Online retailers sold goods worth $3 billion during the recently concluded six-day festive sales on top e-commerce marketplaces, posting a growth of 30% over last year despite a challenging macro environment, analysts said. The number is, however, less than $3.7-3.8-billion gross merchandise volume (GMV) that analysts had predicted prior to the start of the sales. The record sale in a challenging macro environment indicates that “consumer sentiment on online shopping remains bullish,” said Anil Kumar, founder of management consulting firm RedSeer Consulting. RedSeer estimated that Flipkart emerged the big winner, accounting for more than 60% of the total sale during the period while its archrival Amazon India could manage only about 30%. It said Flipkart’s sales grew 58% year on year during the sale period against Amazon’s 22% growth. According to Counterpoint Technology Market Research, average price of smartphones – which is the most contested category on online – sold during the festive sales was 15-18% higher than last year.

(Economic Times)