India witnessed Rs. 40,000 crores in sales during festive season

The E-commerce sector in India has witnessed Rs. 40,000 crores in sales during this festive season.

A report by Redseer Strategy Consulting revealed that Flipkart Group, including Myntra, Shopsy, etc, has managed to maintain its leadership position. At the same time, Softbank-backed Meesho pipped Amazon and is expected to become the second-largest contributor in order volume.

The report said, "With the conclusion of the first round of festive sales, the online retail platforms have seen a robust 27 percent year-on-year growth, clocking a sale of USD 5.7 billion amounting to Rs. 40,000 crores in Indian currency."

According to media reports, the firm has done an analysis of festive sale week 1, including sale events conducted by all online retail platforms between September 22 and 30. On the other hand, the report considered business-as-usual order volumes for platforms that did not run a sale during any of these dates.

According to a report published in the Business Standard, an Amazon spokesperson called the report speculative "without robust and transparent methodology especially as these have not been shared with us".

He said that the company received the highest-ever order during the first 12 days of the festive sales.

Redseer Strategy Consultants Associate Partner Sanjay Kothari said that "Mobile as a category continued to lead GMV (gross merchandise value) share, contributing to 41 percent of the GMV, translating to 56,000 mobiles sold per hour. On the other hand, fashion contributed to 20 percent of GMV, which grew 48 percent Y-o-Y from the last festive season."

It is to be mentioned that Flipkart Group (Flipkart, Myntra, and Shopsy) continues to maintain its leadership position with 62 percent market share in Gross Merchandise Value (GMV) during the first week of festive sales.

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