homeeconomy NewsFestive delight for e tailers: Sales soaring with or without discounts, notes Kotak's Nilesh Shah
Festive delight for e-tailers: Sales soaring with or without discounts, notes Kotak's Nilesh Shah
Nilesh Shah's positive outlook aligns with Amazon's recent announcement. On Tuesday, November 7, the e-commerce behemoth reported that its 2023 festive sale was the most successful in its 13-year history in India
There are early indications of a shift in the Indian e-commerce market this festive season. Nilesh Shah, Managing Director at Kotak Mahindra AMC said early signs point towards reduced discounts and a potential increase in full-priced sales, suggesting an inclusive boost in consumer activity.
“The early signs of the sellings by e-commerce companies are giving hope that this time hopefully, the bottom of the pyramid will also participate in the festival season as much as the top of the pyramid,” Shah said.
Shah's positive outlook aligns with Amazon's recent announcement. On Tuesday, November 7, the e-commerce behemoth reported that its 2023 festive sale was the most successful in its 13-year history in India.
E-tailer sales during the first four days of this festive season jumped 16% year-on-year, reaching a GMV of ₹29,000 crore, per a Business Standard report.
In September, Redseer predicted the festive season sales of 2023 across e-commerce platforms to reach a gross merchandise value of around ₹90,000 crore, an 18-20% growth over last year's festive month sales. Last year, between September 22 and October 23, the total gross merchandise value (GMV) or total value of merchandise sold across e-commerce platforms stood at nearly ₹76,000 crore.
Read Here | E-commerce sites clock ₹47,000 crore GMV in first week of festive sales, Flipkart Group leads: Report
Shah also noted that as elections approach, governments often take measures to boost consumer sentiment. This can include initiatives that put more money into the hands of the public, stimulating spending and economic activity.
“Normally we have seen ahead of elections government puts money in the pockets of consumers, and there is a higher velocity of money due to spending. Now that should generally go to the bottom of the pyramid and they should be looking to spend money rather than save, unlike the top of the pyramid.”
As of March 31, the asset under management of Kotak AMC is more than ₹2.86 lakh crore.
Also Read | 2023 Festive Season | E-commerce sales soar to ₹29,000 crore in first 4 days, up 16%: Redseer
(Edited by : Shweta Mungre)
First Published: Nov 8, 2023 5:06 PM IST
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