A glimpse at how the Indian eCommerce marketplaces fared during the Diwali Mega Sale event in 2023- the biggest eCommerce festival in India. By Kalyani M Sunilkumar, Senior Marketing Executive at PiWheel.
As the vibrant lights of Diwali illuminated homes across India, the e-commerce landscape witnessed a dazzling spectacle of its own – the Diwali Sale 2023.
In the spirit of the festive season, Indian e-commerce marketplaces orchestrated a grand symphony of discounts, deals, and digital festivities. With millions of shoppers navigating the virtual aisles, the Diwali sale became a pivotal moment for both consumers and retailers alike.
On Amazon Great Indian Festival 2023, which went live on October 8, 2023, a record 9.5 crore customer visits to the website were witnessed in the first 48 hours. Nearly 80 percent of the customers came from non-metro cities. The festival this year had the highest number of customers and the highest number of orders - Suchit Subhas, Director–Amazon India
This article delves into the dynamic and exhilarating world of the Diwali Sale 2023, unraveling the trends, successes, and nuances that defined this year’s festive shopping extravaganza on the Indian e-commerce platform.
· Top selling categories of Diwali Sale 2023!
· Top products of Top Categories, from Diwali Sale 2023!!
· Key Metrics impacting performance- in comparison to the prior period!!
· Top growing categories of Diwali Sale 2023!!
· Analyzing Downtrends: Categories Witnessing a Dip in Performance
· Brand Dynamics in Amazon’s Great Indian Sale 2023
· Main Attractions of Great Indian Sale 2023!!
· Major Takeaways from Diwali Sale 2023!
In the Diwali sale of 2023, the spotlight shone on consumer electronics as the dominant force, claiming all the “Top 10 Category” positions in terms of retail sales value. Notably, none of these categories experienced any decline in retail sales value compared to the prior year or prior period.
These are the top 4 products (in terms of highest retail sales value) of the top 5 categories from the sale!
The performance of categories on e-commerce marketplaces is influenced by a myriad of factors, spanning from product marketing to customer satisfaction.
Let’s examine key metrics of the highest-selling categories, in comparison to the prior period, which undoubtedly exerted a significant and direct impact on their overall performance.
As expected, the Diwali Sale 2023, on e-commerce marketplaces, showcased a clear dominance of consumer electronics in the list of top-growing categories, measured by the percentage increase in retail sales value compared to the prior period.
Spirits, Snack foods, and Video games were some of the other categories that managed to get a growth sprout during this festive season on Amazon.
In the realm of festive sales, the Diwali Sale 2023, on e-commerce marketplaces, unfolded without any unexpected twists for categories facing challenges in online performance.
The performance of certain segments, often less favored during celebratory seasons, remained consistent with past trends.
Within the dynamic realm of marketplaces, the significance of brand names cannot be overstated, exerting a considerable influence on product performance in saturated markets. The Diwali Sale 2023, on e-commerce marketplaces, reminded us of the critical role of brand recognition in shaping consumer preferences and purchase decisions. Amidst a myriad of options, consumers frequently gravitate toward familiar brand names, attributing them with reliability and product satisfaction.
While certain well-established brands dominated the retail sales chart during the Diwali sale, it’s noteworthy that some popular brands experienced a decline in sales, demonstrating that even well-established entities must adeptly navigate challenges to sustain their sales momentum in a fiercely competitive marketplace.
Amazon Great Indian Festival 2023 was a trend setter in a lot of ways with an array of categories witnessing highly noticeable growth in retail sales and customers making use of other favorable options such as no- cost EMI and Amazon Pay Later. Let’s look at some of the key insights from GIF 2023 that cannot be missed!
· More than 38,000 sellers recorded their highest single-day sales ever.
· Small and medium enterprises, startups, artisans, and women entrepreneurs provided an extensive array of products, with 6,500 sellers witnessing a fivefold increase compared to 2022.
· Compared to last year, Amazon Pay usage was up by 2.4x
· One in three Prime shoppers opted for skincare, traditional wear, and decor & lighting for their homes, with the categories seeing a +47.35%, +22.94%, and +46.00% increase in retail sales value compared to the prior period, respectively.
· In the premium category, Amazon sold 2.5 times more smartphones than the previous year, thanks to affordable options like No Cost EMI and exchange offers. Notably, 60% of the smartphones sold were 5G-ready, and 70% of the orders came from tier 2 and below towns.
· A record-breaking surge in sales was observed for large-screen TVs, marking an increase of over 50% compared to 2022.
· Amazon Fashion witnessed a 3x spike vs 2022, with sarees, men’s denim, casual wear,
premium shoes, and sports shoes being customer favorite options.
· Dermat-led businesses and beauty giftsets showed up to a 3x and 4x surge in comparison to last year, while the new hot beauty equipment category had a 70% spike.
· Amazon Fresh experienced year-over-year growth of more than 50% in snacks, biscuits, dry fruits, and beverages.
The curtains have closed on the 2023 Diwali sale, but that doesn’t signal the end of the event’s impact. Let’s delve into some quick insights to leverage the lessons learned from this mega event for your eCommerce business in the future: ·
Data Driven Growth: Acknowledge the pivotal role of data in every campaign. The foundation for brand growth lies in possessing accurate data for analyzing successes and shortcomings. Devote time to scrutinize the data from this year’s Diwali event. This analysis will be instrumental in constructing a robust strategy for upcoming sales events.
Consumer Behavior Patterns: By examining the data, e-commerce brands can discern patterns in consumer behavior. This includes popular product categories, preferred payment methods, peak shopping times, and more. Understanding these patterns enables brands to tailor their offerings and marketing strategies to align with consumer preferences.·
Best-Selling Products: Identifying the top-performing products during the sale event helps brands understand what resonates most with their audience. This information can guide inventory planning, marketing efforts, and potential collaborations with suppliers or manufacturers·
Competitive Benchmarking: Compare your performance with competitors during the sale event. Understanding how competitors attract and retain customers can provide valuable insights for refining your own strategies.·
Conversion Funnel Analysis: Track the customer journey from browsing to purchase completion. Identifying points of drop-off in the conversion funnel helps optimize website design, user interface, and checkout processes for a smoother customer experience.·
Effectiveness of Promotions: Analyzing the data allows brands to evaluate the success of various promotional strategies employed during the sale. This includes discounts, bundles, limited time offers, and other promotional tactics. Brands can leverage this information to refine their promotional approaches in future events.
And the best part? Piwheel can help you with all of the above-mentioned points!!
Curious to know more about Piwheel? We are a dynamic retail intelligence firm established in Dubai by a team of seasoned Amazon veterans, specializing in empowering brands across the UAE, Saudi Arabia, India, and Australia to elevate their digital retail presence through cutting-edge data technology solutions and services. Our advanced technology not only unleashes the power of data but also streamlines execution and enhances e-commerce marketing performance for some of the globe's leading companies. Additionally, our consultancy services provide brands with unparalleled access to top-tier e-commerce expertise, enabling them to scale and captivate a broader audience through enhanced content, advertising strategies, and operational efficiency. Check out our website to know more!!