eCommerce Sales On Roll, Surge 23% to $12 Billion In Oct-Dec 2024

ENA Sectors 2024-10-25 14:09:24 New Delhi, Oct 25 (KNN) Indias eCommerce sector is witnessing a festive boom, with sales between October and December 2024 projected to reach USD 12 billion, marking a 23 per cent increase from last years USD 9.7 billion, according to insights from Shiprocket, a leading e-commerce enablement platform. This surge highlights the growing momentum in the digital retail space, driven by demand across key categories like fashion, electronics, and beauty & personal care. A notable contributor to this growth is the rise of quick commerce, which is expected to generate USD 1 billion in gross merchandise value (GMV) during the festive season. The acceleration of online shopping in smaller cities has been pivotal to this expansion. Improved internet access, rising disposable incomes, and growing digital literacy have resulted in deeper penetration into non-metro markets. As per Shiprockets analysis, approximately 60 per cent of festive eCommerce orders are expected to originate from Tier-2 and Tier-3 cities, underscoring a shift in consumer behaviour toward online platforms beyond Indias metropolitan hubs. The festive season's momentum was further highlighted by a report from Datum Intelligence, which revealed that eCommerce sales in the first week of October alone reached Rs 54,500 crore, reflecting the rising appetite for digital shopping among consumers. This trend also bodes well for micro, small, and medium enterprises (MSMEs) as they increasingly tap into digital channels to expand their reach. Weekend sales are proving to be key drivers, with Saturday and Sunday accounting for 27 per cent of overall festive sales—14 per cent on Saturdays and 13 per cent on Sundays. Retailers are capitalising on these high-traffic days through targeted promotions and flash sales, enhancing customer engagement during peak periods. Indias cross-border eCommerce market, currently valued at USD 3-4 billion, is expected to skyrocket to USD 200-300 billion by 2030, according to Shiprocket. Government policies and growing global demand for products like handicrafts, home décor, and fashion are fuelling this rapid growth. However, MSMEs still face challenges in accessing international markets. About 70 per cent of SMEs we engaged with were hesitant to pursue cross-border exports due to logistical and compliance barriers, which led us to launch Shiprocket X, said Akshay Ghulati, CEO of International Shipping. Ghulati emphasised the need for streamlined regulations, such as easing Foreign Inward Remittance Certificates (FIRC) for low-value shipments, to unlock further growth potential. Founded in 2017, Shiprocket supports SMEs, D2C brands, and social commerce retailers with a comprehensive logistics ecosystem. Integrating with platforms like Shopify and Magento, it offers multi-carrier shipping, order management, and fulfilment services across 24,000+ Indian pin codes and 220 global locations. With over 45 warehouses and 25 courier partners, Shiprocket continues to enhance post-purchase experiences and optimize logistics for businesses across India. As festive sales soar, Indias eCommerce landscape is poised for unprecedented growth, cementing its position as a global digital commerce powerhouse. (KNN Bureau) 39704 https://knnindia.co.in/news/newsdetails/sectors/ecommerce-sales-on-roll-surge-23-to-12-billion-in-oct-dec-2024 2024-10-25 14:09:24 knnindia.co.in eCommerce Sales On Roll, Surge 23% to $12 Billion In Oct-Dec 2024