New Delhi: Online sale during the upcoming festive season is expected to witness 18-20 per cent annual growth and touch Rs 90,000 crore this year, according to market research firm Redseer Strategy Consultants.
According to the market research firm the upcoming festive season can potentially be the most efficient one ever in terms of margins, with evolving category mix and higher advertisements and promotion revenues.
“We project the 2023 festive season GMV for the entire festive month for India eTailing to be around Rs 90,000 crore, up 18-20 per cent from last year’s festive month sales,” Redseer said.
The firm said that the sale will be driven by about 14 crore online shoppers who are expected to be transacting online at least once during this festive month.
“2023 online festive sales will catalyze consumption demand as the economy emerges from the turbulence of the last three years,” Redseer statement said.
The key drivers of e-commerce sales during the festive season are rise in number of online shoppers and the economy bouncing back after three years of “challenging” period.
The year 2023 marks the 10th year of Indian eCommerce festive season sales and over these years, Indian eCommerce GMV has grown about 20 times with an approximately 15 times jump in annual transacting user base, the statement said.
In 2014, the e-commerce industry clocked a GMV (gross merchandise value) of Rs 27,000 crore in the whole year and the same is expected to be approximately Rs 5.25 lakh crore in 2023, the statement said.
Redseer Strategy Consultants, Partner, Mrigank Gutgutia said that while electronics sell a lot in the festive period, the festive sale comparison over the last several years shows there is a clear trend of category diversification.
“Continuing with this trend, we expect increasing GMV contributions from non-electronics categories like fashion, beauty and personal care, home and general merchandise and more this festive period,” Gutgutia said.