Ecommerce operators pulled in Rs 1.40 lakh crore across the holiday period, failing to hit initial growth projections of 25% to 29%. Datum Intelligence noted that an unexpectedly sharp decline in mobile phone demand curbed the overall performance. The shopping surge kicked off on October 8 with marquee campaigns by Amazon and Flipkart before concluding on Diwali.
Key points
A steeper slump than anticipated in mobile phone sales prevented the festive retail perio…: A steeper slump than anticipated in mobile phone sales prevented the festive retail period from meeting growth projections.
Annual festive gross merchandise value expanded by 17% compared to the roughly Rs 1.20 la…: Annual festive gross merchandise value expanded by 17% compared to the roughly Rs 1.20 lakh crore achieved last year.
Major marketplace events led by Flipkart and Amazon drove the total value of goods sold b…: Major marketplace events led by Flipkart and Amazon drove the total value of goods sold before returns and discounts.
Sources checked by our analysis pipeline: 1
Bengaluru: Ecommerce and online retailers clocked Rs 1.40 lakh crore in gross merchandise value (GMV) sales during the month-long festive period, up 17% from around Rs 1.20 lakh crore last year, but still below expectations as mobile phone sales slumped more than anticipated, show data by market research firm Datum Intelligence.The season had been expected to hit a record Rs 1.50-1.55 lakh crore in GMV, up 25-29% from last year. GMV is total
Business NewsTechTech & InternetFestive online sales hit Rs 1.4 lakh crore, up 17%, but miss forecasts
Festive online sales hit Rs 1.4 lakh crore, up 17%, but miss forecasts
Synopsis
The season had been expected to hit a record Rs 1.50-1.55 lakh crore in GMV, up 25-29% from last year. GMV is total value of goods sold by marketplaces before discounts and returns. The festive sale period started on October 8 with the flagship events of Amazon and Flipkart followed by multiple micro-events until Diwali, which fell on November 8.
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