Dispelling the fear that a slowing economy may affect consumer behaviour, e-commerce majors Flipkart and Amazon India have said they witnessed record transactions on their platforms on the first day of their annual festive sale, which started early on Sunday.
While home-grown Flipkart, which is now owned by American retail major Walmart, said it registered two times more sales on Day One of its flagship sale event Big Billion Days (BBD) over last year, rival Amazon claimed it witnessed the biggest opening day sale ever with a huge surge in participation in smaller towns.
According to Amit Agarwal, senior vice-president and country head, Amazon India, the company also saw the single-largest day of Prime sign-ups, with 66 per cent of Prime members shopping in 24 hours coming from tier II and tier III towns. The company added that 91 per cent of new customers were from smaller cities.
“Whether it is the Diwali festival season or any other shopping event, the primary objective for us is to add as many new customers as we can and convert the existing customer into Prime members. We are relevant to customers, no matter the macroeconomic conditions,” said Agarwal.
According to Flipkart, it saw huge demand in almost all major categories, including beauty, women’s ethnic wear, kidswear, sports, fast-moving consumer goods, baby care, private labels, and furniture on the first day of the sale. The company saw 3x more transactions happening on its platform during early access (from Flipkart Plus customers), compared to last year. The number of transacting customers in tier II and smaller cities doubled over the same period. “We started this festive season by setting audacious targets. By all indication, this is going to be the biggest festive season that India has witnessed,” said Kalyan Krishnamurthy, chief executive officer of Flipkart....READ MORE
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