Overall, e-commerce platforms are said to have garnered over $2.7 billion in sales during 2-5 October.
As the first week of the festival sales closed on the various e-commerce platforms, it witnessed a revival of consumer demand compared to last year.
Overall the, e-commerce platforms including social commerce and grocery are said to have garnered $2.7 billion in total sales in the first week (October 2-5) of this year’s festive sale, according to the RedSeer Consulting. The consulting firm has forecast that e-commerce platforms will clock over $9 billion gross merchandise value (G MV) during the whole festive season till end, which would be a growth of 23% from last year.
While Snapdeal reported a 98% jump in its festival sale volumes from last year, Flipkart said that this year’s Big Billion Days (TBBD) has been steeped in the spirit of revival and growth. E-commerce logistics and shipping aggregators Pickrr also told.
Further, Flipkart noted that 10% of the sellers witnessed a 3X growth in sales this year. Some of the top artisans and weaver partners from Flipkart Samarth witnessed a growth of 6X compared to TBBD 2020. The Samarth initiative, which was started in the year 2019, aims to uplift and embrace India’s artisans, weavers and micro-enterprises into the e-commerce fold.
Meanwhile, Snapdeal noted that its total value of sales from Tier 3 towns has increased by 74% over last year and about a 90% jump in the case of Tier 2 cities. Also, nearly 60% of Snapdeal’s total orders are said to have come from Tier 3 towns during this period. Tier 1 & 2 cities accounted for nearly 26% of orders while metro buyers accounted for the balance 14 per cent.
How e-commerce companies growing there reach
On App Purchase: In today’s world mobile apps have gained importance when it comes to shopping online. Considering the huge leap of the digital media and a considerable increase in the percentage of population using smart phones, it’s of prime importance that entrepreneurs gives offer an exclusive discount for the consumers who shop using the mobile app. This is beneficial for both, the buyers as well as the sellers.
Discounts: Offering discounts to the customers during the festive seasons has been a long standing practice right from the brick and mortar days and it remains to be the one of the widely used techniques till date. Offering different discounts on various products helps the customer engagement ultimately leading to an enhancement in the profits of the company.
Responsive website: Today where digital media has taken a huge leap, its been observed that about 60% of the population uses mobile phones leading to a drastic shift of focus by the sellers to make a website that can be operated easily on various electronic devices. The websites should have optimum performance across screen and gadgets in order to achieve customer satisfaction.
One day delivery: Not all e-commerce sites offer this service. It is necessary to understand the emotions of buyers during festive season, as they expect a quick delivery of the product that they have chosen even most of the companies offer free delivery charges.Offering such a service to your customers not only gives the brand a leverage in the minds of the customers but also would enhance the credibility of the brand.
Leverage Social Media: Social media plays an integral role to influence the buyers’ decision making process. People generally interact with their family friends and colleagues, read reviews and expert opinions before finally deciding to shop or not shop for a particular product. As audiences are present for a considerable time of their day on social media it is imperative for ecommerce brands to leverage the social media. Social media has precise target options which enable advertisers to reach a specific target audience keeping a close eye on there cost.
Tempting give aways: One of the best ways to increase customer engagement and to boost up sales in the festive season is to offer a tempting give aways and rewards l. This can be done in a couple of ways, either by offering a hundred percent discount along with the product that has been purchased, or by sending some gift at the time of the delivery .
