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Monday, November 30, 2020

E-commerce sales jump to $4.1 billion during October 15-21: Report

E-commerce Sales Growth Oct 2020: Flipkart group, which includes fashion e-retailer Myntra, accounted for 68 per cent of the overall GMV during October 15-21.

By: Express Web Desk | New Delhi | Updated: October 27, 2020 5:29:02 pm
Workers stand behind boxes waiting to be loaded onto outbound trucks at the Amazon Inc. fulfillment center in Bengaluru, India, on Tuesday, Sept. 18, 2018. (Photographer: Ruhani Kaur/Bloomberg)

E-commerce companies such as Walmart-owned Flipkart and Amazon have sold $4.1 billion (Rs 29,000 crore) worth of goods during the October 15-21 period, up from $2.7 billion year ago, according to a report by research and consultancy firm Redseer. The consultancy firm had earlier forecasted that platforms will clock $4 billion sales this year.

Mobiles continue to be the most sought after segment, contributing 47 per cent of the total Gross Merchandise Value (GMV), with Rs 1.5 crores worth of smartphones sold every minute across the online platforms, the report said. It was followed by other electronics including appliances (28 per cent) and Fashion (14 per cent).

Source: RedSeer

“eCommerce sector has exceeded the aggressive forecasts we had made a few weeks before the festive season week 1 started out. This points to a revival of consumption sentiment amongst Indian shoppers, where they have been shopping online in big numbers driven by massive selection, great prices and the convenience and safety of shopping from home,” Mrigank Gutgutia, Director at RedSeer Consulting, said in a statement.

As per RedSeer’s analysis, Flipkart group, which also includes fashion e-commerce platform Myntra, accounted for 68 per cent of the overall GMV during the October 15-21 week, while Amazon accounted for 32 per cent. Flipkart group and Amazon accounted for over 90 per cent of the overall online GMV in the first week.

Source: RedSeer

The key themes that majorly boosted this year’s sale include affordability, mobiles, tier-II growth wave, and availability of stock items, which directly resulted in the recovery of sales for brands and sellers- who have been enabled by the online channels to drive their sales growth which was affected by the COVID impact on offline channels.

This apart the rise in sales this year has also been triggered by a massive addition of shoppers. Total shoppers during the first week jumped from 28 million last year to 52 million this year, thereby registering over 85 per cent growth on-year. This year over 55 per cent of shoppers came from tier-II cities like Asansol, Ludhiana, Dhanbad, Rajkot among others.

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