• About
  • Contact
Thursday, January 28, 2021
Next Big Brand
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview
No Result
View All Result
Next Big Brand
Home News

Online Retailers Can Witness $6.5 Billion Sales During Ongoing Festive Season

Pritish raj by Pritish raj
October 16, 2020
in News
3 min read
0
Flipkart Amazon- next big Brand

Flipkart Amazon- next big Brand

Share on FacebookShare on Twitter

Online retailers in India could rack up cumulative sales of about $6.5 billion over the next four weeks, said analysts as e-shopping emerges as the chosen panacea for pandemic ills. According to a new study by Forrester Research, even as the overall retail pie in the country shrinks due to low footfalls in physical stores, e-commerce could grow by over a third compared to the previous year.

The e-retail surge will be powered primarily by the mega sales events hosted by Flipkart, which is owned by Amazon and Walmart. Together, the e-commerce giants are predicted to rake in revenue of around $4.8 billion during the week of October 15-21, the study said.

Ecommerce industry tracker RedSeer Consultancy had said in an earlier forecast that online sales could almost double to $7 billion during the month-long festive season this year.

“Do not read this 34 percent increase (in e-commerce sales) as retail spending returns,” said Satish Meena, Forrester Research’s senior forecast analyst, who estimates that the number of online shoppers this year will rise to about 60 million from the figure of 45 million e-shoppers last year.

A recent RedSeer Consultancy study also found that more customers are opting to shop online this festive season, as they are looking to stock up more on food, doubling their share to 6 percent. In categories such as home and furniture as well as appliances, which is projected to account for approximately 14 percent of gross sales up from 12 percent last year, other favorite purchases will be.

According to Forrester’s findings, the scramble for smartphones and consumer electronics, long the cornerstone of online shopping in India, has slowed this year. Compared to 36 percent last year, smartphones are expected to drive 34 percent of gross sales during this festive period, while consumer electronics will contribute about 17 percent, the report said. However, in the once-popular fashion market, which is projected to account for only 16 percent of total revenue compared to 24 percent last year, the greatest degrowth will be.

There is a spending cut, but because this is the festive season and the pandemic is more evident, some wages have been restored, they are coming together to push demand, “Meena said.”

“But it’s obvious that people are shopping online instead of going to (physical) stores,” he said.

RedSeer said in its survey that it saw 91 percent of respondents saying that they would buy online, compared to 87 percent last year. The largest rise comes from the metros, where 90 % of respondents said they would buy online this year, compared with 80% last year.

This strong shift in online shopping market preference is forcing brands to adapt their strategies.

Shital Mehta, CEO, Max Fashion India & Managing Director, Lifestyle International, told ET that with the launch of Myntra and Flipkart, the company has strategically extended its online presence. We are expanding our scope using e-commerce supply chains with these alliances and targeting a broader range of consumers without affordable trendy products, “he said.”

Max had only collaborated with Amazon in India previously. Brands have taken e-commerce seriously post covid-19 and have ambitious festive and beyond online revenue expectations, “said RedSeer Consulting’s Ujjwal Chaudhry, who predicts that the online brand channel will see a five-fold rise in the festive season compared to pre-COVID levels.” “It is estimated that private labels (owned by e-commerce companies) would account for 10 percent of gross revenue,” he said.

Previous Post

After Big Basket, Tata Group Is Eyeing B2B Marketplace IndiaMart

Next Post

boAt Strengthens Leadership Team & Ramps Up Hiring By 50% During COVID-19

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

Related Posts

Aditya Birla Fashion and Retail Strengthens its Apparel portfolio with 51% Stake in Sabyasachi
News

Aditya Birla Fashion and Retail Strengthens its Apparel portfolio with 51% Stake in Sabyasachi

January 28, 2021
Reckitt Benckiser (RB) leads INR 45 Crores investment round in Bombay Shaving Company
News

Reckitt Benckiser (RB) leads INR 45 Crores investment round in Bombay Shaving Company

January 28, 2021
FAU-G confirms its India Debut on 26 Jan
News

FAU-G Completes 5 Million Downloads Within 24 hrs of its Launch

January 27, 2021
ByteDance to Lay Off Employees in India Amid TikTok Ban Continuation
News

ByteDance to Lay Off Employees in India Amid TikTok Ban Continuation

January 27, 2021
Twitter Acquires Dutch Based Newsletter Startup Revue
News

Twitter Acquires Dutch Based Newsletter Startup Revue

January 27, 2021
Padma Shri for Zoho Founder Sridhar Vembu and Business Tycoon Mrs. Rajni Bector
News

Padma Shri for Zoho Founder Sridhar Vembu and Business Tycoon Mrs. Rajni Bector

January 26, 2021
Next Post
Boat lifestyle founders

boAt Strengthens Leadership Team & Ramps Up Hiring By 50% During COVID-19

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECOMMENDED NEWS

DMart Store Avenue Supermart Profit

Avenue Supermart Q3 net profit jumps 53% to Rs 394 crore

1 year ago
Spotify-SoundBetter-logo-nextbigbrand-in

Spotify now has 100 million paid users!

2 years ago
wework valuation-CEO-next-big-brand

Cultivating the new culture, Growth Story of Co-working spaces in India

1 year ago
Reliance Jio Platforms ADIA Digital Users UPI- Next Big Brand

Reliance Jio Gain More Users Than Rivals As Vodafone Continues To Loose Users

9 months ago

FOLLOW US

  • 22.6k Fans

BROWSE BY TOPICS

2018 League amazon Amazon Great Indian Sale Amazon Prime Apple Apple Inc Automobile Industry Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan facebook Facebook app future group hotstar Indian OTT Platforms Indian Smartphone Market Istana Negara Jio Market Stories Maruti Suzuki National Exam Netflix Netflix India Netflix Originals oppo OTT OYO Realme Reliance Industries Limited Reliance Jio RIL Samsung Tata Motors Tiktok TikTok India TikTok Videos Visit Bali Vivo whatsapp Xiaomi Xiaomi India YouTube
Next Big Brand

We Talk About Brands

Follow us on social media:

Recent News

  • Aditya Birla Fashion and Retail Strengthens its Apparel portfolio with 51% Stake in Sabyasachi
  • Reckitt Benckiser (RB) leads INR 45 Crores investment round in Bombay Shaving Company
  • FAU-G Completes 5 Million Downloads Within 24 hrs of its Launch

Instagram

Follow Me!

Latest News

Aditya Birla Fashion and Retail Strengthens its Apparel portfolio with 51% Stake in Sabyasachi

Aditya Birla Fashion and Retail Strengthens its Apparel portfolio with 51% Stake in Sabyasachi

January 28, 2021
Reckitt Benckiser (RB) leads INR 45 Crores investment round in Bombay Shaving Company

Reckitt Benckiser (RB) leads INR 45 Crores investment round in Bombay Shaving Company

January 28, 2021
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview

© 2019 NBB. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.