Amazon, other rakes in Rs. 35,400 crores during online sales: report

The festive season will be a big boost for online retailers like Amazon, Flipkart, JioMart, and others who generate over Rs. According to an industry forecast for consumer spending, sales of 47,900 crores were achieved between October 15 and November 15. It is also estimated that about 75 percent of that, or about Rs. 35,400 crores will be spent in the first week between October 15-21 as Amazon and Flipkart make their biggest sales of the year.

The Forester forecast According to data, 5.5 to 6 crore shoppers in India will participate in ongoing sales, increasing profits for online retailers, which will see 34 percent year-over-year growth. Smartphones will continue to be the most popular items to buy during the Christmas season, accounting for 34 percent of total spending, followed by consumer electronics and computers with 17 percent, fashion with 16 percent and home appliances with 14 percent, and household goods and household goods, furniture and groceries, each with 6 percent.

Aside from deep discounts during the Amazon Great Indian Festival and Flipkart Big Billion Days sale, which will attract cautious consumers to get their best deals in the face of financial uncertainty, the report also notes the growth in festive online sales of pent-up demand out of the lock. Amazon has already claimed that the Great Indian Festival had its biggest opening this season. However, the Forrester report also notes that online retailers’ profit indicates a loss for brick and mortar stores.

The pandemic has had a negative impact on consumer spending as tourism and hospitality were completely left in the lurch during the lockdown. However, the Forrester forecast has seen a change since September. Part of this is because markets, gyms, shopping malls, and even some movie theaters have opened up and more and more people are getting out.

According to the report, mobility has recovered by around 40 percent in all cities. The estimates are based on data from Google’s Community Mobility Report, which tracks people’s visits to popular public places such as supermarkets, pharmacies, restaurants, movie theaters, etc. and compiles data sets for a moving average of seven days to understand changes in mobility . According to Google Mobility from October 16 reportRetail and recreational visits decreased 31 percent compared to pre-pandemic – another reason customers flocked to online retailers – while visits to supermarkets and pharmacies increased 18 percent.

Flipkart, Amazon have excellent sales offers for iPhone 11, Galaxy S20 +, but will they have enough stock? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, Download the episodeor just hit the play button below.