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E-commerce sales to surge 20% to Rs 90,000 crore this festive season: Redseer

Business Today

Business Today · 1y ago

E-commerce sales to surge 20% to Rs 90,000 crore this festive season: Redseer

Following a period of reduced consumer demand in the last three years, this year's online festive sale events are anticipated to rejuvenate consumption. A report by Redseer Strategy Consultants projects that e-commerce gross merchandise volume (GMV) will increase by 18-20%, reaching an estimated Rs 90,000 crore.

Related News

Festive season hiring surge: Consumer goods and e-commerce companies increase workforce by 20-25%

Economic Times

Economic Times · 28d ago

Festive season hiring surge: Consumer goods and e-commerce companies increase workforce by 20-25%

Consumer goods, retail, and e-commerce companies in India are increasing their workforce by 20-25% ahead of the upcoming festive season, expecting a recovery in sales. A significant portion of this hiring surge involves gig and temporary workers, with e-commerce and logistics companies seeing a 30-35% rise in temporary hires. The festive period is critical for boosting otherwise low consumer demand, as these months contribute significantly to annual sales in various sectors.

Small sellers to up e-commerce ad spend by 75% to cash in on festival season

Money Control

Money Control · 1y ago

Small sellers to up e-commerce ad spend by 75% to cash in on festival season

According to a report by consulting firm Redseer, small sellers on e-commerce platforms in India, such as Flipkart and Amazon, are expected to increase their online advertising spending by 75% during the upcoming festival season. The report anticipates a 15% increase in overall ad spending compared to last year's festival season. This increase in spending reflects the optimism of sellers, especially smaller ones, in driving sales and capitalizing on the festive period when consumer spending is high.

Debt platforms expand loans for consumer, e-commerce firms this festive season

Livemint

Livemint · 11m ago

Debt platforms expand loans for consumer, e-commerce firms this festive season

Consumer companies with a strong digital presence and online marketplaces are expected to receive significant funding from debt providers during the festive season. Alternative debt platforms like Velocity, GetVantage, and Klub are expanding their loan pools to support e-commerce companies. These funds will aid in expanding inventory and enabling faster deliveries. This year, e-commerce companies anticipate a 35% surge in sales during the festive season. Access to alternative debt capital provides a quicker financing option without equity dilution, especially for small companies that struggle to secure loans from traditional banks.

Festive season sales GMV rises 16 per cent YoY to Rs 29,000 crore in first 4 days: Redseer report

Business Today

Business Today · 1y ago

Festive season sales GMV rises 16 per cent YoY to Rs 29,000 crore in first 4 days: Redseer report

According to a report by Redseer Strategy Consultants, the Gross Merchandise Value (GMV) during the first four days of this year's festive season sales in India grew by 16% year-on-year, reaching Rs 29,000 crore. The sales saw a tenfold increase on the early access day and a sevenfold surge on the first day. The report attributes this growth to the fear of missing out (FOMO) among consumers and the availability of financing options. The report also mentions the pre-book/price lock feature that allowed customers to lock in prices for high-value products before the sale event began.

Ecommerce clicks dip in December, trigger growth concerns

Economic Times

Economic Times · 1y ago

Ecommerce clicks dip in December, trigger growth concerns

The festive sales period has come to an end and e-commerce growth is starting to slow down. As the demand for online shopping during the festive season decreases, there is a decline in the growth rate of e-commerce. This indicates that the momentum of online sales is losing steam.

Velocity launches Rs 400 Cr festive season fund for D2C brands

Entrackr

Entrackr · 11m ago

Velocity launches Rs 400 Cr festive season fund for D2C brands

Cash flow-based financing platform Velocity has launched a fund of Rs 400 crore ($48 million) to support D2C and e-commerce brands in the upcoming festive season sales. The Bengaluru-based firm had launched a Rs 250 crore fund for the festive season last year. This financing will support brands and sellers on major e-commerce platforms (such as Amazon, Flipkart, Myntra and Shopify) and new-age quick commerce platforms (like Blinkit, Instamart, Zepto) in enhancing their product assortment, accelerating delivery timelines, and capitalize on emerging trends such as premiumization. The fund will allow brands to invest in inventory, marketing, and operational expenses without diluting their equity, Velocity said in a press release. According to market research, e-commerce sales are projected to see 20% growth in the 2024 festive season as compared to 13% growth in e-commerce GMV (gross merchandise value) last year. Velocity is indulged with the largest ecommerce marketplaces and several ecosystem enablers to support the upcoming festive demand across sectors such as beauty and personal care, apparel/ fashion, consumer electronics, food and beverages, home, garden and kitchen, jewelry and accessories, healthcare and other e-commerce categories. Co-founded in 2020 by Abhiroop Medhekar, Atul Khichariya, and Saurav Swaroop, Velocity focuses on democratizing access to working capital for the various sectors. The platform leverages digital-first businesses’ data and online cash flows to offer innovative financing solutions. It provides non-dilutive debt financing to e-commerce founders. Velocity says that it has leveraged its partnerships with India’s leading NBFCs and regulated entities to empower over 1,500 e-commerce brands like Koskii, Power Gummies, Hammer, Bella Vita Organic, Bewakoof, Bunaai, Leaf, Crossbeats, Blaupunkt, Zlade, and Soulflower among others. It also says that it has disbursed over Rs900 crores, enabling over 1,500 businesses, especially D2C and e-commerce companies. Velocity has raised $30 million in equity funding led by Valar Ventures and competes with the other players in this space like GetVantage, Klub, Clearco, CRED Mint, Wayflyer, and KredX.

Klub aims to disburse Rs 200 Cr this festive season

Entrackr

Entrackr · 1y ago

Klub aims to disburse Rs 200 Cr this festive season

Revenue-based financing platform Klub is set to disburse Rs 200 crore for this year’s festive season. The platform had disbursed Rs 100 crore in the last festive season which aimed to enhance sales on major e-commerce platforms, including Amazon, Flipkart, and Myntra. The disbursal will aid SMEs in maintaining inventory and pre-planning marketing efforts to meet the surged demand during India’s festive season, Klub said in a press-release. Klub plans to infuse the funds into D2C brands across more than 45 sectors. In 2023, Klub invested in sectors such as beauty & personal care, fashion & apparel, and cloud kitchens & restaurants. The brands that secured investment include Monrow Shoes, BRB Chips, Berrylush, and potful. The Bengaluru-based firm offers funding up to Rs 30 crore in a single tranche and works on multiple capital structures suited to the brand and founder, including term loans, credit lines, revenue financing, and more. Its initiative is in collaboration with its supply partners, particularly leading NBFCs such as U GRO Capital. According to market research, the growth in festive sales is anticipated around 10-12% and the e-commerce industry is expected to surge $111 billion this year. Co-founded in 2019 by Anurakt Jain and Ishita Verma, Klub is a revenue based financing platform which provides flexible funding up to Rs 30 crore to digital businesses and SMEs with recurring revenue. The company partners with NBFCs, HNIs, financial institutions, and its own SEBI registered fund to provide growth capital. The platform offers different capital structures for businesses across all stages (early, growth, & late) for recurring marketing, inventory, and capex expenses. Klub claims that it has deployed more than 1,700 investment rounds enabling growth for more than 650 brands. It raised $20 million in seed funding round from Peak XV’s growth program Surge, Alter Global, GMO Venture Partners, and 9Unicorns back in 2021. Klub directly competes with GetVantage, Velocity, Clearco, CRED Mint, Wayflyer, and KredX.

Quick commerce to contribute $1B in GMV to festival sales: BofA Research

YourStory

YourStory · 10m ago

Quick commerce to contribute $1B in GMV to festival sales: BofA Research

- Quick commerce is expected to generate $1 billion in gross merchandise value (GMV) during the festival season, with online commerce platforms generating $12 billion in GMV, representing a 23% increase from the previous year. - Quick commerce platforms are projected to contribute nearly $1 billion to the total GMV during the festive season. - Festive consumption is driven by shoppers eagerly taking advantage of offers and deals, with around 65% of online buyers planning to increase their spending during this period. - Non-grocery online sales typically occur during the first wave of the festive season, while quick commerce platforms become more prominent for ordering groceries and festival essentials during the second and third waves. - Changing consumer spending patterns show a shift towards discretionary items like entertainment and travel, impacting retail purchases. - Grocery and beauty/personal care categories are expected to witness faster growth, driven by quick commerce players, challenging vertical e-commerce platforms in the same-day delivery space. - The online grocery market is projected to grow from $317 million in 2023 to $800 million during the 2024 festive season, with groceries contributing 13% of festive e-commerce sales, and quick commerce platforms leading the growth.

Food-delivery firms saw orders spike to 6.5 million on New Year’s Eve: Redseer report

Economic Times

Economic Times · 1y ago

Food-delivery firms saw orders spike to 6.5 million on New Year’s Eve: Redseer report

According to a report by RedSeer, food delivery firms witnessed a surge in orders on New Year's Eve, reaching 6.5 million. The demand was driven by people opting to stay indoors due to the COVID-19 pandemic. Online food delivery platforms experienced a considerable increase in orders during the festive season, as consumers preferred the convenience and precautiousness of ordering food at home.

No dearth of demand, more than 50% customers to raise festive purchases this year: Amazon India

Money Control

Money Control · 1y ago

No dearth of demand, more than 50% customers to raise festive purchases this year: Amazon India

Amazon India is gearing up for a surge in demand ahead of the festive season, with expectations of higher sales compared to last year. The e-commerce giant is expanding its logistics and delivery network and has created over 100,000 job opportunities across the country. Additionally, Amazon India is launching a multi-channel fulfillment service to allow Direct-to-Consumer brands to use its delivery network. The company is also experiencing robust growth in advertising as sellers on e-commerce platforms increase their ad spends. Amazon is also introducing a new variant of its Prime membership program for Android users in India.

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