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Monday, 26 October 2020

Festive sales expected to reach US $ 7 billion in GMV this year: Report

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According to a report by RedSeer, a consulting firm, the festive sales this year are likely to reach US $ 7 billion in gross merchandise value (GMV) as compared to US $ 3.8 billion in the corresponding period of the previous year.

Retail sector has been breathing a sigh of relief ever since the shopping for festive season has begun, as consumers – having refrained from buying owing to the COVID-19 crisis – seem to have gone on a purchasing spree of late.

And since almost everyone has understood the relevance of maintaining social distance and remaining safe as per the demand of the new normal, e-commerce players have evidently been witnessing better sales, as consumers now prefer online shopping.

Leading e-tailers Amazon India and Flipkart reported that lakhs of sellers (from small cities and towns as well) have received orders during the initial days of festive sales on their respective platforms.

Fashion major Myntra also shared that on the first day of its sale, it noticed that 50 per cent customers visiting its platform were from Tier-2 and Tier-3 cities.

The company also underlined that sellers from small towns have received a bigger number of orders this year.

No doubt the retailers are going all out to cash in on the current festive season!