Festive Season Sale: Online Market Expecting to Earn Rs 90,000 Cr in 2023
Festive Season Online Shopping: As the festive season is around the corner, people are preparing to do lots of shopping, be it clothes, house essentials, decoratives, and more, both online and offline. Especially, people are eagerly waiting for festive season sales across various online shopping platforms to get good products at maximum discounts. In the midst of this, market research firm Redseer Strategy Consultants has published a report on the growth of online sales during the festive season. According to the report, every year, online sales increase by 18-20% over the festive season, with the upcoming festive season potentially being the most profitable season ever in terms of earnings.
Online Festive Season Sales Growth
According to the research, online sales would increase by 18-20% year on year and exceed Rs 90,000 crore over the coming festive season. During this festive month, around 14 crore consumers are likely to make at least one online transaction. This year’s festive season is projected to see an increase in e-commerce sales due to an increase in the number of online customers and the recovery of India’s economy after an adverse three-year period. In 2014, the e-commerce business generated a total GMV (gross merchandise value) of Rs 27,000 crore. Simultaneously, it is estimated to reach about Rs 5.25 lakh crore in 2023.
