Bengaluru, November 13 (IANS). The gross merchandise value (GMV) of India’s e-commerce sector in this year’s festive season has been more than $ 14 billion (about Rs 1.18 lakh crore). There has been an increase of 12 percent in comparison to the last festive season. This information was given in a report released on Wednesday.
The report released by Redseer Strategy Consultants said that this growth was due to strong consumer spending across all categories. This includes quick commerce, electronics, fashion, beauty and personal care (BPC), home furnishing and grocery.
The report noted that premium products and lower average selling prices (ASP) witnessed higher engagement between September 15 and October 31, reflecting consumer market dynamics during the festive season.
The report said high ASP products such as large home appliances and premium electronics were in good demand in metro cities. Affordable items in fashion and BPC continue to drive frequency and growth in other areas.
Kushal Bhatnagar, Associate Partner, RedSeer said that the festive season of 2024 gives us confidence about the spending power of India (Tier 2+ customers). The trust and spending of these customers on e-commerce will increase in the times to come and this will lead to the growth of e-commerce in the next few years.
Smaller cities saw the highest increase in spending in 2024 at 13 percent.
Fashion has emerged as the fastest growing category this financial year with 3x growth compared to normal business (BAU) months. Traditional wear and accessories drove this growth in Tier 2+ cities.
The report said demand for premium electronics, including air conditioners and large appliances, remained high due to prolonged warm weather.
Kwik Commerce also added electronics and home appliances to its offering and catered to the festive demand through extended delivery hours.
–IANS
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