The report released by research firm RedSeer Consulting had predicted the Gross Merchandise Value (GMV) for e-tailing industry to touch Rs 6,500 to 7,700 crore ($1 to 1.2 billion) during the first week of October, according to media reports.
“Driven by the strong festive week performance, the industry GMV for the entire festive month of October 2016 is expected to be Rs 11,000-13,000 crore ($ 1.7-1.9 billion) or $20-23 billion in annualised run-rate terms,” added the report.
The annualised GMV for e-retail websites had fallen 5 to 10 per cent in the second quarter of 2016, however, the sites witnessed record-breaking sales during the festive week.
Amazon India sold 15 million units during its festive week, recording a three-fold growth compared to last year. Flipkart sold goods worth Rs 1,400 crore in a single day during its sale.
“This sales performance comes at a critical period for Indian e-tailers, as growth in the sector had stagnated over the last couple of quarters,” said RedSeer.
Industry experts are of the view that more such sales will be announced by the e-commerce companies before Diwali.
Significant investments were also made by e-retailing companies to ramp up products, delivery and logistics capabilities to ensure smooth operations. Flipkart and Snapdeal said that they created over 10,000 temporary jobs each in departments like supply chain and logistics to meet the surge in demand.
RedSeer had earlier predicted the industry GMV at $1.5 to 1.7 billion for October or $18 to 20 billion for the year. (KD)
Fibre2Fashion News Desk – India
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