Sales reached $5.9 billion in the first week of the month, with the number of online shoppers doubling during the festive season compared to 2018.
• The company said that since more consumers depend on online shopping for convenience, Indian merchants are expected to register record-breaking sales during the 2022 festive season.
A new report by Canadian multinational e-commerce company Shopify is expected to be a festive bonanza for Indian e-commerce companies, with sales expected to grow 28% year-on-year to $11.8 billion, which Fashion is largely driven by category. ,
The report titled 'Shopify Festive Season Report 2022' said sales reached $5.9 billion in the first week of the month as the number of online shoppers doubled during the festive season compared to 2018.
It said the growth in online shopping is driven by increased awareness about festive sales, increased reach, targeted selection and expansion of products within the affordability range for all types of shoppers in the city. The report looks at the impacts of an evolving retail landscape on the spending patterns of people in the country, especially at a time when the economy is unstable, the report said.
“Diwali is a mega festival for businesses, with the festive season experiencing record sales every year. With the increasing promotion of convenient, tech-savvy buying options among modern consumers, there has been a paradigm shift in customer preferences related to their festive shopping,” it added.
The company said that since more consumers depend on online shopping for convenience, Indian merchants are expected to register record-breaking sales during the 2022 festive season. The increase in consumer spending on essential goods, electronics and fashion has resulted in an increase in the number of online shoppers, especially in Tier-II and Tier-III cities.
Festive sales, it said, will also boost online retail GMV (Gross Merchandise Value) - the total amount of a company's sales - which stood at $52 billion in 2021, by 30% to reach $68 billion in 2022. to leap.
The report said that 85.82% of consumers are planning to spend more than in previous years, with 40% of consumers expecting to spend more than ₹10,000.
The growing millennial consumer base is more focused on convenience, opting for online shopping over traditional shopping methods and hence 78.57% of consumers surveyed plan to shop online during the festive season as compared to before the pandemic.
It has also seen a boom in people who want to shop for Indian brands. This year 96.04% consumers expressed their willingness to buy from Indian brands this festive season as compared to 57.9% last year. Many now also expect merchants to offer discounts and better deals during the festive season to maintain their loyalty. Consumers have also changed drastically, and a majority (75.82%) chose discount and loyalty schemes as the top ways to keep up with their spending. In the past, the range and quality of products were the primary factors contributing to consumer retention.
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