JioMart started its Tyohaar Ready Sale on September 23, along with competitors like Flipkart & Amazon. JioMart saw over 60% of its sales coming from tier 2 cities & beyond. The Reliance owned platforms is targeting categories like electronic, home & kitchen, fashion and lifestyle, among others, in the holiday season to expand offering.
JioMart Records 2.5X Spike In Sales
For quite a few years now, the annual holiday sales of e-commerce companies in India have been the talk of the town due to aggressive discounts and high-decibel marketing campaigns. While holiday sales in the country were driven by Amazon and Flipkart before the pandemic, this year the e commerce giant are also facing competition from JioMart, Tata Neu, Meesho, among other.
Optimism around holiday sale is higher this year, as it’s the first holiday season free of pandemic restriction in the last three years, and e-commerce player have done their best to cash in on the sentiment.
JioMart and other e-commerce players like Amazon, Flipkart started their holiday sales on September 23. However, Amazon and Flipkart gave early access to paid members starting on September 22.
A JioMart Reliance Retail Ventures online sales channel saw a 2.5x increase in traffic and overall sales during its Tyohaar Ready Sale from September 23-30. Additionally, there was also a 3x increase in app installs for JioMart during the period.
However, the spokesperson did not provide details on the value of sales during the period.
According to a report by Redseer, the country e-commerce marketplaces together saw total sales of $5.7 billion INR 40,000 Cr during the first week of their holiday sales, a growth of 27% year over year YoY,
Amazon and Flipkart also claimed to have seen huge growth in the number of paid members on the first day of their sales.
Flipkart was in the top position among e-commerce players with a 62% share of total gross merchandise value GMV during the first week of holiday sales, followed by Meesho and Amazon, according to Redseer.
Despite their high profile launches, new players such as JioMart and TataNeu were unable to acquire a significant stake in terms of GMV, the report added.