According to the latest report from consulting firm Redseer, online retailers led by Amazon and Flipkart will have total sales of $11.8 billion in the 2022 holiday shopping season, more than double the $5 billion in 2019.
Redseer analysts said that the epidemic has accelerated the development of e-commerce in India, and more and more consumers have increased the frequency of online shopping. Sales for the 2022 holiday shopping season are expected to increase 28% from the same period in 2021, to $9.2 billion in the same period of 2021.
The increase in sales will further drive the growth of Holiday Online gross merchandise volume (GMV), which is expected to increase by 30% this year, from $52 billion (2021) to $68 billion, according to the report.
Sanjay Kothari, partner at Redseer Strategy Consultants, said that due to the acceleration of digitalization and the increasing penetration of e-commerce in second- and second-tier cities, the number of online shoppers in India will increase fourfold between 2018 and 2022, which will further boost sales in India's holiday shopping season.
The report also notes that sales are expected to reach $5.9 billion in the first week of this year's holiday shopping season, up 28% from last year ($4.8 billion). Compared to the same period in 2018, GMV will increase by 3 times. In addition, the participation rate of online shoppers will also double this year's peak season, from 18% in 18% to 38%.
According to a report from American research firm Bernstein, e-commerce spending in India is expected to triple to more than $130 billion (GMV) by 2025, and the number of online shoppers is expected to increase to 300 million. E-commerce growth in India will be led by new online shoppers, most of whom come from second- and third-tier cities.
AMZ123 understands that in 2021, Flipkart led the Indian e-commerce market with annual sales of $23 billion. Amazon is in second place, with a GMV of $18-20 billion last year. Reliance is a close second to Amazon with sales of about $4.6 billion.