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China's Singles Day sales festival wraps up with ecommerce giants reporting sales growth

Economic TimesEconomic Times · 1y ago
China's Singles Day sales festival wraps up with ecommerce giants reporting sales growth
Medial

Chinese ecommerce platforms Tmall and Taobao, owned by Alibaba Group, experienced positive year-on-year growth during the recent Singles Day sales period. Rival JD.com also reported record-high gross merchandising volume during the festival. The event, which expanded from a 24-hour online shopping event to weeks of promotions across various platforms and physical stores, is seen as a gauge of consumer confidence. Alibaba aimed to offer rock-bottom prices, with steep discounts of 40-50%, in response to competition from rivals Douyin and PDD Holdings' Pinduoduo. Bain and Company reported that shoppers focused on essential items while spending less on big-ticket categories.

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Festive sales hit $6.5 billion in a week on ecommerce street: report

Economic TimesEconomic Times · 9m ago
Festive sales hit $6.5 billion in a week on ecommerce street: report
Medial

- Online marketplaces recorded a 26% increase in sales, reaching $6.5 billion in one week of festive sales. - Mobile phones, electronics, consumer durables, home, and general merchandise accounted for three-fourths of the total sales. - Sales in the first week made up for about 55% of the total expected ecommerce sales during the festive season this year. - Ecommerce giants Flipkart and Amazon India started their annual festive season sales on September 27, with a strong demand observed from tier-II and beyond cities. - Supply chain issues pose a significant challenge for brands during the festive rush, with demand exceeding expectations in some cases. - Quick-commerce platforms are also witnessing growth during the festive season, particularly in categories like wearables and audio products.

Meesho claims 40% increase in total orders during annual festival sales

Economic TimesEconomic Times · 9m ago
Meesho claims 40% increase in total orders during annual festival sales
Medial

- Meesho, a SoftBank-backed ecommerce firm, experienced 40% year-on-year growth in total orders during its annual festival sales. - The company recorded 145 crore customer visits during the 10-day 'Meesho Mega Blockbuster Sale 2024'. - Tier-IV cities accounted for approximately 45% of the total customer visits during the sale. - Prepaid orders on Meesho's platform increased by 117%, indicating a shift towards digital payment options in tier-II and beyond. - Home and kitchen segment saw a notable 105% increase in YoY growth, beauty and personal care rose by 60%, and kids & baby essentials grew by 75%. - Meesho Mall, which offers branded products, witnessed a two-fold growth in orders.

Will Quick Commerce Eat Amazon, Flipkart’s Festive Season Lunch?

Inc42Inc42 · 9m ago
Will Quick Commerce Eat Amazon, Flipkart’s Festive Season Lunch?
Medial

- Quick commerce platforms are gaining a significant share in online grocery sales, expected to reach 51% outside the festive season. - Quick commerce platforms are challenging local kirana shops rather than traditional ecommerce marketplaces. - Ecommerce giants like Flipkart and Amazon dominate mobile phone sales and quick commerce platforms have limited impact in this category. - Customers prefer the credit features, returns, and exchanges offered by ecommerce marketplaces during the festive season. - Quick commerce platforms have limited inventory risks in the fashion category, with vertical marketplaces holding the key share. - Quick commerce platforms are rapidly adopting skin care and beauty products, which may impact niche players like Nykaa and Purplle. - The emergence of quick commerce platforms like Blinkit, Zepto, and Swiggy Instamart has disrupted traditional ecommerce giants in the market.

'Online platforms changing buying pattern among urban consumers'

Economic TimesEconomic Times · 7m ago
'Online platforms changing buying pattern among urban consumers'
Medial

Consumers in metro cities are increasingly shifting from top-up purchases to stock-up purchases on online platforms, according to Kanaka Bhagwat, head of ecommerce at NielsenIQ. Quick commerce and ecommerce sales have grown at a rate of 30% quarter-on-quarter over the past five quarters, driven by convenience and assortment. Ready-to-eat foods, salty snacks, refined edible oils, biscuits, and packaged atta have seen significant growth on quick-commerce channels. FMCG companies like Nestle, ITC, Hindustan Unilever, Dabur, and Emami have reported double-digit growth on quick-commerce platforms. In metro markets, quick-commerce and ecommerce contributed 85% to incremental sales in Q3 2024, signaling the growing dominance of ecommerce.

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