Online sales have zoomed in the ongoing festive season, rising by as much as 26% compared to the comparable time period last year, including in its sweep a huge array of items such as consumer durables, mobile phones, home appliances, electronic goods and general merchandise. Reports stated the value of online sales in one week reach $6.5 billion or nearly Rs 55,000 crore in the 7-day period beginning September 26.
Significantly, online sales picked up more prominently in the smaller towns and cities. The towns that have been mentioned in the reports for displaying this trend more prominently include tier II towns such as Medinipur (West Bengal), Hisar (Haryana), Berhampore (Odisha), Bankura (West Bengal) and Agartala (Tripura).
Adoption of no-cost EMI rising
Sales in this one week comprised as much as 55% of the total festive sales, said Datum Intelligence, a consultancy outfit. They stated that $12 billion worth of gross merchandise value might be sold during this festive season. It was at $9.7 billion in the festive season of 2023. Adopting the EMI (equated monthly instalment) is an increasing trend that has been observed.
Make hay in festive sun
Ecommerce players such as Flipkart, Amazon, Meesho as well as smaller ones raked in the moolah, reports said.
To reach the pockets of consumers, the online giants launched sales promotions targeted at the festive season. While Flipkart launched its Big Billion Days scheme, Amazon India offered Great Indian Festival, its branded promotion scheme and Meesho came out with Meesho Mega Blockbuster Sale. Flipkart and Amazon India kicked off their promotions on September 27.
Upgrading to premium products
Ranjit Babu, director, consumer electronics, Amazon India, told The Economic Times, “We are seeing customers upgrade to bigger TVs, with 50% of all orders being for large-screen TVs. Furthermore, tablets saw 60% of sales in the premium segment, while large appliances like washing machines, refrigerators, and air conditioners experienced increased demand, with a 1.7x spike from customers using exchange offers and a 1.6x spike from those opting for no-cost EMIs.”
Focus on prompt delivery
Amazon India recorded robust demand in consumer electronics category, with 30% growth in the above-Rs 30,000 price category. Meesho Mega Blockbuster Sale raked in 40% (y-o-y) higher sales, fuelled by demand from tier-II cities. To boost sales, Flipkart focussed on same-day and next-day delivery services.
Buying goods and services without stepping out of home, or office, has grown spectacularly this year, compared to earlier years. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
