As per an industry forecast, the festive season is generating a huge boost for online retailing platforms such as Amazon, Flipkart, JioMart many others, as it has generated over INR 47,900 crores in sales from 15th October to 15th November. It also estimated that about 75% of the sale or roughly speaking INR 35,400 crores, will be used up during the 1st week of 15th-21st October, as Amazon and Flipkart are running their major sales of 2020.
The Forrester forecast has said that 5.5 to 6 crore Indian consumers are going to participate in the continuing sales, increasing the profits for online retailing platforms who will see a 34% growth in the festive season. Smartphones will continue to be the most recommended purchase item during the festive season and it will account for 34% of the total spend, and this is followed by consumer electronics and computers at 17%, fashion at 16%, and appliances at 14%, and the less recommended are homeware and furniture, and grocery which has a growth of 6% each.
Apart from deep discounts during amazon’s and Flipkart’s sale, which will entice buyers to get their best bargains between the covid era. According to the report, the growth in online platforms is going to pent-up demand from the national lockdown. Amazon has already demanded that the Great Indian Festival has seen its biggest opening of all times. Nevertheless, as per the Forrester report, the gain of online retailers indicated a loss for brick-and-mortar stores.
The pandemic has had an incapacitating effect on spending with tourism and hospitality entirely left in the roll throughout the national lockdown. But there was a change observed since September. It is because markets, gyms, malls, and even some cinema theatres, have now been opened and more people are stepping out from their homes. The report also says that movement in all the Indian cities has improved by about 40%.
