Flipkart and Amazon report mixed sale of $7.three billion as on-line buying will get a lift as a consequence of pandemic.
Online buying platforms Flipkart and Amazon swallowed round 88 percent market share collectively this festive season which started mid-October and ended mid-November. Reportedly, the 2 e-commerce giants recorded a mixed sale of $7.three billion through the month-lengthy festive season, in accordance with a report by RedSeer printed on 26 November. Flipkart Group comprised 66 percent of the general GMV (Gross Merchandise Value) clocked by e-commerce companies in the festive season whereas Amazon comprised 34 percent. Walmart backed Flipkart together with style portal Myntra took 58 percent of the market share as in comparison with their opponents Amazon who took a 30 percent share of the festive market gross sales.
This 12 months’s festive gross sales additionally noticed 88 percent buyer development from final 12 months. Last 12 months, near 47 million consumers purchased from e-commerce throughout festive season gross sales. This was primarily as a consequence of two causes. One, the inflow of latest prospects and the second, decline in offline buying as a result of pandemic.
“This has been much more than the forecasted performance. The overall growth story has been very bullish this festive season. We had forecasted $7 billion of sales but the actual figures surpassed our expectations, showing how comfortable consumers have become with shopping online even in this pandemic hit year,” stated Mrigank Gutgutia, Director E-commerce, RedSeer Consulting.
“One clear lesson from this festive season is that e-commerce has become more mainstream than ever. And it has proven that with the right assortment at the right prices which is delivered quickly in the safety of customer’s homes – the value proposition of e-commerce is very powerful. Thus, it is imperative for brands and sellers to shift their focus to online quickly and enable a seamless online experience for the customer in order to thrive in a post COVID world,” additional stated.
A consultant for Amazon stated, “we cannot comment on speculative reports without transparent methodology,” in an emailed response to ET’s queries on RedSeer’s estimates on the market shares of the 2 on-line majors. Flipkart declined to remark.
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