According to the FIS 2023 Global Payments Report, the e–commerce market in India is expected to increase from a total of $ 83 billion in 2022 to $150 billion in 2026. Diwali the celebration of lights, offers retailers of fantastic opportunity to engage in significant online sales in addition to being a time for celebration. The Diwali buying experience has changed from a pact market to online shops with the introduction of e-commerce.
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The strong sales numbers recorded during festival seasons are mostly responsible for the sum. Diwali is approaching quickly. A bigger-than-life celebration this holiday season has whetted appetites after the last few years of cautious celebrations. This indicates that the retail Industry anticipates a successful holiday shopping season. The period before the festival is devoted to fervent planning for the festivities.
Homes and workplaces received a full of deep cleaning, renovation, and decorating. A wide range of refreshments are made or purchased, family gatherings are organized and obviously, a lot of shopping is done. Online purchasing has become more and more popular even if the world has just gone through the covid-19 pandemic. In this blog, we take a closer look at Diwali online sales, examining the tactics, trends, and effects of this online shopping craze.
Diwali’s Business Importance
The Festival of Diwali has historically been linked to success and material gain on the first day of a 5-day celebration called “ Dhanteras “, a precious metal object such as golden silver or purchased to mark the auspiciousness of the occasion. It is also said to be lucky to buy expensive stuff on this day, including vehicles and houses as well as technological products. To mark the beginning of the customary business New Year, the business community holds a religious rite involving their leaders.
When starting new endeavors or making new investments, this time is thought to be especially lucky. The wedding season follows the Diwali celebration, which intensifies the nation’s already ecstatic purchasing frenzy. The market fever is fueled by brands using Omni channel marketing to offer brands attractive limited-time offers and massive discounts.
Sales Around Diwali
With the advent of the internet in 1995, E-Commerce can be set to have started in India. The initial E-Commerce wave in India was unreliable, ineffective and not well liked by customers. The E-Commerce industry in India was subdued and understated after the dot-com boom broke in 2000. Only until 2005 did it. The E-Commerce industry experience substantial growth, particularly in the fields of retail, group buying, travel, and social engagement.
The industry major hitters like Amazon, Flipkart, and Myntra increase the aggressiveness of their discounts and offer as the online shopping boom flourished, expanded into new areas, and attracted wider audiences. Festival sales have become a major phenomenon with the majority of them occurring around the Diwali holiday. Indian e – tailors have offered their clients something to rejoice with throughout the Diwali season by offering huge discounts, one-time deals, and simple payment methods as the E-Commerce business has established a strong presence in India. E-Tailers are aware of the fact that Indian online customers have consistently demonstrated their commitment to sales and discounts.
Reasons for successful Diwali Online sales
Role of Small Towns
The reach of e-commerce nowadays has nearly reached every town where offline traditional shopping is still making roads. Leading E-Commerce giant Snapdeal recently declared that non-metros made up roughly 92% of the orders it had received for the first phase of its celebrated Diwali sale.
Furthermore, in its just–completed The Big Billion Days sale, Flipkart revealed that over 50% of the card, last customers hail from the tire to cities and beyond. And during the great Indian festival sale of Amazon India, stomach from 99.4% of the Indian postal codes placed an order. E-Commerce businesses have grown effective in achieving the goals of a class of consumers in small towns where famous and well-known brands are unable to purchase them in their local area.
Growth of SMEs
The day, when people had to relocate to big cities so to find work, is long past. Small company entrepreneurs can now launch their enterprises with the bare minimum of capital thanks to e-commerce. According to the information provided by Amazon India, the great Indian festival sales are first five days so over 65000 sellers from more than 500 + cities accept orders.
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Flipkart asserts during the big billion days, tired and higher merchants made up more than 40% of transactional sellers. Additionally, this year’s artificial weavers who collaborated with Flipkart Samarth program had over 100% boost in the big billion days sales during Diwali.
Due to aggressive pricing tactics and unparalleled offerings, continues to draw more attention. Last year’s big Diwali sale on Flipkart began on October 12. Discounts and package deals on TV, appliances, wearables, tablets smartphone and much more was available throughout the five-day sale.
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Similarly, the great Indian festivals celebration special deal on Amazon was also started on October 13 and first continued to run until October 17. All these sales on platforms like Flipkart and Amazon had great and eye-popping deals to offer to the customers and provided huge discounts on all staff which attracted huge amounts of customers.
Bank Offers on Credit Cards and Debit Cards
Banks that are available in India like HDFC, SBI, ICICI Bank, American Express, and others, e + trailers enter into strategic collaborations. They extend their consumers special bonuses and financial advantages. Due to this reason, many customers are attracted to these online sales.
Individual Product Feed
The E-tailers learn a lot from the customer’s past purchases. They monitor customers purchasing patterns and based on those patterns, read the customer information about current and upcoming deals with the help of social media, WhatsApp, etc.
Online shopping for Diwali has revolutionized festival shopping. Commerce has become a crucial component of the Diwali celebration because of its convenience, individualized experience, and alluring discounts. There is no denying that it has a superior product selection on a single platform, a higher market penetration, and occasionally better prices to offer the customer.
Frequently asked questions (FAQs)
During which time of the year online sales are expected to grow?
During the festival season of Diwali and the wedding season online sales are expected to group as people during these times shop more.
Does covid-19 have an impact on Diwali sales?
Yes, Just like the other sectors which for impacted by the pandemic, the e-commerce sector was also affected by it, In the years 2020 and 2021 Diwali sales decreased and market growth was slow down.
What are the reasons behind the success of Diwali sales?
There are various factors that are responsible for the success of Diwali sales such as amazing deals offered by famous online shopping brands, discounts provided by banks on the use of their credit or debit cards, the growth of small towns in India, etc.