Online Sellers Expect 15% Jump In Festive Sales Despite Challenging Year: Report
Online sellers are gearing up for a promising festive season in 2023, expecting a significant uptick in sales after a rocky first three quarters of the year. A report by Redseer Strategy Consultants highlighted the optimism among sellers, with at least a 15 per cent year-on-year (YoY) jump in festive sales anticipated.
The report, based on surveys of several hundred sellers, particularly smaller ones, indicated a strong readiness and bullish sentiment as the festive season approaches. Despite experiencing modest sales growth on ecommerce platforms in recent times, online sellers are expressing high hopes for a festive sales boost. Their expectations are set on achieving a minimum 15 per cent growth in online sales compared to the previous year's festive season, with a median growth figure of 26 per cent in sales.
Ecommerce platforms are tailoring solutions to match the sellers' optimism, resulting in an increased perception of support from these platforms. Sellers have noted the robust support received, including data analytics, trend predictions, and improved consumer visibility.
“The festive period is expected to enable sellers especially the smaller ones to come out of the challenging sales environment seen through this and sellers are optimistic of strong sales growth,” said Mrigank Gutgutia, Partner at Redseer Strategy Consultants.
The report highlighted that sellers, buoyed by their confidence, are gearing up to significantly increase their advertising expenditures on online platforms. This strategic move is not only anticipated to bolster the individual sellers' fortunes but also play a pivotal role in elevating the overall performance of ecommerce platforms throughout the festive season.
