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Festive Season Sale
E-commerce platform Amazon India has recorded the highest growth in the festive season sale, with 80 per cent of the buyers coming from tier 2 and beyond towns. Mobiles and accessories saw strong double-digit growth this season as compared to Amazon Great Indian Festival (AGIF) 2021 and 5 times higher when compared to average business days, with 80 per cent of customers coming from Tier 2 and 3 cities. While the company did not disclose details of overall sales that it registered during AGIF 2022, Amazon India Vice President Manish Tiwary said "it has been the best-ever festival sale" for the company. Amazon claims to have seen participation from 11 lakh sellers, which includes 2 lakh local stores. "More than 35,000 sellers saw their highest-ever single-day sales. Over 650 sellers became crorepatis (over Rs 1 crore sales) and 23,000 sellers became lakhpatis (over Rs 1 lakh sales)," Tiwary said. Mobile phone sales dominated online festive sales and Amazon too recorded traction for
Despite rising interest rates, leading home loan players SBI and HDFC have announced discounted interest rates beginning at 8.40 per cent as part of their festive offerings. SBI in a statement said that its home loan book has topped the Rs 6 lakh crore mark, a first in the industry. The leading lender said it is offering up to 25 bps discount on interest rate to new home loan borrowers, making the entry level rate at 8.40 per cent and the offer will run up to January 31, 2023. The largest pure-play mortgage player HDFC, which is awaiting its merger with its banking subsidiary HDFC Bank, said it's also offering discounted interest rates to new borrowers to the tune of 20 bps or at 8.40 per cent. According to HDFC website, the festive offer is valid up to November 30, and the low rate will be applicable to those borrowers who have a minimum credit score of 750. Leading banks and mortgage players have increased their lending rates by up to 0.50 percentage point after the Reserve Bank
Small cities dominated the festival season sales of e-commerce platforms accounting for around Rs 24,000 crore or around 60 per cent of the total market share in value terms, according to industry players. The figures are for the recently-concluded festival sales wherein e-commerce players had offered significant discounts on various products. Tier 2 and beyond cities were at par with metros and Tier 1 cities with around 50 per cent contribution in gross merchandise value during the festive sales by the online players last year, according to Redseer Strategy Consultants. The consulting firm said that e-commerce firms are estimated to have registered a 27 per cent growth and clocking sales worth Rs 40,000 crore. Flipkart Group accounted for around 62 per cent of the total market share in terms of Gross Merchandise Value (GMV). Major e-commerce players such as Flipkart, Amazon, Meesho and JioMart have seen more than 60 per cent of the customers being from Tier 2 and beyond cities dur
E-commerce player Amazon India on Thursday called the report of Redseer Strategic Consulting on festive season sale numbers as "speculative which lacks transparency", while the consulting firm defended it as an independent research. The Redseer report showed that the Flipkart Group, including Myntra, Shopsy etc, maintains its leadership position, while Softbank-backed Meesho pipped Amazon to become the second-largest contributor in order volume. Amazon said that the first 12 days of the Amazon Great Indian Festival received the highest ever orders. "We cannot comment on speculative reports without robust and transparent methodology especially as these have not been shared with us. We witnessed the highest ever start to the event in the first 48 hours, with 8 times sales as compared to the average business days. This response is reflected across all categories and we have overall seen a substantial increase in visitors vs 2021," Amazon India spokesperson said. Reacting to Amazon ...