India’s biggest festive season has started and so as the battle to boost up sales for each and every business in the country is ready with the best strategy possible to get their business ahead of others.
But India’s slowing economy has put breaks to the sales growth even of big players in e-commerce industry like Amazon and Walmart’s Flipkart which according to reports from research firm RedSeer claims that the online retailers sold $3 billion worth goods in the first six-day festive season sale in the country at a growth rate of 30% which is a heavy fall from last year’s sale which stood at 93% growth.
It is projected that online retailers in India will generate $4.8 billion in sales from September 29th to October 29th and of that estimation, about 80% ($3.84 billion) was expected from September 29 to October 4 time-period.
The report’s finding says that Flipkart along with its own e-commerce businesses Myntra and Jabong accounted for 63% of the sales and Amazon settled with just 22% of the sales in the festive season.
The spokesperson of Amazon India and Flipkart have both declined to comment on the finding of the report. As reported by Economic Times last week Amazon had slashed its investment in India by one-third this year.
Flipkart said that its marketplace had registered “2X sales growth” and it had seen “3X transaction growth” and electronics grew over “70% from tier 2+ cities.”. Amazon said “fashion grew 5X” and beauty items saw “7X” jump in sales.
The companies don’t share exact figures so it is always impossible to calculate how companies asses their growth.