Home / Knowledge / News / Apparel/Garments / E-tailers to sell goods worth $1.9 bn in Oct: RedSeer
E-tailers to sell goods worth $1.9 bn in Oct: RedSeer
12
Oct '16
Indian e-commerce companies are likely to register transactions worth Rs 11,000 to Rs 13,000 crore ($1.7 to $1.9 billion) this month, said a recent report. Offers, sales and discounts during the festive month are expected to drive sales on the platforms and make October 2016 the single biggest month for the Indian e-retailing sector ever.

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

Must ReadView All

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Courtesy: London Fashion Week

Fashion | On 22nd Feb 2017

India bags best country award at London Fashion Week

The International Fashion Showcase (IFS) Country Award was given to...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search