E-commerce expected to clock sales of $7 billion amid festive boom, reports
E-commerce demand is on the uphill due to the COVID-19 pandemic. With social distancing norms in place, shoppers are avoiding malls and preferring to buy goods online further driving e-commerce sales. In addition, as festive seasons are nearing, it is expected the sales figures of e-commerce companies will be extremely high, irrespective of the economic disruption.
According to Redseer, a market research company, “E-commerce players will post nearly 50% jump in gross sales which will be to the tune of $4 billion this Diwali, a two-year high, during the five-day sale events of Flipkart, Amazon and others.”
Many e-commerce players like Amazon are already stepping up to meet the surge in demand by acquiring more fulfilment centres and sortation centres.
As the pandemic further accelerates digital adoption and compels more conventional shoppers to move online, the festive season is expected to see an over 70% jump in consumers with 45-50 million digital buyers. Out of these, over 50% are likely to be from tier-II cities and beyond, according to Redseer. The entire festive month is expected to clock gross sales of $7 billion in 2020 against nearly $4 billion last year, a 75% jump.