India e-commerce sales hit Rs 24,000 crore in first two days of festive season

India's e-commerce sector has seen a massive surge during the start of the festive shopping season. Major platforms including Amazon, Flipkart, Meesho, Ajio, and Myntra reported record-breaking activity. According to Redseer Strategy Consultants, the first two days of sales generated over Rs 24,000 crore ($2.5 billion), with order volumes reaching 80 to 90 million. This represents a six-fold increase compared to average daily business-as-usual rates.

Smartphones were the primary driver, accounting for approximately 38% to 40% of the total gross merchandise value. Consumer electronics followed, contributing 25% to 27%, with significant demand for large appliances like 55-inch televisions, refrigerators, and air conditioners. Myntra specifically reported a four-fold increase in demand, noting that shoppers from Tier 2 and Tier 3 cities led the momentum.

While sales figures are high, financial experts advise caution regarding ‘no-cost EMI’ offers. Although marketed as interest-free, these deals may involve hidden costs such as the loss of upfront cash discounts, processing fees, GST, and service charges, which can increase the total cost of the purchase.