GLIMMERS OF PROSPERITY

Indian festive season sparks a revival in sales growth in the retail sector

Amazon India proudly declared the 2023 festive sale as the most successful in its 13-year history, driven by robust demand. Redseer Strategy Consultants forecasted online sales to surge by 18% to 20%, reaching a staggering 90,000 crore during the festive season.

In response to this demand surge, consumers diversified their purchases across various categories, embracing items ranging from jewellery, furniture, and mobile phones to air-conditioners, laptops, cars, apparel, and luxury handcrafted chocolates.

AMAZON'S GREAT INDIAN FESTIVAL 2023

Amazon emphatically stated that The Great Indian Festival 2023 witnessed unprecedented metrics, with the highest-ever numbers in customer visits, transactions, new launches, orders, and overall savings compared to previous years.

Highlighting the nationwide impact, Amazon noted customer participation from 99.7% of pin codes across India during the month-long celebrations. Particularly noteworthy was the fact that 80% of customers hailed from Tier-2 and -3 cities, resulting in an exceptional 110 crore-plus customer visits.

With over 65% of Amazon Prime members participating from Tier-2 and -3 cities during the festive season, the online retail giant observed a remarkable 35% increase in sales for small and medium businesses.

Amazon also set records for seller achievements during the 2023 festive season, with over 750 sellers achieving sales in crores and an astounding 31,000 sellers achieving sales in lakhs - the highest number ever recorded during any festive period.

The festive fervour extended to new customer acquisitions, with over 15 lakh new customers making their first purchases across various categories on Amazon. Concurrently, brands embraced the season by launching an unprecedented 5,000 new products.

UNPRECEDENTED TRADE VOLUME