17 June 2022, Mumbai:
Myntra and Facebook-backed Meesho —the latest entrant among the biggest e-commerce players — sold over 5 million products on the first day of their sale events.
As per a Business Insider report, Myntra’s End of Reason sale was held from June 11-16, 2022, while Meesho held its one-day sale a week before. Despite consumer sentiment being relatively low, many categories in discretionary spending registered high sales during these events, says N Chandramouli, Founder, TRA Research.
As per a RBI report, consumer confidence index improved slightly to 75.9 in May compared to 71.7 in March. Shrenik Gandhi, Co-Founder and CEO, White Rivers Media says, consumer sentiment isn’t as negatively impacted as people are projecting it to be. Business need to introduce right products and services at the right time and right prices to attract customers, he adds.
An earlier report by ICICI Securities also notes,discretionary companies like retail, QSRs and jewelry will perform well. D2C brands selling beauty, home, kitchen, utilities and durable goods will perform well, adds MadhurSinghal, Managing Partner and CEO, Praxis Global Alliance. He believes, sales will be soft for a few months before they pick up Festive sales may also remain muted compared to last as the trends of revenge buying and pent-up demands have faded away, he adds.
However, Chandramouli opines, this year’s festive season will be much better than the previous two years, with consumer spend increasing.