India is gearing up for its grandest shopping extravaganza of the year as it steps into the festive season. The annual bonanza of Indian e-commerce sales has returned, and this year holds special promise for the industry, as it marks the 10th anniversary of e-commerce festive season sales in India.
After experiencing a staggering 20-fold growth since 2014, India could potentially conclude 2023 with an annual online shopping spree exceeding Rs five lakh crore, according to a report from Redseer.
This festive season could be the most exceptional one yet, with an estimated merchandise value of Rs 90,000 crore expected to be sold in just about a month, contributing to one-fifth of India’s annual e-retail sales.
Nevertheless, there are some apprehensions to address. e-commerce growth in the last two quarters has hit historical lows, and rising inflation is putting pressure on consumers’ wallets, leading to decreased enthusiasm in smaller towns across India.
However, it’s not all bleak, as indicated by Deloitte’s Global Consumer Pulse tracker. Deloitte reports that Indian consumer sentiment is on the upswing, with 56 percent of respondents expressing a willingness to splurge on festive celebrations. Additionally, 49 percent of respondents believe they are well-prepared to handle significant unforeseen expenses in the near future.
To delve into the future prospects of India’s e-commerce industry, CNBC-TV18 spoke with industry experts, including Nandita Sinha, CEO of Myntra; Atul Mehta, COO of Shiprocket; and Anil Kumar, Founder & CEO of Redseer.
Watch the accompanying video for the entire discussion.