Festive Season and the Changing Trends in E-Commerce
Festive Season and E-commerce Trends in 2023
The e-commerce industry has experienced a significant rise in popularity globally over the past few years, thanks to the internet and the technological era. With the internet taking over the world, it has made everyday tasks and cumbersome work easier and more efficient. E-commerce has highly benefited from this advancement, allowing people to purchase anything from the comfort of their homes.
The surge in e-commerce usage and profits is even more significant during the festive season. But why does this happen? Let’s find out.
Why E-commerce Profits Surge During Festive Season?
Traditionally, the festive season has always marked a time for extravagant shopping. It is a time of gifting, buying new clothes, and making new purchases for the house. Even before the internet, shops have offered discounts during the festive season on various products, including clothes, groceries, and jewellery. With the advent of online shopping, e-commerce retailers have continued this tradition of offering discounts during the festive season.
Several e-commerce giants celebrate shopping festivals of their own during the festive season to attract more customers. Amazon’s The Great Indian Festival and Flipkart’s Big Billion Days are prominent examples of such events. These festivals begin a few days before the actual festive season, allowing people to stock up on items in time. Most of these festivals last well up to December, and during this time, the e-commerce sites offer lavish discounts that easily surpass the year-round prices of objects.
The festive season is a great consumer-drawing trick that does its job exceptionally well. The lavish discounts ensure that more consumers are drawn to e-commerce sites. Advertisements are carried out on large pedestals, including celebrities, several known faces, and engaging storylines to increase customer traction. This makes the festive season the peak time for several brands and companies.
E-commerce Trends in 2023
This year, the e-commerce sites are expecting a better sale than last year, which was almost entirely affected by the Covid-19 pandemic. Several studies have predicted a rise of 30% in sales through e-commerce this year over that of last year. This rise will mostly be driven by the Tier-II and Tier-III cities, as they are the primary target consumers of these festive sales.
Mobile phones will be dominating the festive sales this year, with most of the e-commerce driven by the use of mobile phones. The sale of several appliances and electronics is also expected to rise by 16% this year, as very minimal purchases were made in this sector last year.
Another sector of e-commerce that will see notable sales this year is fashion. With offices and colleges slowly reopening, there is a new demand for formal and office-wear clothes. Also, the tradition of getting new clothes during festivals has not been fulfilled in the previous year due to the pandemic’s many complications.
The festive season marks a time of significant growth and sales for the e-commerce industry. With the rise of e-commerce and the ease of access to online shopping, consumers can purchase anything they desire from the comfort of their homes. With the rise of mobile phone usage and the predicted increase in sales of appliances and electronics, the e-commerce sector is set for another profitable festive season.