Online sales this festival season may touch $11.8 billion, says report

8 Sep 2022 , 01:26 PM

Online sales in India are anticipated to hit $11.8 billion during the holiday season, a 28% rise from the previous year, according to research released on Thursday. The first sales event and roughly up until Diwali week are considered to be the beginning of the holiday month.

Redseer Strategy Consultants predicts that sales will climb by 28% from the previous year’s $4.8 billion to $5.9 billion during the first week of the holiday season. The survey anticipates a 3 times increase in the gross merchandise value (GMV) of online holiday sales this year compared to pre-pandemic sales in 2018.

According to Sanjay Kothari, Associate Partner at Redseer, “We are predicting a 4 times surge in the number of online shoppers from 2018; this growth has been driven by rapid digital adoption and rising penetration in Tier 2+ cities.” Additionally, the percentage of internet buyers during the holiday week has doubled, rising from 18% in CY18 to a predicted 38% in CY22.

Kothari continued, “This is mostly due to rising consumer knowledge of the holiday sales, growing reach, focused product selection, and growth of items within the range of affordability for consumers across city types. The research stated that due to the enormous increase in holiday sales, the total online retail GMV, which was $52 billion in 2021, will increase by 30% to $68 billion in 2022.

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