: Flipkart leads as online retail platforms clock Rs 40000 cr during festive season sale #FinanceIndia #StockMarketNEWS Flipkart leads as online retail platforms clock Rs 40000 cr during festive season

@StockMarketNEWS Mon 10 Oct, 2022

Posted in: #FinanceIndia #StockMarketNEWS

Flipkart leads as online retail platforms clock Rs 40000 cr during festive season sale #FinanceIndia #StockMarketNEWS
Flipkart leads as online retail platforms clock Rs 40000 cr during festive season sale New Delhi, Oct 7 (KNN) With the conclusion of festive sale 1, the online retail platforms have seen a robust 27 per cent year-on-year growth, clocking a sale of USD 5.7 billion or Rs 40,000 crore, a report by Redseer Strategy Consulting said on Thursday.

The report states that e-commerce giants like Flipkart, Myntra, Shopsy etc maintained its leadership position, while Softbank-backed Meesho pipped Amazon to become the second-largest contributor in order volume

The Redseer Strategy Consulting has done an analysis of festive sale week 1, including sale events conducted by all online retail platforms between September 22 and 30, and for platforms that did not run a sale during any of these dates, the report considered business as usual order volumes.

“Flipkart Group led the festive sale 1 with around 62 per cent share in terms of gross merchandise value (GMV) followed by Amazon with GMV of around 26 per cent,” it said.

The report states that in terms of order volume, Flipkart group leads the market with about 49 per cent share and Meesho ranks second with about 21 per cent order share.

Amazon spokesperson called the report speculative without robust and transparent methodology especially as these have not been shared with us.The company said it has received the highest ever order during the first 12 days of the festive sale.

We witnessed the highest-ever start to the event in the first 48 hours, with 8 times sales as compared to the average business days. This response is reflected across all categories, and we have overall seen a substantial increase in visitors versus 2021. Our seller community received significantly more orders compared to last year and are humbled by the response from customers and are grateful to our sellers and brand partners, Amazon spokesperson said.

In terms of transacting shoppers, the number increased by 24 per cent Y-o-Y with around 65 per cent of shoppers coming from Tier 2 cities.

A whopping 7.5-8 crore shoppers placed orders across all platforms in festive sale week 1. Tier 2 and beyond cities witnessed the highest Y-o-Y growth in online shoppers. Moreover, the spend per online shopper increased marginally by 3 per cent during the recently concluded festive week, Redseer said. (KNN Bureau)