The annual festive season sale has provided Flipkart the much-needed edge over its rival Amazon with the former clocking in sales worth Rs 1,400 crore on Monday – its highest-ever single day sales.
According to a Times of India report, the increased sales mark an over twofold growth of what Flipkart recorded as its peak sales in a single day last year. The company said it sold goods worth Rs 2,000 crore in the entire five-day sale last year.
Flipkart's co-founder & CEO Binny Bansal termed it as a “historic moment”. Meanwhile, the company estimates that it registered five times more traffic than usual since the sales began on Sunday.
This is the first time any of the domestic online retailers has publicly shared its gross sales numbers during the sale season.
“This number is far more compared to how much the modern Indian retail industry clocks daily (Rs 1,070 crore), signalling the evolution of e-commerce and its adoption among consumers,” said Bansal.
On the other hand, industry estimates suggest that local e-tailers will collectively garner around Rs 12,000 crore during the annual festive season sale as compared to Rs 7,000 crore a year ago.
Bansal said Flipkart had already surpassed its target by 25 per cent for the five-day sale event and that the company expects the overall e-commerce industry to grow by 50 per cent during the festive season sale.
“Flipkart spent one-third on advertising and marketing on the sale compared to its competitors but was able to still generate interest among consumers,” said Bansal.
