained market share over last year’s sale to reach 63% in Gross Merchandise Value (GMV) terms, while also remaining the leader in volume terms.

Followed by Amazon, with a substantial market share.

In volume terms, Meesho retained its second position, with the share increasing to 25% of the total orders, up from 21% last year.

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