E-commerce companies comprising the likes of Flipkart, Snapedeal and Amazon sold goods worth Rs 19,000 crore ($3 billion) during the six-day festive sales.
During their festive sale, the two e-retailers not only offered massive discounts but they also offered easy purchase options like no Cost EMIs and bank discounts on the purchase of smartphones, home appliances and other goods.
Simply said, the two retailers sold goods worth Rs 19,000 in six days of their festive sale.
According to a report by Bengaluru-based research firm RedSeer Consultancy, Walmart-owned Flipkart and Amazon India captured 90 per cent of market share during their six-day long festive sale, with Flipkart group (which includes Jabong and Myntra) dominating the sales by capturing nearly 63 per cent of the market. Amazon India, on the other hand, charted a growth 22 per cent during the sale.
“The first wave of the festive sale event has seen record GMV of almost $3 billion despite the challenging macro environment, indicating that consumer sentiment on online shopping remains bullish,” said Anil Kumar, Founder, and CEO, RedSeer Consulting.
The year-on-year (YoY) growth during the festive sale period was 30 per cent, with significant share coming from customers in tier II and III cities.
“Strong performance across categories including mobiles was the key reason for Flipkart leadership. This was, in turn, enabled by strong value prices, high EMIs adoption and diverse selection across categories, all marketed aggressively to reach customers widely,” the RedSeer report said.