Online shopping sites reap the benefits when shops close in fear and people stay at home. According to consulting firm Redseer, various shopping sites have sold over Rs 65,000 crore in festive sales so far in 2021. Last year, sales during the festive season were Rs 52,000 crore. This time, Flipkart is leading the way in festive sales. Flipkart accounted for 62% of total sales. With the advent of new products and the availability of easy finance options, smartphones have become the top sellers this year. One-third of total sales are smartphones.
According to the report, online clothing sales have skyrocketed as people have started coming out for work after the lockdown. Clothing sales are twice as high this year as last year. At the same time, people were less likely to buy home furnishing and home decor products.
Online sites gave massive discounts during the festive season to attract even the common man. Therefore, 57 per cent of the customers were from second-tier cities. Total sales are also up 25 per cent more than the previous year, opening the door to new opportunities for online platforms.
The e-commerce draft law, released in June, called for restrictions on flash sales, but this time around, sales are booming, with all shopping sites celebrating the festival. The draft law stipulates that discounted, intermittent flash sales will not be prohibited and that impractical discounts and subsequent flash sales that promote only certain products will not be allowed.