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Business News/ Companies / News/  E-commerce firms sell goods valued at $3 bn during six-day festive sales

BENGALURU : E -commerce firms, including Flipkart and Amazon, have clocked $3 billion ( 19,000 crore) in gross merchandise value (GMV) during the six-day festive sales, shows a report released by market research firm RedSeer Consulting on Tuesday.

The report claims that the combined festive sales in 2019 in terms of GMV are 30% higher than what the two companies generated in 2018. Flipkart and Amazon clocked $2.3 billion in GMV in 2018, which in turn was 77% higher than in 2017, the report said.

This year’s record festival sales were largely led by the mobile phone category, which according to RedSeer accounted for almost 55% of the overall GMV.

A large portion of the sales came from tier II cities and beyond, the report added without giving numbers.

“The biggest theme of the festive season was ‘value shopping’ as indicated by a large chunk of customers from Tier 2 cities who shopped online…Consumers have saved for and delayed their mobile purchases to the festive season, indicating the strong value shopping proposition of festive days," the report said.

By the end of October, RedSeer expects both Flipkart and Amazon to generate up to $6 billion ( 39,000 crore) in GMV sales.

Flipkart and Amazon dominated the festive season, commanding 90% market share in terms of GMV.

According to the report, Flipkart led the festive sales in GMV terms, with around 60% standalone GMV share, and around 63% market share including other Flipkart group entities such as Myntra and Jabong.

In the previous year, Flipkart had a 51% share of festive season sales.

Amazon had a 30% market share during the festive sale season this year.

Other online retailers commanded just 10% of the overall festival sales in 2019, down from around 18% in the previous year.

Anil Kumar, founder and CEO of RedSeer Consulting, said: “The larger push has come from Bharat customers migrating to online shopping."

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Updated: 08 Oct 2019, 10:56 PM IST
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