Based on the expected strong festive sales performance, ecommerce is anticipated to grow and reach $38 billion in sales in CY20, upto 40% year-on-year, said RedSeer, a management consulting firm.
Sales from the first sale of the festival season to see an increase of 50% over the sales recorded in the corresponding period last year, as per a Redseer study ‘The Festival of Firsts Online Festive Sales 2020 Forecast’.
“The online festive sale has always been an important indicator of India’s ecommerce growth story with the last year’s festive sale being the biggest so far,” the study added.
This year is well-primed to deliver huge sales owing to the new wave of customers and changed dynamics due to Covie-19 pandemic that saw a new set of customers ready to buy online, and the category mix may look different from the previous years, it further said.
The COVID-driven massive online adoption by the people in the villages will lead to an acceleration of this theme which will finally reach a tipping point of sorts, the study surmised. Also, the rise of new shopping models owing to the changing customer demographics, including video-based and WhatsApp-based shopping would be a new addition to the festive landscape, the study said.