Online retailers in India attained sales totalling to a Gross Merchandise Value (GMV) of $3 billion (Rs. 19,000 crores) between September 29 and October 4, the first six days of the festive season sales.
Gross Merchandise Value, aka GMV, is the total value of the goods sold by e-commerce companies during any specific period of time. This sum excludes discounts, cashback, returns, and any other fee deductions.
A report by Forrester Research predicted e-retailer sales to reach approximately $4.8 billion during this festive season. An estimated $3.82 billion were expected to be generated during the first five days owing to the Amazon’s Great Indian Festival sale and Flipkart’s Big Billion Days sale.
This approximation was realized, RedSeer Consulting, a market research company based in Bengaluru, India confirmed. According to this report, the first six days of festive season sales generated a record GMV of $3 billion. Flipkart and Amazon’s combined sales held 90% of the market share.
Amazon And Flipkart Claiming Highest Sale Shares
Both Amazon and Flipkart firmly insist that they had the highest sales during this period.
Amazon backed its claim using figures from a report by market research agency Nielsen. The report suggests it was at the top of the leader board for the number of transacting customers with a 50% share.
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