Amazon, Flipkart, and other e-commerce players could hit $7 billion in Diwali sales this year
- According to a Redseer report, e-commerce gross merchandising volume could hit $7 billion this year during the festive season, a big jump from last year’s $3.8 billion.
- With the festive season coming up, consumers are expected to splurge in a ‘revenge buying’ spree.
- With over 160 million online shoppers, the report also expects total e-commerce sales for 2020 to hit $38 billion.
And with people's preference to stay home due to the rising number of coronavirus cases, e-commerce is going to win big this year.
According to a Redseer report, e-commerce gross merchandising volume could hit $7 billion this year during the festive season, a big jump from $3.8 billion last year. With
Due to the coronavirus pandemic, India’s retail industry has been adversely affected, and the majority of the shopping has been for the ‘essentials’ category, but with the festive season coming up, consumers are likely to splurge in a ‘revenge buying’ spree.
A rise in e-commerce sales was noticeable when the non-essential category opened up during the unlock phases. Earlier, in its earnings report, Walmart has said that since the reopening of lockdown, GMV (Gross Merchandising Volume) at Flipkart has exceeded pre-COVID-19 levels.
The Redseer report lists five reasons for the doubling sales for online players this year:
- COVID driven massive online adoption of Bharat customers
- Rise of new shopping models owing to changing customer demographic
- Strong nationalist sentiment
- Massively hit organized retail
- Rise of Jio
Almost every other e-commerce player from Amazon, Flipkart to Snapdeal, has been betting on Tier II and III markets - as the next growth boost will come from the ‘Bharat’ users. From vernacular offerings to set up last-mile delivery hubs, e-tailers have been stepping up their presence in small towns. And during this Diwali, that’s what could factor in for the rise in numbers.
AdvertisementWith over 160 million online shoppers, the report also expects total e-commerce sales for 2020 to hit $38 billion.
IKEA’s push to reach 100 million customers in India will see the Swedish retail giant bet on online and smaller stores
Apple Store Online to launch in India on September 23, weeks ahead of Diwali
Popular on BI
- Air Canada, Emirates, Air India and other airlines resume flights to Toronto and the tickets are priced up to ₹5 lakh
- I flew on a $65 million Gulfstream G650ER private jet and saw why it's a favorite of tech billionaires like Elon Musk and Jeff Bezos
- Srei Group may leave a $4 billion hole in some of India’s biggest banks
- Bitcoin scammers used Apple's iPhone 13 reveal to steal $69,000 from fans
- Mirror, mirror on the wall; when will you stop judging us all: asks Taapsee Pannu in her latest ad with SUGAR Cosmetics
- This Indian chef says he is making his entire month's salary from one Instagram video but for him it’s just a tool
- Evergrande’s impact on Bitcoin highlights how cryptocurrencies still have growing pains
- Paras Defence and Space Technologies IPO gets blockbuster demand from investors