Friday 8 October 2021

New E-com, fashion brands see surge in sales as festive season begins


New E-com, fashion brands see surge in sales as festive season beginsNew Delhi: As Amazon and Flipkart dominate headlines in the festive sale season, other e-commerce and luxury fashion brands are also witnessing bumper sales especially from the tier 2 and 3 cities, keeping their cash registers ringing.

Fashion e-commerce giant Myntra reported record-breaking 19 million visitors on the first day of its sale and 6 lakh items were purchased in the first hour. The first day witnessed customers shopping over 4 million items, of which 40 per cent of the orders were from tier 2 and 3 cities and beyond.

Top categories for women were women's ethnic, women's westernwear, beauty and personal care and for men, it was casualwear, occasion wear, workwear and sports apparel.

"The remarkable participation from new customers at 20 per cent during the opening of the event and 40 per cent of the orders being placed from tier 2 and 3 cities and beyond, goes on to show the impact our consumer engagement initiatives, celebrity associations, as well as a substantial festive offering, has created," said Amar Nagaram, CEO, Myntra.

An integral part of the Flipkart Group, Myntra has partnered with over 5,000 leading fashion and lifestyle brands in the country.

Reliance Group's online fashion e-retailer Ajio, which organised festive sales from September 30 till October 4 with multiple celebrities like Sidharth Malhotra and Sonam K Ahuja endorsing its #BigBoldSale campaign, has received tremendous response from across the country.

Luxury lifestyle platform Tata CLiQ Luxury is hosting its annual '10 on 10' sale from October 6-15, that will have attractive offers on luxury brands across categories,

Through the '10 on 10' sale, Tata CLiQ Luxury is looking at sales doubling across categories.

"For the 10 on 10 sale, we have curated a range of thoughtful gifting options to celebrate stories and special bonds this festive season. To offer the best deals this season, we have expanded our assortment and are introducing exciting offers on luxury brands across multiple categories," said Gitanjali Saxena, Business Head-Global Luxury, Tata CLiQ Luxury. Tata CLiQ is owned by Tata UniStore Limited of Tata Group, and operates in categories such as electronics, fashion, footwear and accessories.

"With more than 100 per cent YoY growth and increase in customer base, we are expecting a strong festive season this year," Saxena added.

According to Prabhu Ram, Head- Industry Intelligence Group (IIG), CyberMedia Research (CMR), this is where highly niche, uber-luxe, bespoke e-commerce platforms catering to the niche consumer demographic are doing extremely well.

"In sharp contrast to the large e-commerce platforms that cater to value-conscious buyers with attractive discounts and offers, these niche e-commerce platforms prioritise convenience over cost," Ram told IANS.

Global market research firm Forrester expects online retailers in India to generate about $9.2 billion in sales during the 2021 festive month, up 42 per cent (year-over-year) from the estimate of $6.5 billion in festive month sales during 2020.

In just the first week (October 3 to 10), it estimates that $6.4 billion of online sales, about 70 per cent of the festive month total online sales, will happen.

"Now, users from tier-two and tier-three cities are also contributing significantly to the market growth. Around 75 million online buyers will participate during this festive season, of which 50 million will come from tier-two cities and beyond," said Jitender Miglani, senior forecast analyst, Forrester.

No comments:

Post a Comment