Ecommerce discounts and promotional offers came down on the third day of the biggest annual online festive sales, as brands and online sellers overachieved their targets reporting an over 25-30% surge in sales by value compared to the same sale period of last year.
This spike in business is despite Shradh, which is considered an inauspicious shopping period in several parts of the country.
LG India has grown sales by over 30% with televisions, washing machines and refrigerators driving sales, including premium models. Samsung and Xiaomi sold record numbers of televisions and smartphones with steep discounts on several premium models, while Flipkart sold over 4 lakh units of Apple’s iPhones in this period, industry executives said.
Even online focused brands grew sales of the premium segment more than entry to mid-level. For instance, Super Plastronics, which sells television brands like Kodak, Thomson and Blaupunkt, grew sales of 43-inches and above by more than 60%. On the opening day, Myntra recorded over 100% growth in demand for categories like beauty, personal care and jewellery.
Avneet Singh Marwah, chief executive of Super Plastronics, said the players burned more money in the first two days of the sale to do maximum business when traffic is at its peak. “Since brands have achieved healthy numbers, they have reduced discounts from Day 3. Hence, prices have gone up by more than 5-7%,” he said.
Samsung, which was selling a 32-inch smart TV at Rs 9999 on the first two days, has increased it to Rs 11,990 on Monday. Additional exchange bonus on several flagship smartphone models offered on the first two days too disappeared.
Pankaj Rana, LG India business head, online and D2C business, said all indicators of consumption are positive after several months of impact due to macro-economic issues. “A positive mood is set for Diwali shopping,” he said.
Flipkart and Amazon started their first festive sales – christened Big Billion Days and Great Indian Festival respectively – on October 8 with early access for member customers on October 7. Other platforms such as Myntra and Reliance Retail’s Ajio and Jiomart too started their sales.
This period is the largest for ecommerce sales in India, both in terms of discount offered and business generated.
Myntra’s head of revenue and growth Neha Wali said it is seeing very strong demand coming from both metros and non-metros, with day 1 of this edition of sale has seen millions of customers thronging the platform. “The geographical diversity was evident, with approximately 45% of orders coming from Tier 2 & 3 cities and beyond,” she said.
Jai Krishnan, CEO, India, of Samsonite South Asia, said higher discounts translate into better sales online even as the company expects a 25% growth during the festive season across channels. “We are seeing strong sales online but the key metrics for demand will be sales from physical stores since they account for 85% of our sales,” he said.
Sameer Mehta, cofounder and CEO of audio and wearables brand Boat, said there was a “remarkable growth and surge in sales” during the first two days of this year’s online festive sales surpassing industry standards.
Shoe and apparel brand Woodland managing director Harkirat Singh said there is over 25% surge in business from online platforms in the last two days. “This will increase the contribution of online to total sales this month to over 45% from 30% usually,” he said.
Emails sent to Amazon, Flipkart, Apple, Samsung, and Xiaomi remained unanswered.
Also read:
– Amazon Great Indian Festival 2023: Unbelievable Offers on Fashion and Beauty
– Amazon Great Indian Festival 2023: Up to 80% off on Smartwatches
– Amazon Great Indian Festival: Up to 56% Off on Alexa Devices
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Read More: [Ecommerce Discounts Shrink on Day Three on 30% Surge in Festive Sales](https://economictimes.indiatimes.com/tech/technology/ecommerce-discounts-shrink-on-day-three-on-30-surge-in-festive-sales/articleshow/104293890.cms)
