Online sales in India are anticipated to hit $11.8 billion during the holiday season, a 28% increase from the previous year, according to a research released on Thursday. The first sales event and roughly up until Diwali week are considered to be the beginning of the holiday month.
Redseer Strategy Consultants predicts that sales will climb by 28% from the previous year's $4.8 billion to $5.9 billion during the first week of the holiday season.
The survey anticipates a 3 times increase in the gross merchandise value (GMV) of online holiday sales this year compared to pre-pandemic sales in 2018.
"The number of online shoppers is anticipated to increase four times from 2018. Accelerated digital adoption and rising penetration in Tier 2+ cities have been the main drivers of this growth "said Redseer Associate Partner Sanjay Kothari.
Additionally, the percentage of internet buyers during the holiday week has doubled, rising from 18% in CY18 to a predicted 38% in CY22.
Kothari continued, "This is mostly due to rising consumer knowledge of the holiday sales, growing reach, focused product selection, and growth of products within the range of affordability for consumers across city types.
The report stated that due to the enormous increase in holiday sales, the total online retail GMV, which was $52 billion in 2021, will increase by 30% to $68 billion in 2022 The apparel category is anticipated to experience strong growth this year, led by an expanding customer base from Tier 2+ cities and first-time buyers who typically start their online shopping journey with clothing.
During the holiday sales, the mobile and electronics market is anticipated to stay robust thanks to greater bargains and new releases.